• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 17 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 12 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 4 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 6 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 16 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 1 day Corporations Are Buying More Renewables Than Ever
  • 7 hours Venezuela set to raise gasoline prices to international levels.
  • 3 hours Saudi Fund Wants to Take Tesla Private?
  • 13 hours Starvation, horror in Venezuela
  • 4 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 3 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 18 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 19 hours France Will Close All Coal Fired Power Stations By 2021
Alt Text

Turkey Turmoil Drags Oil Down

While Turkey might not be…

Alt Text

Saudi Arabia And Iran Reignite The Oil Price War

As U.S. sanctions on Tehran…

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

Trending Discussions

Crude Oil Futures Hit Three Week High

Crude oil futures extended gains on Tuesday, rallying to a fresh three-week high as a combination of a broadly weaker U.S. dollar, renewed worries over unrest in the Middle East and North Africa and a disruption to U.S. supplies lifted prices.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at USD103.02 a barrel during U.S. morning trade, surging 2.6%.     

It earlier rose as much as 2.95% to USD103.38 a barrel, the highest price since May 11. 

Weakness in the U.S. dollar contributed to crude’s strength. The greenback dropped to a three-week low against the euro following reports that Germany could make concessions to facilitate a new bailout package for Greece.

The dollar index declined 0.58% to hit 74.60, after earlier dropping to a four-week low of 74.51. Dollar-denominated oil futures contracts tend to rise when the dollar falls, as this makes oil cheaper for buyers in other currencies.

Elsewhere, in Yemen, President Ali Abdullah Saleh refused to step down despite efforts by regional nations to broker a peaceful departure, as escalating violence threatened to tip the nation into civil war.

Yemen, which borders top oil exporter Saudi Arabia, is located along the Bab al Mandab strait, which the U.S. Energy Department lists as one of seven “world oil transit chokepoints.”

Meanwhile, pipeline operator TransCanada said it had shut down the key 591,000-barrel-a-day Keystone Pipeline that runs from Alberta to Cushing, Oklahoma, following a leak at a pump station.

Analysts at Commerzbank said that the move up on the reported Keystone pipeline shutdown, which was mostly impacting U.S. crude futures, was likely to be “short-lived as the market turns its attention to next week’s OPEC meetings”.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for July delivery jumped 1.8% to trade at USD116.62 a barrel, up USD13.60 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.




Back to homepage

Trending Discussions


Leave a comment
  • Anonymous on May 31 2011 said:
    About a month ago somebody said that OPEC was on its way to registering a trillion dollars on its oil imports for this year. I feel absolutely certain that when they heard that, that became their target. And if that is what they want, it is what they will get - as it says in the song about Mamie. I just hope however that they don't set their sights on two trillion, because if they do the global economy will go into the can.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News