|News||Crude trades below $88 following OPEC supply increase signals|
|Analysis||Crude traded below $88 per barrel today pairing losses following Saudi’s oil minister mentioning the possibility of raising supplies to halt skyrocketing crude prices and meet growing global demand. |
The Saudi oil Minister yesterday stated that demand on crude is expected to climb this year to 1.5 MB - 1.8 MB.
Crude today hovers around $88 per barrel recording its highest around $87.82 and lowest around $87.36, while it currently is trading around $87.76 per barrel.
Despite of stock markets climbing due to positive corporate earnings, it did not reflect on trading in the high risk commodities.
Crude yesterday traded around $89 per barrel recording its highest around $89.60 and lowest around $87.25 per barrel, closing around $87.71 per barrel. Futures fell yesterday and more than 3% since Thursday while the dollar rose due to mixed regional stock markets, alongside OPEC's intentions to step in and raise supply.
As for NYMEX as of 04:59 EST; motor gasoline fell $0.51 recording $240.100 per gallon; heating is trading around $261.100 per gallon declining $0.32; whereas natural gasoline also shed $0.33 to record $4.565. In London, Brent futures slipped $0.37 to record $96.250.