NewsCrude bullish this morning supported by rising Asian sharesPreviousForecastAnalysisCrude this morning climbed above $74 per barrel supported by rising Asian indices; spreading a wave of optimism and confidence that would push investors to buy risky high-yielding assets.
Asian stock indices gained with the week's opening where Nikkei added 1.7% after investors’ expected that the Asian economy’s recovery will support company profits.
The spotlight this week is set on US housing data, industrial production and inflation since the US economy seems to be moving in a steady recovery pace, where expectations are increasing that this path will continue throughout this period.
On the other hand, last week crude managed to gain by 3.2% despite of weakness witnessed in US jobs data and retail sales although crude clearly benefited from the inventory drop witnessed for the second consecutive week to insure improvement in US consumptions rates at the start of the summer season.
Crude opened last Friday around $74.45 per barrel recording its highest around $75.60 and lowest around $73.25 closing around $74.20 per barrel.
The S&P GSCI index closed last week around 793.10 after dropping 2.01 points; whereas the RJ/CRB index closed around 255.92 stabilizing around 0.0 points.
As for NYMEX as of 02:25 EST; motor gasoline climbed $207.900 per gallon by $2.930; heating is trading around $202.900 per gallon after rising by $2.370; whereas natural gas also gained by $0.103 to record $4.884 per 1000 cubic feet. In London, Brent climbed by 0.920 to record 75.270.
Crude opened today around $73.77 per barrel recording its highest around $74.90 and lowest around $73.77, while currently trading around $74.70 per barrel.