NewsCrude continues trading around $79 with equity gains and stockpiles eyed by tradersPreviousForecastAnalysisCrude hovers near $79 per barrel today as investors keep an eye on the stock market rally going on for three days as US demand appears to be slow as fuel supply rises, while new home sales data yesterday appears to be higher than expected.
Crude today traded above $78 per barrel recording its highest around $79.17 and lowest around $78.70, while it is currently trading around $78.86 per barrel.
Meanwhile, the rise in US stock markets underlined oil prices as investors keep an eye on equities for an improved sentiment in the market. The majority of Asian stocks managed to gain today; while Dow Jones industrial Average gained by 1% yesterday while managing to climb by 4% throughout the past three sessions.
In the meantime, the release of the stress tests for European banks have proven that the banks had the strength to sustain the pressure it is currently facing, although US data has shown stability in the region as new home sales yesterday came in higher than expected, thereby sending an optimistic wave in the market.
Crude yesterday traded above $79 per barrel recording its highest around $79.27 and lowest around $78.50 per barrel, closing around $78.85 per barrel.
On the other hand, we await for the release of the consumer confidence report later on today and EIA report on Wednesday, where US inventories are expected to climb 300,000 barrels as distillate fuel including heating is also expected to climb by 2 million barrels; whereas last week have probably slipped to 1.72 million barrels.
As for NYMEX, at 03:44 EST; motor gasoline dropped by $0.05 per gallon to record $210.470; heating is trading around $204.330 per gallon gaining $0.03; whereas natural gasoline also rose by $0.82 per 1000 cubic feet to record $4.650. In London, Brent futures dropped $0.19 to record $77.350.