News Column

Crude Oil Stays Around USD104

May 26, 2014

WASHINGTON (Alliance News) - Crude oil prices are lower Monday morning, with traders mostly treading cautiously due to a holiday in the US for Memorial Day.

Worries about supply disruptions from Russia have eased a bit following successful completion of elections in Ukraine during the weekend.

Crude oil futures for July delivery are down USD0.33 or 0.31% at USD104.03 a barrel, after rising to USD104.33 a barrel earlier.

On Friday, crude oil futures ended up USD0.61 or 0.6% at USD104.35 a barrel, on upbeat US new home sales data and on expectations of increased demand for oil.

For the week, crude oil futures gained about 2.3%.

Meanwhile, natural gas for July is down USD0.12 or 0.26% at USD4.391 per million btu.

Investors will be looking ahead to the US durable goods orders and the data on services sector activity in May. These two reports are due on Tuesday. Data on preliminary quarter GDP is due on Thursday. The Labor Department's initial jobless claims reports and the Commerce Department's pending home sales data are also due on Thursday. On Friday, data on personal income and Chicago manufacturing activity will be out.

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Source: Alliance News

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