By Yee Kai Pin and Christian Schmollinger
May 20 -- Crude oil rose, climbing for a second day after earlier paring gains, in New York as investors took the view a drop below $70 a barrel made the commodity attractive to buy.
Oil climbed yesterday for the first time in seven days after the dollar slipped from a four-year high against the euro, bolstering the investment appeal of commodities. Crude oil stockpiles in the U.S., the world’s biggest energy consumer, increased less than analysts expected last week.
“We’ve come off very sharply the last couple of weeks and that’s been attributable to a stronger dollar, widespread risk aversion and a global growth outlook which has been dented by sovereign debt issues in Europe,” said Toby Hassall, research analyst at CWA Global Markets Pty in Sydney. “There will be those that are looking at the declines and seeing an opportunity to get long at these levels.”
Crude oil for June delivery rose as much as $1.42, or 2 percent, to $71.29 a barrel in electronic trading on the New York Mercantile Exchange. The contract, expiring today, was at $70.48 at 2:53 p.m. Singapore time. Yesterday, it rose 46 cents to settle at $69.87. Futures are down 11 percent this year.
The contract earlier declined under $70 a barrel.
The more actively traded July contract climbed as much as 75 cents, or 1 percent, to $73.23 a barrel. It was at $72.83 at 2:51 p.m. in Singapore.
Oil’s relative strength index shows prices on technical charts have fallen too rapidly. The 14-day RSI is below 30, signaling the market is oversold, according to data compiled by Bloomberg.
Crude has lost a fifth of its value since May 3, when futures reached a 19-month high of $87.15 a barrel, on speculation Europe’s sovereign-debt crisis will derail the global economic recovery and curb fuel demand.
Brent crude oil for July settlement rose as much as 54 cents, or 0.7 percent, to $74.23 on the London-based ICE Futures Europe exchange. It was at $73.93 at 2:54 p.m. Singapore time. Yesterday, the contract declined 74 cents, or 1 percent, to end the session at $73.69.
Source: http://www.bloomberg.com/apps/news?sid=al7xtRAPsOFY&pid=20601087
May 20 -- Crude oil rose, climbing for a second day after earlier paring gains, in New York as investors took the view a drop below $70 a barrel made the commodity attractive to buy.
Oil climbed yesterday for the first time in seven days after the dollar slipped from a four-year high against the euro, bolstering the investment appeal of commodities. Crude oil stockpiles in the U.S., the world’s biggest energy consumer, increased less than analysts expected last week.
“We’ve come off very sharply the last couple of weeks and that’s been attributable to a stronger dollar, widespread risk aversion and a global growth outlook which has been dented by sovereign debt issues in Europe,” said Toby Hassall, research analyst at CWA Global Markets Pty in Sydney. “There will be those that are looking at the declines and seeing an opportunity to get long at these levels.”
Crude oil for June delivery rose as much as $1.42, or 2 percent, to $71.29 a barrel in electronic trading on the New York Mercantile Exchange. The contract, expiring today, was at $70.48 at 2:53 p.m. Singapore time. Yesterday, it rose 46 cents to settle at $69.87. Futures are down 11 percent this year.
The contract earlier declined under $70 a barrel.
The more actively traded July contract climbed as much as 75 cents, or 1 percent, to $73.23 a barrel. It was at $72.83 at 2:51 p.m. in Singapore.
Oil’s relative strength index shows prices on technical charts have fallen too rapidly. The 14-day RSI is below 30, signaling the market is oversold, according to data compiled by Bloomberg.
Crude has lost a fifth of its value since May 3, when futures reached a 19-month high of $87.15 a barrel, on speculation Europe’s sovereign-debt crisis will derail the global economic recovery and curb fuel demand.
Brent crude oil for July settlement rose as much as 54 cents, or 0.7 percent, to $74.23 on the London-based ICE Futures Europe exchange. It was at $73.93 at 2:54 p.m. Singapore time. Yesterday, the contract declined 74 cents, or 1 percent, to end the session at $73.69.
Source: http://www.bloomberg.com/apps/news?sid=al7xtRAPsOFY&pid=20601087
Crude Oil may rise as on speculation stock markets will rebound and the dollar will retreat..
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