|News||Crude’s first drop below $74 this month as the fears over the outlook consumed markets|
|Analysis||Crude traded below $74 per barrel today as global economic recovery remains subdued and worse than expect US personal income data, extending losses from the previous session; where stock markets are showing a notable slump. |
Crude today traded below $74 per barrel recording its highest around $74.31 and lowest around $73.40, while it currently is trading around $73.40 per barrel.
The vital data released from the US yesterday showed that personal income levels fell and thereby giving off weak demand levels, as eyes today are set on the API report detailing consumption and demand levels on crude.
Crude yesterday traded above $73 per barrel recording its highest around $75.54 and lowest around $74.00 per barrel, closing around $74.04 per barrel. It dropped by $1.28 or 0.6%, with a stronger US dollar as investors regard it as a hedge against inflation, alongside pessimistic sentiment throughout markets regarding uncertainties over global economic recovery.
As for NYMEX as of 04:15 EST; motor gasoline fell to $192.260 per gallon to record $0.59; heating is trading around $200.700 per gallon shedding $0.90; whereas natural gasoline climbed by $1.21 to record $3.858. In London, Brent futures declined $1.33 to record $75.580.