Futures Movers
June 13, 2011, 1:19 p.m. EDT
Oil falls nearly 3% as selloff enters second day
By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) â Crude-oil futures extended losses Monday, falling roughly 3% as investors continued to doubt the health of the global recovery and waited for U.S. and overseas macroeconomic data later in the week.
Crude for July delivery (NMN:CL1N) declined $2.61, or 2.7%, to $96.59 a barrel on the New York Mercantile Exchange. A close around these levels would be the lowest since late February.
Oil settled 2.6% lower on Friday, hit by news Saudi Arabia will pump more oil in July amid concerns demand is weakened as the global recovery gives signs of faltering.
China is slated to release a slew of indicators later Monday, including consumer prices, retail sales and industrial production. The U.S. upcoming data include retail sales, business inventories and consumer inflation.
Brent futures turned lower, with the July contract down $1.12, or 1%, to $117.48 a barrel on ICE Futures in London.
The price difference between Brent and Nymex-traded WTI has reached new highs, as the U.S. benchmark is considered a more local market, subject to the worries about a slowdown in the United States. Brent âis still considered a world market,â with investors seeing emerging-markets demand still strong, said Kyle Cooper, managing director of IAF Advisors in Houston.
Oil futures also failed to catch any tailwind from a weaker dollar. The U.S. currency fell against major rivals as investors appeared to be more optimistic about Greeceâs sovereign-debt woes and the euro gained.
The dollar index, which compares the U.S. unit to a basket of six currencies, traded at 74.775 from 74.801 late Friday.
The broader suite of energy products traded lower Monday. Gasoline for July delivery (NMN:RB1N) declined 6 cents, or 2%, to $2.96 per gallon.
July natural gas (NMN:NG11N) declined 12 cents, or 2.7%, to $4.63 per million British thermal units.
June 13, 2011, 1:19 p.m. EDT
Oil falls nearly 3% as selloff enters second day
By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) â Crude-oil futures extended losses Monday, falling roughly 3% as investors continued to doubt the health of the global recovery and waited for U.S. and overseas macroeconomic data later in the week.
Crude for July delivery (NMN:CL1N) declined $2.61, or 2.7%, to $96.59 a barrel on the New York Mercantile Exchange. A close around these levels would be the lowest since late February.
Oil settled 2.6% lower on Friday, hit by news Saudi Arabia will pump more oil in July amid concerns demand is weakened as the global recovery gives signs of faltering.
China is slated to release a slew of indicators later Monday, including consumer prices, retail sales and industrial production. The U.S. upcoming data include retail sales, business inventories and consumer inflation.
Brent futures turned lower, with the July contract down $1.12, or 1%, to $117.48 a barrel on ICE Futures in London.
The price difference between Brent and Nymex-traded WTI has reached new highs, as the U.S. benchmark is considered a more local market, subject to the worries about a slowdown in the United States. Brent âis still considered a world market,â with investors seeing emerging-markets demand still strong, said Kyle Cooper, managing director of IAF Advisors in Houston.
Oil futures also failed to catch any tailwind from a weaker dollar. The U.S. currency fell against major rivals as investors appeared to be more optimistic about Greeceâs sovereign-debt woes and the euro gained.
The dollar index, which compares the U.S. unit to a basket of six currencies, traded at 74.775 from 74.801 late Friday.
The broader suite of energy products traded lower Monday. Gasoline for July delivery (NMN:RB1N) declined 6 cents, or 2%, to $2.96 per gallon.
July natural gas (NMN:NG11N) declined 12 cents, or 2.7%, to $4.63 per million British thermal units.
