|News||Crude oil on the rise, reversing the losses in previous sessions|
|Analysis||Crude oil rose today reversing the previous session's losses on a weakening dollar and expectations that the US crude supplies dropped last week in the world’s largest oil consumer.|
Light sweet crude oil rose today as it opened at $96.13 a barrel recording the intraday high at $96.90 a barrel and a low of $95.92 a barrel and is currently trading around $96.77 a barrel.
The dollar weakened versus the euro and other currencies, as the euro regained today some of the losses in the previous sessions on jitters that the European debt crisis will deepen in addition to Moody’s decision on the possibility that it may cut the states credit rating, which could lead a huge wave of losses across the board and will have a sharp negative effect on the market, but still the agency is awaiting lawmakers in U.S. to increase the debt ceiling, but though they are low on time with a decision to be made by August 2 as the Treasury requested.
The USDIX opened today at 75.35 recording the highest at 75.49 and the lowest at 75.07 and is currently trading around 75.08.
Eyes are still on Europe, the European Finance Chiefs came to no agreement regarding Greece, and the IMF said that it’s not ready to discuss a new rescue package for Greece, and the country should focus at the moment on implementing the austerity measures and the possibility of applying more measures.
European leaders are at a loss and incapable of containing the crisis as they prepare to meet in Brussels this Thursday to discuss the financial stability of the euro area.
An Energy Department report may show U.S. crude supplies dropped by 1.5 million barrels for a seventh week and also Gasoline inventories are expected to drop by 100,000 barrels from 211.7 million, and the API is scheduled to report its weekly supply data later today.