Crude oil prices soared although US economic data was disappointing. Uncertainty over whether an agreement would be reached between the US and Iran, decline in Libyan output on protest and news about ample inventory draw at Cushing sent prices higher. The front-month contract for WTI crude oil jumped to a 4-month high of 103.23 before ending the day at 102.43, up +2.12%, while the Brent crude contract rose to almost a 2-month high of 110.7 before settling at 110.46, up +1.17%.
Originally posted here:
Commodities Soared Despite Disappoinitng US Data
Leave a Reply
You must be logged in to post a comment.