Monday , June 17 2019
Home / Commodity Blog / Crude Gains More than 2% on Range of Positive Factors

Crude Gains More than 2% on Range of Positive Factors

Summary:
Crude oil rallied more than 2% today. The commodity was benefiting from the same reasons as some other raw materials — the weakness of the US dollar that followed abysmal US employment data and speculations about interest rate cut by the Federal Reserve. But crude also had its own bullish factors. One of them were signals from Saudi Arabia that the OPEC+ production cut deal will be extended till the end of the year, with Russia remaining in the agreement. Another one was the oil rig count from Baker Hughes that showed a decline of the number of US oil rigs by 11 to 789 this week. Contract for delivery of WTI crude oil in July jumped as much as 2.66% to trade at .99 per barrel as of 22:14 GMT on NYMEX today. August futures for delivery of Brent crude added as much as 2.63% to their value

Topics:
Vladimir Vyun considers the following as important:

This could be interesting, too:

Nick Coleman writes Norway’s oil industry hides behind flagship project: Fuel for Thought

Vladimir Vyun writes Double Bottom on Daily Chart of WTI Crude Oil as of 2019-06-16

Marc Chandler writes USD Resilience in the Face of Aggressive Fed Easing Expectations

Vladimir Vyun writes Commodities Reverse Movement on Friday

Crude oil rallied more than 2% today. The commodity was benefiting from the same reasons as some other raw materials — the weakness of the US dollar that followed abysmal US employment data and speculations about interest rate cut by the Federal Reserve.

But crude also had its own bullish factors. One of them were signals from Saudi Arabia that the OPEC+ production cut deal will be extended till the end of the year, with Russia remaining in the agreement. Another one was the oil rig count from Baker Hughes that showed a decline of the number of US oil rigs by 11 to 789 this week.

Contract for delivery of WTI crude oil in July jumped as much as 2.66% to trade at $53.99 per barrel as of 22:14 GMT on NYMEX today. August futures for delivery of Brent crude added as much as 2.63% to their value to $63.29 per barrel on ICE.


Commodity Blog, 2019. | Permalink | No comment | Add to

Better Feed from Ozh

Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

Leave a Reply

Your email address will not be published. Required fields are marked *