Crude Oil dipped toward $66.50 a barrel on Tuesday as a weak demand outlook was expected to be reinforced by weekly inventory data from the United States. As we continue to say, Oil and the Dollar remain the key to the equity markets right now.
U.S. crude futures fell 29 cents to $66.55 a barrel by 0934 GMT (5:34 a.m. EDT), after rising 82 cents on Monday. North Sea Brent crude futures fell 40 cents to $65.14. After last week’s drop of about $8 on concerns over high oil inventories and weak demand, prices have remained at the bottom end of a trading range of $65-$75 in place since around July.
“Crude will continue to move according to the stock markets and inversely to the dollar, which will remain weak,” said Tony Nunan, risk manager at Mitsubishi Corp in Tokyo.
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