Crude Oil closed above $77 a barrel Monday after upbeat data from China stoked optimism about the global economy, while the closure of a pipeline in the Midwest disrupted supplies to refineries in the region. Oil traders were cheered by increasing industrial production in China, which over the weekend reported manufacturing gains of nearly 14% [...] [...more]
Crude Oil (WTI) – $77.22 // $0.74 // 0.97% Commentary: Crude oil is up $0.74, or 0.97%, in overnight trade, as traders grow more optimistic about the outlook for global growth. Chinese economic data released late last week showed stronger-than-expected performance in industrial production and retail sales. Also supporting crude oil prices is concern surrounding [...] [...more]
Market Overview: A classic EU sovereign debt/banking crisis fear inspired risk aversion day, slamming risk assets, especially the EUR. Sparked by a WSJ report that July bank stress tests understated PIIGS bond exposure. This is old new, but comes at a sensitive time as PIIGS seek to sell $80 bln in bonds and their bond [...] [...more]
Crude futures fell 2.8%, following the release of a U.S. government inventories report which showed gasoline stockpiles rose for the seventh-straight week, spurring concerns the faltering global recovery cannot support demand. Light, sweet crude for September delivery settled down $2.23 at $78.02 a barrel on the New York Mercantile Exchange, after falling as low as [...] [...more]
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