News Column

Coutts-Commodities: Oil futures strike three-week high

May 15, 2014

ENP Newswire - 15 May 2014

Release date- 15052014 - Crude oil futures settled at a three-week high on Wednesday as investors gear up for the summer driving season and after weekly government data revealed increased demand for petroleum products.

June crude increased 67 cents to settle at $102.37 a barrel on the New York Mercantile Exchange, the highest close since April 21st. Government data showed total demand grew by surprisingly large 895,000 barrels per day last week to 19.4m barrels per day with around half of that coming from gasoline.

Expectations of higher demand during the key US summer driving season and a drop in supplies at Cushing, Oklahoma, Nymex crude's delivery hub, supported prices. Markets also continued to monitor developments in Ukraine as Russian Foreign Minister Sergei Lavrov said the country was as 'close to civil war as you can get.' Brent crude on ICE Futures Europe settled 88 cents higher at $110.41 a barrel.

Among precious metals, gold reclaimed $1,300 an ounce as US equities declined and worries over Ukraine fuelled demand. Gold for June delivery rose $11.10 to settle at $1,305.90 an ounce on Comex.

Silver hit a one month high following a report that said physical demand for the precious metal reached a record high in 2013. CJ

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Source: ENP Newswire