News Column

Crude Oil Hovers Above USD106 On Iraq Jitters

June 16, 2014



WASHINGTON (Alliance News) - Crude oil prices are modestly higher Monday morning with mounting tension in Iraq raising fears of supply disruptions from the Middle East. Investors are treading cautiously, looking ahead to a slew of market moving economic data due this week.

Crude oil futures for July are up USD0.23 or 0.22% at USD106.40 a barrel.

Last week, crude oil gained about 4.1%, the biggest weekly gain in a year.

Meanwhile, natural gas for July is up USD0.035 or 0.73% at USD4.774 per million btu.

At 8:30 am ET today, the New York Federal Reserve is scheduled to release the results of its manufacturing survey for June. Economists expect the index to slip to 15 in June from 19.01 in May.

At 9:15 am ET, the Federal Reserve is scheduled to release its industrial production report for May. The consensus estimates call for a 0.5% month-over-month increase in industrial output, while capacity utilization is expected to edge up 0.3 points to 78.9%.

At 10 am ET, the National Association of Home Builders will release the results of its homebuilder confidence survey. Economists expect the housing market index to climb to 47 in June from 45 in May.

The 2-day FOMC meeting that kick starts on Tuesday. The central bank is also scheduled to release its updated forecasts apart from the post-meeting policy statement and the customary press briefing by the Fed Chair.

Investors will be looking ahead to the Commerce Department's housing starts report for May and the jobless claims report this week.

Additionally, the Labor Department's consumer prices report for May, the Commerce Department's quarterly current account report, the Conference Board's leading economic indicators index for May and announcements concerning the Treasury auctions of 2-year, 5-year and 7-year notes are also due this week.



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Source: Alliance News