Commodity Blog

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Oil Logs Gains as Dollar Remains Weak

April 30, 2015 at 18:12 by Vladimir Vyun

Unlike the precious metal market, the energy market was able to log gains today. Not only natural gas rallied, but crude oil demonstrated gains as well, albeit not as big as those of gas. The most likely reason for the strong performance of the energy sector is the weakness of the dollar that bolstered commodities priced in the US currency.

Yesterday, the Energy Information Administration released a report that showed an increase of US inventories of crude by 1.9 million to 490.9 million barrels last week. While stockpiles reached yet another record, the increase was a bit smaller than 2.1 million predicted by analysts. This makes the report mildly bullish for oil.

June futures for WTI crude oil gained 1.30 percent to $59.34 per barrel as of 18:02 GMT on NYMEX today. Contract for Brent crude added 1.02 percent to $66.51 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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