News Column

Crude Slides To Lowest Since May 19

July 10, 2014

WASHINGTON (Alliance News) - Crude oil prices are lower Thursday morning, extending losses to a tenth successive session, as concerns about supply problems have eased considerably with Libya expected to start shipments.

Rebels will give up control of certain terminals that have been closed for about a year.

Crude oil futures for August are down USD0.41 or 0.41% at USD101.88 a barrel, after declining to USD101.55, the lowest since May 19.

On Wednesday, crude oil futures ended down USD1.11 or 1.1% at USD102.29 a barrel.

Wednesday's report from the US Energy Information Administration showed crude oil stockpiles to have declined, although by a less than expected 2.4 million barrels in the week ended July 4.

According to a forecast from EIA, crude oil production in the US, is likey to see a sharp rise in 2015, surging up to 9.3 million barrels.

Natural gas for August is down USD0.006 or 0.14% at USD4.164 per million btu.

The US Labor Department is scheduled to release its jobless claims report for the week ended July 5th at 8:30 am ET. Economists expect jobless claims to remain unchanged at 315,000.

The Commerce Department is due to release its wholesale inventories report for May at 10 am ET. The consensus estimate calls for a 0.6% month-over-month increase in wholesale inventories. The Treasury will announce the results of its auction of 30-year bonds at 1 pm ET.

Kansas City Federal Reserve Bank President Esther George is set to speak on the economy and monetary policy in Shawnee, Oklahoma at 1:15 pm ET. Federal Reserve Vice Chair Stanley Fischer is scheduled to speak on financial sector reform to the NBER conference in Cambridge, Massachusetts at 4:30 pm ET.

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Source: Alliance News

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