NewsCrude rises for the first time in six days attracting investorsPreviousForecastAnalysisCrude succeeded in rising for the first time in six days after the disappointing 8.5% drop witnessed last week, as investors regain confidence to purchase the desirable commodity once again after the extensive decline. However, the optimistic wave still remains small due to woes regarding the weak recovery in the US economy, as the largest energy consumer today is celebrating Independence Day which will dire volume in the market.
Crude today opened around $72.05 recording it’s highest around $72.65 and lowest around $72.05, while it currently is trading around $72.50 per barrel.
Last week the US and China reported slowing expansion in their manufacturing activity, although China stated that it maintains expectations of a relatively fast and steady pace of growth.
Crude last Friday closed around 72.12 recording its highest around 73.35 and lowest around 71.62 per barrel.
The drop in crude oil last Friday to 71.65 per barrel followed the Labor Department's reported decline in payrolls last month by 125.000 jobs due to the government increased number of layoffs. The US today celebrates Independence Day, where narrow trading can be expected with the absence of US markets.
As for NYMEX as of 03:00 EST; motor gasoline rose to $199.120 per gallon by $1.350; heating is trading around $199.800 per gallon rising by $1.250; whereas natural gasoline also climbed to $4.753 per 1000 cubic feet by $0.066. In London, Brent futures rose by $0.480 to record $72.130.