Wednesday, June 20, 2012

Crude Oil Futures outlook june 21 2012

Crude Oil Futures outlook june 21 2012 : U.S. crude futures extended losses on Thursday to trade below $81 a barrel, pressured by an unexpected rise in crude inventories last week and the Federal Reserve's announcement of modest stimulus measures to revive the domestic economy.

U.S. crude eased 68 cents to $80.77 per barrel by 2358 GMT. The U.S. July crude contract expired and settled at $81.80, falling $2.23. It slid to a session low of $80.91, the lowest since Oct. 6. ICE Brent crude for August delivery closed at $92.69 a barrel, slumping $3.07 and marking the lowest settlement for front month Brent since Dec. 17, 2010.

FUNDAMENTALS
* U.S. crude oil stockpiles rose last week by 2.86 million barrels, defying forecasts for a 1.1 million barrel decline, according to the data from the U.S. Energy Information Administration.

* The U.S. Federal Reserve on Wednesday delivered another round of monetary stimulus and said it was ready to do even more to help an increasingly fragile U.S. economic recovery.

* A conservative-led government took power in Greece on Wednesday promising to negotiate softer terms on its harsh international bailout, help the people regain their dignity and steer the country through its biggest crisis for four decades.

* Iranian oil exports are falling further in June as more customers in Europe and Asia stop or scale back purchases ahead of European Union sanctions aimed at slowing Tehran's nuclear programme.

MARKET NEWS

* The euro rallied against the dollar and yen, buoyed by positive news out of Greece and as a runup in U.S. stocks encouraged investors to take on riskier positions.

* The Dow Jones industrial average dipped 12.94 points, or 0.10 percent, to 12,824.39 at the close. The Standard& Poor's 500 Index edged down 2.29 points, or 0.17 percent, to 1,355.69. But the Nasdaq Composite Index inched up 0.69 of a point, or 0.02 percent, to 2,930.45.

* Gold fell as buyers stayed on the sidelines ahead of a U.S. Federal Reserve policy meeting that could signal new monetary stimulus, a move that would likely power the metal's recent rally.

DATA/EVENTS
* The following data is expected on Thursday:

0728 Germany releases Flash PMIs for June

0758 Euro Zone Markit releases Flash PMIs for June

1400 U.S. National Association of Realtors (NAR) releases

existing home sales for May.

1400 Federal Housing Finance Agency issues Home Price Index

for April.

For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today
For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post:

No comments:

Post a Comment

Post a Comment