NewsCrude drops below $77 per barrel on US dataPreviousForecastAnalysisCrude fell this morning for the second consecutive day after US data reflected further doubt regarding the US economic recovery, especially after the industrial performance recorded a notable drop.
Crude futures fell by 1.1% after the rise in jobless claims to the highest level in four weeks, following the EIA's reported drop in US consumption by 0.9% in the week ending June 16, the lowest in five weeks!
Moreover, several analysts believe that crude will stabilize around $75 per barrel in the recovery period before the assuring the return to full growth. On the other hand, OPEC thinks $75 – 85 per barrel is a fair price for both consumers and producers.
Crude opened yesterday around $77.27 recording its highest around $77.77 and lowest around $76.15 per barrel, where it managed to close trading around $76.50 per barrel.
The S&P GSCI index yesterday recorded 207.96 after gaining 7.85 points; whereas the RJ/CRB index closed around 263.50 after also climbing by 3.52 points.
As for NYMEX as of 02:30 EST; motor gasoline plummeted $216.020 per gallon by $0.380; heating is trading around $214.350 per gallon after dropping by $0.270; whereas natural gas managed to fall by $0.024 recording $5.138 per 1000 cubic feet. In London, Brent plunged 0.210 points recording 78.470.
Crude opened today around $76.55 recording its highest around $76.70 and lowest around $76.12 per barrel, while it is currently trading around $76.15 per barrel.