Commodity Corner: Crude Ends 5-Day Streak

Light, sweet September crude futures reversed a five-day streak of losses Tuesday, thanks to a weaker U.S. dollar and rallying equities markets.

The front-month contract settled 53 cents higher at $75.77 a barrel. Crude prices continued to follow stocks and rose Tuesday, due to the 1.7 percent increase in housing starts for July, as reported by the Commerce Department's U.S. Census Bureau. Additionally, U.S. government reports showed that for the first time in four months, U.S. producer prices increased in July. The U.S. industrial production was also higher, easing economic fears.

The Dow Jones Industrial Average was up about 164 points in afternoon trading, along with the NASDAQ and S&P 500. Analysts reported a strong improvement in the market sentiment.

Oil topped off at $75.01 and bottomed out at $76.63 during Tuesday's trading.

Natural gas for September delivery also settled slightly higher Tuesday as a tropical disturbance was identified in the Atlantic Basin. Although the National Weather Service reports a low probability of a tropical cyclone forming, the system has helped the futures price to settle higher at $4.27 per thousand cubic feet. The intraday range for natural gas was $4.19 to $4.32.

The price of a gallon of gasoline futures settled at $1.95, up about three cents from Monday, after trading between $1.93 and $1.97.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Business Development Specialist
Expertise: Business Development|Sales
Location: Midland, TX
 
Operations Foreman
Expertise: Budget / Cost Control|Process Technician|Refinery / Plant Operator
Location: Geismar, LA
 
United States Tulsa: Trade Finance Specialist
Expertise: Energy / Commodity Trading|Financial Analyst
Location: Tulsa, OK
 
search for more jobs

Brent Crude Oil : $55.14/BBL 0.61%
Light Crude Oil : $49.48/BBL 0.86%
Natural Gas : $3.12/MMBtu 0.95%
Updated in last 24 hours