Oil fell in New York as traders sold the October future that expires today after short-term supply concerns dissipated because Enbridge Energy Partners LP started a pipeline supplying the U.S. Midwest. Crude retraced part of its 1.6 percent gain yesterday as traders sold contracts after buying last week to cover the threat of supply disruptions [...] [...more]
Crude Oil (WTI) – $74.25 // $0.61 // 0.81% Commentary: Crude oil arrested a four-day slide on Monday, rising $1.20, or 1.63%, due in large part to the rally and breakout in U.S. equity markets. The S&P 500 stock index soared 1.52% on the day, reaching its highest level since May. Traders have become more [...] [...more]
Crude oil traded near a six-week low as rising U.S. jobless claims and a contraction in manufacturing added to concern growth in the world’s biggest oil-consuming nation is slowing. Oil, down 1.3 percent this week, fell yesterday after the Labor Department said weekly claims for unemployment benefits climbed to the highest level since November. The [...] [...more]
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