Crude ends nine days of losing streak
After nine consecutive sessions of drop, crude oil prices ended
higher at Nymex on Monday, 24 May 2010. Prices rose despite a strong
dollar but oscillated between red and green for entire day. Prices rose
today as traders thought that last week's selling of commodities
leading to lower prices was overdone.
On Monday, crude-oil futures for light sweet crude for July
delivery closed at $70.21/barrel (higher by $0.17 or 0.2%). During
intra day trading, prices rose to a high of $70.96. Last week, crude
shed 2.2%. For the month of April, crude rose 2.8%. For the first
quarter of this year, crude rose by 5.5%. Year to date, crude is lower
by 5.4%.
Prices have shed almost 22% since it hit a high of $86.5
during first week of April this year. Prices are also very much lower
as compared to 3 July, 2008 settlement of $145.29 a barrel and an
intraday high of $147.27 on 11 July, 2008, an all-time high.
In the currency market on Monday, the dollar index, which
measures the strength of the dollar against a basket of six other
currencies rose by 0.9%.
Among other energy products on Monday, gasoline for June delivery added a penny, or 0.5%, to $1.9708 a gallon.
Natural gas for June delivery retreated 2 cents, or 0.5%, to $4.0170 per million British thermal units.
Crude ended FY 2009 higher by 78%, the highest yearly gain
since 1999. It reached a high of $82 earlier in October 2009 and hit a
low of $33.98 on 12 February 2009. Crude prices had ended FY 2008 lower
by 54%, the largest yearly loss since trading began at Nymex.
At the MCX, crude oil for June delivery closed lower by Rs 25
(0.75%) at Rs 3,299/barrel. Natural gas for May delivery closed at Rs
187.4, lower by Rs 2.7 (1.4%).