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Tuesday, November 11, 2014

Crude slips on Monday

Earlier rally for oil futures fizzled out 


Crude prices slipped on Monday, 10 November 2014 at Nymex. An earlier rally for oil futures fizzled on Monday as OPEC, signaled, yet again, that it would not cut production to boost prices. Oil had gotten a boost earlier in the session from news of renewed fighting in the Ukraine-Russia conflict and positive Chinese economic data. 

On the New York Mercantile Exchange, light, sweet crude futures for delivery in December fell 96 cents, or 1.2%, to trade at $77.71 a barrel. Prices had traded as high as $79.85 a barrel earlier. 

OPEC was signaling, yet again, that it would keep its output unchanged rather than cutting production to put a floor on prices, and it was relatively easy for oil futures to revert to their prevalent downtrend. 

The U.S. Dollar Index which serves as a measure of the U.S. currency against a basket of six rivals, also climbed to 87.73. The two key “outside markets” started out the trading week early Monday with the U.S. dollar index lower and crude oil prices higher. However, by midday both of those markets had reversed their courses (dollar index higher and crude lower) to add to selling interest in the precious metals markets. The dollar index hit a four-year high last week, while crude oil prices hit a three-year low last week. 

In overnight news, China's consumer inflation rate held steady, at up 1.6% year-on-year, in October, it was reported on Monday. The figure was in line with expectations. 

U.S. economic data released Monday was light and included the employment trends index. The U.S. Veterans Day holiday on Tuesday may make for a quieter trading day. 

Among other energy products, gasoline for December delivery fell 3 cents, or 1.6%, to $2.10 a gallon, while December heating oil declined 2 cents, or 1%, to $2.48 a gallon.
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