Sponsored Links
Crude oil prices finished modestly higher on Tuesday, but backed away from its highs of the session. Oil earlier challenged $72 as its hedge value was boosted by a weaker dollar.
Light sweet crude oil rallied to $70.88 per barrel, up 47 cents on the session. Prices reached as high as $71.92.
The dollar saw further weakness against the euro and also slipped lower against the Japanese yen, Canadian dollar and Swiss franc. Commodities often move opposite the dollar.
The Reserve Bank of Australia unexpectedly lifted its key interest rate by 0.25 percent to 3.25 percent, fueling speculation that other nations will follow suit. The Federal Reserve has maintained it it will keep rates at the current levels near zero, leaving some to fear the U.S. economy may be lagging behind.
The UK's Independent newspaper reported a plan is in the works to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency. The report was denied by senior officials from Saudi Arabia, Russia, Kuwait and the United Arab Emirates.
Traders also looked ahead to the Energy Information Administration's weekly inventory report at 10:30 a.m. ET tomorrow. Experts are predicting an increase in crude supplies of 1.9 billion barrels, while gasoline is expected to rise 1.3 million barrels and distillates are forecast to rise 400,000 barrels.
The lesser-watched American Petroleum Institute report is due later this afternoon.
0 komentar:
Post a Comment