Showing posts with label G-20. Show all posts
Showing posts with label G-20. Show all posts

Tuesday, June 19, 2012

CME Morning Crude Oil Market Report For Tuesday June 19th

August crude oil prices traded lower throughout the overnight and early morning hours but were able to turn positive heading into the US opening. It is possible that reports that G-20 leaders were boosting IMF's funding, along with hopes that further stimulus could come from a two day FOMC meeting and potential interest rate cut by the ECB has offered a modest lift to crude oil.

August Brent crude oil registered a new 17 month low this morning, and it too has been able to climb back into positive territory. It is also possible that slow progress in talks between world powers over Iran's nuclear program in Moscow have presented a measure of support to the crude oil market. Negotiations over easing sanctions on Iran made little progress yesterday and seemed to come with tough language.

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Monday, November 9, 2009

Oil Climbs as Dollar Weakens, Tropical Storm Ida Curbs Output

Crude oil rose as a falling dollar bolstered investor demand for commodities and Tropical Storm Ida entered the Gulf of Mexico, forcing BP Plc and Chevron Corp. to cut output. Oil climbed more than $2 after the greenback fell against a basket of six major currencies following a decision by the Group of 20 governments to maintain economic stimulus measures. Workers were evacuated in the region, an area that accounts for 27 percent of U.S. crude production and 15 percent of natural gas output. “The G-20 didn’t comment about the dollar, which indicates that no action will be taken, and the greenback will further deteriorate,” said Michael Fitzpatrick, vice president of energy with MF Global in New York. “A weak dollar translates into higher oil prices.”

Crude oil for December delivery rose $2.01, or 2.6 percent, to $79.44 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Prices rose as much as 3.6 percent to $80.19, the biggest gain since Sept. 30. Oil is up 78 percent this year. Prices dropped $2.19, or 2.8 percent, to $77.43 on Nov. 6, the lowest settlement since Oct. 30, after a report showed unemployment in the U.S., the world’s biggest energy consuming country, climbed to 10.2 percent, the highest in 26 years......Read the entire post.
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