• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 20 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 1 day Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 19 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 20 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Mike Shellman's musings on "Cartoon of the Week"
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 1 day Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Are Trump's steel tariffs working? Seems they are!
  • 2 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 2 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 13 hours Why hydrogen economics does not work
  • 12 hours China goes against US natural gas
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 Market Update – Monday 30th May

Crude oil futures dipped in light holiday trade on Monday, hovering above the psychologically important level of USD100 a barrel, as prices were pressured by a slightly firmer U.S. dollar and amid speculation the Organization of the Petroleum Exporting Countries increased oil production in May.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at USD100.28 a barrel during U.S. morning trade, shedding 0.46%.     

It earlier fell as much as 0.95% to USD99.75 a barrel, the lowest price since May 26.

The U.S. dollar strengthened against the euro, as uncertainty over how Greece's debt crisis will be resolved weighed on the single currency.  The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.14% to hit 75.08.

Dollar-denominated oil futures contracts tend to rise when the dollar falls, as this makes oil cheaper for buyers in other currencies.

Meanwhile, preliminary data from OPEC showed that Saudi Arabia, Nigeria and Iraq increased their oil output in May to compensate for lost crude production from Libya. 

Total oil output from all 12 OPEC members was expected to average 28.9 million barrels per day in May, up from a revised 28.79 million barrels per day in April.

OPEC’s next meeting is scheduled for June 8 in Vienna. Global financial service provider Barclays said that, “The trigger for the next move higher, in our view, could be the upcoming OPEC meeting on June 8, where the lack of a proactive approach to mitigating the shortfalls in the market could serve to significantly tighten balances.”

Losses were limited as markets focused on renewed worries over unrest in the Middle East and North Africa. Violence escalated in Yemen, threatening to tip the country into civil war, while world leaders reiterated calls for the departure of embattled Libyan leader Muammar Gaddafi.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for July delivery declined 0.27% to trade at USD114.67 a barrel, up USD14.39 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

Leave a comment




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