NewsCrude hovers around $79 as equities continue to rallyPreviousForecastAnalysisCrude traded around $79 per barrel today as stock markets extending their rally from last week, reflecting a positive sentiment and supporting demand on commodities.
Crude today traded above $79 per barrel recording its highest around $79.27 and lowest around $78.50, while it currently is trading around $78.50 per barrel.
The MSCI Asia Pacific Index added 0.4% to 117.92 as of 03:17 in Tokyo, where the majority of European banks passed the stress tests that were set to calm investor woes regarding the current economical situation in the region; reflecting a positive sentiment in the market spurring a higher risk appetite towards high-yielding assets.
Crude last Friday traded around $77 per barrel recording its highest around $79.55 and lowest around $78.40 per barrel, closing around $78.95 per barrel. It declined $0.32 or 0.4% where the optimism across markets was offset slightly with Bonnie easing into a tropical storm sparing fears and damage off the rich oil and gas production coastline.
As for NYMEX as of 04:30 EST; motor gasoline dropped to $210.690 per gallon by $0.72; heating is trading around $204.240 per gallon losing $0.40; whereas natural gasoline also fell by $0.55 per 1000 cubic feet to record $4.555. In London, Brent futures dropped $0.61 to record $78.500.