NYMEX Crude Oil trading low on weak dollar

Written by: NYMEX Crude Oil | trading | low | weak dollar

NYMEX Crude Oil trading low on weak dollar
New York, June 2: U.S. Crude inventories climbed the most in a month, according to American Petroleum Institute (API) which lead fall in Crude Oil price. It jumped 3.5 million barrels last week, API said. On the flipside, commodities seems more attractive on weak dollar.

Euro remained high against dollar.

12-nation Organization of Petroleum Exporting Countries (OPEC) meet is also on the schedule, an official from a Middle East nation stated that output needs to increase by 500,000 barrels to 1 million barrels a day in the next several months to meet demand.

Higher Commodity Prices are driving inflation in emerging economies like India, China and Russia.

Crude for July delivery was at $100.51 a barrel at 11:28 a.m. London time on the New York Mercantile Exchange, having lost as much as $1.04 to $99.25.

The contract yesterday declined $2.41, or 2.4 percent, to $100.29, the highest drop since May 11.

London Brent crude for July delivery was down 4 cents at $114.49 a barrel, it fell $2.20 or 1.9 per cent.

OneIndia Money

Read more about: crude, oil, dollar
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