|News||Crude hovers above $76 regaining losses as stock markets rebound|
|Analysis||Crude rose today above $76 per barrel attempting some correctional movement after it reached its lowest levels in over a month, while the US dollar continues climbing as pessimistic economic data is increasing fears regarding the global economic recovery pace.|
Crude today traded above $776 per barrel recording its highest around $76.72 and lowest around $75.65, while it currently is trading around $76.17 per barrel.
Crude markets are witnessing negative pressure due to economic data showing a sluggish growth pace in the biggest global economies like the US and China, spreading uncertainty for investors regarding risk taking. This has negatively reflected on the dollar as it grows as a safe haven currency and then negatively mirrored on prices.
Crude yesterday traded above $77 per barrel recording its highest around $77.95 and lowest around $75.52 per barrel, closing around $75.70 per barrel. It managed to lose $2.28, where markets are witnessing negative sentiment regarding the global weak economic growth pace.
On the other hand, prices today surged as the dollar fell in front of a basket of foreign currencies today, especially against the euro after the German economy showed higher than expected economic growth, thereby supporting a slight rise in crude.
As for NYMEX as of 04:15 EST; motor gasoline inclined to $196.920 per gallon to record $0.74; heating is trading around $201.590 per gallon gaining $0.72; whereas natural gasoline rose by $0.56 per 1000 cubic feet to record $4.320. In London, Brent futures climbed $0.65 to record $76.010.