April 15, 2016
June 19, 2013
Crude oil futures crawled back to gains in the Asia electronic hours today after falling to 7 month lows yesterday hurt by the slowdown in China manufacturing and signals from the Federal Reserve that a reduction in monetary stimulus is in sight.
Equity markets continued to shed however commodities got a ray of hope from softness in the US dollar today. Crude for July delivery is trading up 15 cents at $ 95.29 per barrel on the New York Mercantile Exchange. Yesterday it lost $2.84, or 2.9%, to settle at $95.40 a barrel. Thursday’s decline was the largest since Nov. 7, 2012. The July contract will expire at the end of Thursday.
The ICE dollar index had edged down to 81.642 by late morning in East Asia, from its 81.823 level late Thursday. The dollar had rallied since the Federal Reserve’s statement late Wednesday, signaling it could slow its asset purchases this year if the economy improves further.
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