U.S. crude dithers as the week opens up

Economies.com
2016-05-30 15:53PM UTC

Crude prices wavered on Monday on light trading due to holidays in the markets, while the dollar kept trading near eight-week highs. 

 

U.S. crude futures last traded at $49.34 a barrel, compared to the opening of $49.52, with a session-high at $49.69, and a low at $49.05, after prices hit a seven-month peak last week at $50.18. 

 

Crude's dithering comes as investors favor more gains due to renewed confidence in the oil markets, but the dollar's recent rise stems the potential rise of the commodity. 

 

Trading is light in the markets to to holiday as investors take their day off, while the dollar hold its gains, pressuring crude prices lower. 

 

The dollar index, which gauges the greenback's performance against a basket of six major rivals, last traded at 95.71, down from the opening of 95.83, with a session-low at 95.66, and an eight-week peak at 95.96, after the index registered its fourth consecutive weekly profit. 

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 ...