CL Redux
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Futures Movers
June 20, 2011, 12:24 p.m. EDT
Oil edges higher on demand concerns
By Claudia Assis and Virginia Harrison, MarketWatch
SAN FRANCISCO (MarketWatch) â Crude-oil futures traded near the flat line Monday as concerns about Greece clouded prospects for global growth and oil demand but came off its lows as the dollar moderated its rise and U.S. stocks gained.
MARKETS | Expanded markets coverage
Oil for July delivery (NMN:CL1N) gained 5 cents to $93.04 a barrel on the New York Mercantile Exchange. It had traded as low as $91.14 earlier.
âThereâs still concern about the European situationâ and what it will do to global growth and demand for oil, said Kyle Cooper, a managing director at IAF Advisors in Houston.
But the dollar and higher U.S. stocks provided some support, he added.
The lackluster session followed losses of 6.2% for crude last week, as concerns about Greeceâs fiscal crisis, global growth and demand for energy weighed on oil prices.
A new financing strategy for Greece will be defined by early July, the Eurogroup said late Sunday, as negotiations between the Greek government and the European Commission continued toward solving the embattled nationâs sovereign-debt issues. Read more about Greece.
Oil analysts at National Australia Bank said that despite some recent softness in global macroeconomic data, they âdo not expect a near-term recession in any of the large developed or emerging economies.â
âLooking forward, stronger growth in private-sector demand is expected to further tighten the balance in the oil market, gradually pushing prices higher,â the analysts said.
The dollar rose on Monday versus the euro and other major currencies. A stronger dollar tends to discourage buying in dollar-priced commodities, including oil.
The dollar index (NYE-DXY) , which compares the U.S. unit to a basket of six other major currencies, declined to 74.960 from 75.005 late Friday
June 20, 2011, 12:24 p.m. EDT
Oil edges higher on demand concerns
By Claudia Assis and Virginia Harrison, MarketWatch
SAN FRANCISCO (MarketWatch) â Crude-oil futures traded near the flat line Monday as concerns about Greece clouded prospects for global growth and oil demand but came off its lows as the dollar moderated its rise and U.S. stocks gained.
MARKETS | Expanded markets coverage
Oil for July delivery (NMN:CL1N) gained 5 cents to $93.04 a barrel on the New York Mercantile Exchange. It had traded as low as $91.14 earlier.
âThereâs still concern about the European situationâ and what it will do to global growth and demand for oil, said Kyle Cooper, a managing director at IAF Advisors in Houston.
But the dollar and higher U.S. stocks provided some support, he added.
The lackluster session followed losses of 6.2% for crude last week, as concerns about Greeceâs fiscal crisis, global growth and demand for energy weighed on oil prices.
A new financing strategy for Greece will be defined by early July, the Eurogroup said late Sunday, as negotiations between the Greek government and the European Commission continued toward solving the embattled nationâs sovereign-debt issues. Read more about Greece.
Oil analysts at National Australia Bank said that despite some recent softness in global macroeconomic data, they âdo not expect a near-term recession in any of the large developed or emerging economies.â
âLooking forward, stronger growth in private-sector demand is expected to further tighten the balance in the oil market, gradually pushing prices higher,â the analysts said.
The dollar rose on Monday versus the euro and other major currencies. A stronger dollar tends to discourage buying in dollar-priced commodities, including oil.
The dollar index (NYE-DXY) , which compares the U.S. unit to a basket of six other major currencies, declined to 74.960 from 75.005 late Friday
Just a scalp.