Oil futures jump two percent on profit-taking

Economies.com
2017-06-22 17:44PM UTC

Oil futures rebounded from ten-month lows on Wednesday as the dollar settled lower, following earlier data from the US, the world's largest economy. 

 

As of 06:03 GMT, US crude futures due on August 16 rose 1.53% to $43.18 a barrel from the opening of $42.53, while Brent crude futures due on August 16 jumped 1.87% to $45.66 a barrel from the opening of $44.82, as the dollar index shed 0.02% to 97.54 from the opening of 97.56. 

 

Earlier US data showed unemployment claims rising in line with expectations, while the housing price index rose 0.7%, or the same as before in April, as the CB leading index accelerated below forecasts in May. 

 

Similarly, Federal Open Market Committee member Jerome Powell has testified in front of the Senate Committee on Banking, Housing, and Urban Affairs, in Washington DC, regarding the economic growth rate for the world's biggest economy.

 

Oil futures are recovering on profit-taking, while still heading for the fifth weekly loss in a row, the longest such streak since 2015, as markets price in above five-year averages global oil inventories at 292 million barrels, and after US, Libyan, and OPEC production  increased in May. 

 

Otherwise, the Energy Information Administration released its report on US crude stocks, showing a drawdown of 2.5 million barrels in the week ending June 16, adding to the 1.7M drop in the previous reading, while analysts expected a 1.2% fall, with total stocks now reaching 509.1 million barrels, remaining within the upper range in average for this time of year. 

 

Gasoline stocks fell 0.6 million barrels, while distillate stocks rose 1.1 million barrels, both remaining within the upper range in average for this time of year. 

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Technical Analysis

Commodities

Wheat price returns to the bullish correction – Forecast today - 29-03-2024
2024-03-29 01:50AM UTC
Wheat Price Analysis Expected Scenario: Continuing Bullish Momentum Wheat price rallied ...
Technical Analysis

Commodities

Sugar price completes the positive pattern – Forecast today - 29-03-2024
2024-03-29 01:49AM UTC
Sugar Price Analysis Expected Scenario: Continuing Bullish Trend Sugar price managed to breach ...
Technical Analysis

Commodities

Soybean price keeps the positive stability – Forecast today - 29-03-2024
2024-03-29 01:49AM UTC
Soybean Price Analysis Expected Scenario: Continuing Bullish Trend Soybean price attempted to ...