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Thursday, June 2, 2011

Crude Oil Futures june 2 2011, Fluctuate in New York on Jobless Claims, Weaker Dollar

Crude Oil Futures june 2 2011, Fluctuate in New York on Jobless Claims, Weaker Dollar ; Crude oil fluctuated in New York as more Americans than forecast filled applications for unemployment benefits and as the dollar weakened, boosting the value of dollar-denominated commodities.

Jobless claims fell by 6,000 to 422,000 in the week ended May 28, Labor Department data showed, more than the 417,000 decline estimated by economists in a Bloomberg News survey. The euro rose against the dollar to the highest level in four weeks as German Chancellor Angela Merkel said she is committed to the currency.

The jobless claim is negative, but the market seems to be recovering a little bit after yesterday’s sharp decline,” said Tom Bentz, a broker with BNP Paribas Commodity Futures Inc. in New York. “We made a four-week low in the dollar and it certainly may provide a little support to oil.”

Crude for July delivery gained 1 cent to $100.30 a barrel at 9:09 a.m. on the New York Mercantile Exchange. Futures fell as much as 1 percent in earlier trading to $99.25. The contract dropped 2.4 percent yesterday, the biggest decline since May 11.

Brent crude for July delivery gained 52 cents, or 0.5 percent, to $115.05 a barrel on the London-based ICE Futures Europe exchange.

The euro strengthened 0.9 percent to $1.4456 as of 9:10 a.m. after increasing to $1.4486, the strongest level since May 6. A decline in the U.S. currency makes dollar-priced assets such as crude appear cheaper to investors using other currencies. For the latest updates PRESS CTR + D or visit Stock Market news Today

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