Oil Rises on Weaker US Dollar
by Bloomberg | Jordan Fitzgerald and Julia Fanzeres
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas
Oil erased earlier losses to top $83 a barrel as a weaker dollar boosted commodities priced in the currency.
Strengthening equities markets also supported crude futures, which spent much of the session trading in a narrow range after a closely watched measure of US inflation soured sentiment.
“Oil markets are still trying to find an equilibrium price due to the lack of geopolitical headlines and data releases,” said Keshav Lohiya, founder of consultant Oilytics.
Crude remains higher this year, aided by supply curbs from OPEC+ and tensions in the Middle East, although prices have pulled back from recent highs as geopolitical risks eased. The options skews remain in a bearish tilt toward puts, while the world’s biggest oil exchange-traded fund — the US Oil Fund — posted its largest daily outflow on record.
The demand outlook also remains clouded, with a weakness showing in some refined products. Profit margins for turning crude into diesel in Asia were near the lowest level in nearly a year.
Prices:
- WTI for June delivery rose 76 cents to settle at $83.57 a barrel in New York
- Brent for June settlement rose 99 cents to settle at $89.01 a barrel.
by Bloomberg | Jordan Fitzgerald and Julia Fanzeres
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas