Commodities traders at ForexYard saw the price of crude oil continue to decline as concerns continue to grow regarding the state of economic fundamentals in Europe, even in light of the EU/IMF bailout proposal for Greece. Investors in the Euro zone are now facing concerns over the risks of inflation and slow growth across Europe.
Not only is the continuing uncertainty in Europe causing the price of crude oil to fall but the ever-strengthening US dollar is also pushing down the price of crude oil. The US dollar has been making strong progress following a week of encouraging data releases including better than expect jobless claims figures.
Commodities traders at sites such as Spread Co saw Oil Prices Reach A 17-Month High today following encouraging reports from the Eurozone and China which both displayed exceptionally strong purchasing managers’ indexes (PMI’s). These economic reports encouraged the markets to drive the price of oil to new highs. These oil prices were made all the more impressive by the fact that there were very thin trading volumes ahead of the Easter holidays.
The price of crude oil climbed to new highs in the US. commodities traders at Spread Co saw New York’s main contract, light sweet crude for delivery in May, climb in price by 70 cents to $84.46 per barrel. Across the Atlantic London’s Brent North Sea crude for delivery in May rose in price by 74 cents to $83.44 per barrel.
Commodities traders at companies such as ForexYard saw Crude Oil Prices Fall During The Wednesday Morning Session with the price per barrel falling by nearly $1. Traders also saw the price of base metals and also the price of sugar struggling to make headway.
US crude oil stocks rose for an eighth week in succession, climbing to approximately 1.5 million barrels, according to a poll of market analysts conducted by Reuters. However, the US’ distillate stocks, which include heating oil, are estimated to have fallen by around 1 million barrels last week. America’s petrol stocks also fell by 1.3 million barrels.
