NewsCrude rise after the steep drop to its lowest in seven weeks amid fears over the outlookPreviousForecastAnalysisCrude dropped to its lowest levels in seven weeks below $72 per barrel today as investor woes over the slower pace of growth continues to damped crude's appeal. Nonetheless, crude rebounded after hitting the lows supported by the weaker dollar and rising equities which supported the appeal of commodities.
Crude today opened around $71.67 per barrel recording it’s highest around $72.55 and lowest around $71.10, while it currently is trading around $72.50 per barrel.
Investors are jittery over Europe and the US witnessing suffering a double-dip recession this year, which has heavily weighed on commodities and stocks in the prior few weeks. Last week’s US jobs report had contributed to investor woes regarding the US’ awaited recovery pace, yet with the unexpected drop in unemployment it slightly eased the fears.
Crude yesterday opened around $72.05 per barrel recording its highest around $72.65 and lowest around $71.35 per barrel, closing trades around $71.60 per barrel.
Futures are on the rise and seemingly to trail their Asian counterparts into the green after the extensive drop witnessed last week. US futures are trading higher especially as the US rejoins the market today follow the long weekend celebrations of Independence Day.
As for NYMEX as of 02:45 EST; motor gasoline fell to $197.500 per gallon by $0.27; heating is trading around $192.000 per gallon rising by $0.450; whereas natural gasoline also climbed towards $4.788 per 1000 cubic feet by $0.101. In London, Brent futures rose by $0.280 to record $71.750.