• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 16 hours Could Venezuela become a net oil importer?
  • 8 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 19 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 1 hour Oil prices going Up? NO!
  • 16 hours Gazprom Exports to EU Hit Record
  • 18 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 16 hours Could oil demand collapse rapidly? Yup, sure could.
  • 9 hours Oil prices going down
  • 19 hours Why is permian oil "locked in" when refineries abound?
  • 16 hours Oil Buyers Club
  • 19 hours EVs Could Help Coal Demand
  • 7 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 1 day China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 2 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 14 hours Saudi Arabia turns to solar
Alt Text

Barclays: Oil Prices To Drop This Quarter

British bank Barclays expects that…

Alt Text

Shale Hedges Threaten The Oil Rally

The recent increase in oil…

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

Poor GDP Data Erases Oil Futures Gains

Crude oil futures erased gains on Thursday, retreating from a two-week high after worse-than-expected U.S. GDP data and an unexpected rise in weekly jobless claims fuelled concerns over the pace of the U.S. economic recovery.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at USD100.88 a barrel during U.S. morning trade, shedding 0.17%.    

It earlier rose as much as 0.8% to USD101.90 a barrel, the highest price since May 11.

Crude futures turned lower after the U.S. Commerce Department said its second estimate of gross domestic product growth was unrevised at annual rate of 1.8% in the three-months to March, below economists' expectations for a 2.1% increase.

In a separate report, the Labor Department said the number of individuals filing for initial jobless benefits in the week ending May 21 unexpectedly rose by 10K to a seasonally adjusted 424K, from an upwardly revised 414K in the preceding week. Analysts had expected initial jobless claims to fall to 400K.

The disappointing data triggered fears over a slowdown in demand from the world’s largest crude consumer.

However, losses were limited as the U.S. dollar was broadly weaker following the data. The dollar index was down 0.69% to hit 75.48, after earlier dropping to 75.44, the lowest since May 19.

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

Meanwhile, global financial service provider Societe Generale said that oil may rise to USD106 a barrel in the coming weeks as prices mirror an early-May pullback in 2010 that launched a rally during the rest of that year.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for July delivery eased up 0.05% to trade at USD114.81 a barrel, up USD13.93 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