Tuesday, June 15, 2010
Crude Oil Advances Above $75 a Barrel Before Inventory Report
“The euro is higher and oil is following,” said Stephen Schork, president of consultant Schork Group Inc. in Villanova, Pennsylvania. “There’s been a very strong correlation between currencies and oil recently.” Crude oil for July delivery rose $1.51, or 2 percent, to $76.63 a barrel at 11:05 a.m. on the New York Mercantile Exchange. Oil touched $76.70, the highest level since May 12. Futures are up 8.5 percent from a year ago.
Brent crude oil for July settlement climbed $1, or 1.3 percent, to $76.20 a barrel on the London based ICE Futures Europe exchange. The July contract expires today. The more active August futures increased $1.15, or 1.5 percent, to $76.81 a barrel. The euro strengthened to $1.2316, up 0.8 percent from $1.2221 yesterday. The currency touched $1.1877 on June 7, the lowest level since March 2006, on concern that the debt crisis in Greece will spread to other countries in the region.
“The bulls are trying to move oil higher, and they’ve been getting intermittent support from the euro and dollar,” said Peter Beutel, president of energy adviser Cameron Hanover Inc. in New Canaan, Connecticut.....Read the entire article.
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