NewsCrude trades below $88 following OPEC supply increase signalsPreviousForecastAnalysisCrude 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.