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Crude Oil Down During Tuesday’s Trading

June 14, 2016 at 2:10 by Vladimir Vyun

Futures for crude oil fell today due to the pessimistic market sentiment. Fears of the potential exit of Great Britain from the European Union, the possibility of an interest rate hike from the Federal Reserve and concerns of economic slowdown from China made investors nervous. And this in turn made them avoid risky assets, including commodities, but except the ones considered to be a safe haven.

The recent rally of prices is also concerning to some market analysts. They argue that the rising prices may encourage producers to ramp up output, increasing supply on the market, leading to oversupply.

July contract for crude oil fell 0.96% to $48.41 per barrel as of 2:01 GMT on NYMEX today. Brent crude for delivery in August dropped 0.89% to $49.90 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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