• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 5 hours Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 1 day Iran Captures British Tanker sailing through Straits of Hormuz
  • 19 hours Renewables provided only about 4% of total global energy needs in 2018
  • 10 hours EIA Reports Are Fraudulent : EIA Is Conspiring With Trump To Keep Oil Prices Low
  • 2 days Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 2 days Today in Energy
  • 2 days Berkeley becomes first U.S. city to ban natural gas in new homes
  • 1 hour Shale Oil will it self destruct?
  • 23 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 6 hours First limpet mines . . . . now fly a drone at low altitude directly at U.S. Navy ship. Think Iran wanted it taken out ? Maybe ? YES
  • 5 hours N.Y. Governor Signs Climate Bill
  • 2 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 3 days LA Solar Power/Storage Contract
  • 3 days Why Natural Gas is Natural
Alt Text

Oil Prices Set For Worst Weekly Drop In Five Weeks

Concerns about weakening global economy…

Alt Text

Trade Truce Sends Oil Prices Higher

The intention of Presidents Trump…

Forex Pros

Forex Pros

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house…

More Info

Premium Content

Crude Oil Futures Approach Two Week High

Crude oil futures erased losses on Thursday, re-approaching a two-week high as optimism European leaders would reach an agreement to solve the region’s debt crisis boosted demand for riskier assets.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at USD99.19 a barrel during U.S. morning trade, climbing 0.8%.           

It earlier rose as much as 0.9% to trade at a daily high of USD99.30 a barrel, just below Wednesday’s two-week high of USD99.35 a barrel.

European leaders meeting in Brussels outlined a plan to handle Greece's sovereign debt woes, proposing to extend loan maturities and lower interest rates for heavily indebted euro zone countries.

A draft of the proposed plan showed that the euro zone would reduce interest rates on bailout loans from the European Financial Stability Fund to 3.5%, while extending loan maturities to at least 15 years.

The plan would also allow the EFSF to make precautionary purchases in the secondary bond market.

The euro jumped to a nine-day high against the U.S. dollar, while the dollar index, which tracks the performance of the greenback against of six other major currencies was down 0.73% to trade at 74.58, the lowest since July 5.

Oil prices typically strengthen when the U.S. currency weakens as the dollar-priced commodity becomes cheaper for holders of other currencies.

Meanwhile, the International Energy Agency director Nobuo Tanaka said earlier that the organization was unlikely to release additional supplies from emergency stockpiles.
   
The IEA said the release "largely achieved" its aims after releasing 60 million barrels of oil last month in response to a loss of supplies from Libya.

Crude’s earlier losses came after data showed that manufacturing activity in China fell to a 28-month low in July, raising concerns over a slowdown in demand from the world’s second largest oil consumer.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for September delivery edged 0.15% higher to trade at USD118.35 a barrel, up USD19.16 on its U.S. counterpart.

By. ForexPros.com

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house experts, and a widely used economic calendar.




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play