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Oil turns lower, Brent falls below $69

Economies.com
2021-05-06 12:55PM UTC

Oil prices fell on Thursday, and pared the early gains, despite the US dollar fall against most of its peers.

 

The US Energy Information Administration reported yesterday that crude inventories fell 8 million barrels to 485.1 million during the past week, while analysts forecast a drop by 3.9 million barrels.

 

While the American Petroleum Institute (API) revealed on Tuesday in preliminary data that the US crude inventories fell 7.7 million barrels during the same period.

 

Analysts projected that slowdown in oil rally and Brent failure to breach the $70 barrier are signs on the lingering concerns over the global demand, especially due to the spread of coronavirus in India.

 

The dollar index fell against a basket of currencies by 0.3% to 91.02 points as of 12:42 GMT, after it hit a high of 91.3 points and a low of 90.9 points.

 

As of 12:40 GMT, WTI crude June futures fell 0.7% to $65.1 a barrel, after hitting a high of $65.9 and a low of $64.9.

 

Brent July futures fell 0.6% to $68.5 a barrel, after hitting a high of $69.3 and a low of $68.3.

Dollar falls ahead of unemployment claims data

Economies.com
2021-05-06 11:26AM UTC

The US dollar fell against most of its peers on Thursday, as investors anticipate the release of key US jobs data.

 

US Labor Department will reveal the number of initial unemployment claims for last week, after its fell to its lowest level since the start of the pandemic.

 

ADB data showed today that the US private sector added 742K new jobs in April, the largest monthly rise since September, missing forecasts of 872K.

 

The data comes two days ahead of the US Labor Department's monthly jobs report for April next Friday, which provides key insight on the US labor market.

 

The dollar index fell against a basket of currencies by 0.3% 91.03 points as of 11:15 GMT, after it hit a high of 91.3 points and a low of 91.00 points.

Sterling holds above 1.39 ahead of BoE decisions

Economies.com
2021-05-06 08:40AM UTC

Sterling rose in European trade against dollar, holding above 1.3900, while the dollar declines against most rivals ahead of Bank of England's policy decisions later today. 

 

GBP/USD rose 0.1% to 1.3913, with an intraday low at 1.3885, after closing up 0.1% yesterday, the second profit in three days away from three-week lows at 1.3800. 

 

The dollar index fell 0.15% on Thursday for another session against a basket of major rivals.

 

The dollar index took a hit after several Fed officials ruled out tightening monetary policy soon, and that full recovery from the coronavirus is still a long way ahead. 

 

Bank of England will release it policy decisions later today, expected to maintain rates at 0.10%, while also maintaining the assets purchases program unchanged at 895 billion pounds a month. 

 

Dow Jones keeps gains, closes at new record

Economies.com
2021-05-05 21:56PM UTC

Most US stock indices rose on Wednesday, amid optimism about the US economic growth following the release of positive economic data.

 

ADB data showed today that the US private sector added 742K new jobs in April, the largest monthly rise since September, missing forecasts of 872K.

 

The data comes two days ahead of the US Labor Department's monthly jobs report for April.

 

The ISM US services PMI fell to 62.7 points in April from 63.7 points in March, worse than forecasts of 64.2 points.

 

To the oil market, WTI crude June futures fell 0.1% or 6 cents, and closed at $65.63 a barrel, after hitting a day high of $68.7 and a low of $64.9.

 

Brent June futures rose 0.1% or 8 cents, and closed at $68.96 a barrel, after hitting a high of $69.9 and a low of $68.3.

 

As for stocks, Dow Jones rose 0.3% or 97 points, and closed at 34,230, with a day high of 34,331, and a low of 34,039.

 

Nasdaq fell 0.4% or 51 points to 13,582, with a high of 13,753 and a low of 13,553 points.

 

S&P 500 rose 0.1% or 3 points to 4,167, after hitting a high of 4,187 and a low of 4,160.

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What is the price of Oil today?

The price of Oil is $66.485 (2025-07-04 23:55PM UTC)