|News||Crude climbs above $74 as a storm threatens the Gulf of Mexico|
|Analysis||Crude today climbed above $74 per barrel as Chinese equities rose on better than expected quarterly earnings, while a Tropical Storm threatens oil supplies in the Gulf of Mexico.|
Crude today traded above $74 per barrel recording its highest around $74.26 and lowest around $73.53, while it currently is trading around $73.73 per barrel.
China released its quarterly earnings extending its gains; Sany heavy Co., Changsha Zoomlion Heavy Industry Science and Technology Development Co. showed a rise in the first half profit.
Crude last Friday traded below $75 per barrel recording its highest around $74.95 and lowest around $73.42 per barrel, closing around $74.02 per barrel. It lost $0.97, on the pessimistic sentiment throughout markets regarding uncertainties over global economic recovery.
Moreover, a Tropical Storm Danielle is threatening oil production regions in the Gulf of Mexico, where the storm’s movement will be witnessed in the upcoming few days which will reflect on markets.
As for NYMEX as of 04:30 EST; motor gasoline fell to $192.150 per gallon to record $0.19; heating is trading around $197.410 per gallon gaining $0.16; whereas natural gasoline shed $1.29 per 1000 cubic feet to record $4.064. In London, Brent futures added $0.24 to record $74.440.