Commodity Corner: Stronger Euro Lifts Oil Price
Crude oil posted a slight gain Wednesday, but it wasn't enough to end the day above the $70 mark.
The oil futures price on the NYMEX settled at $69.87 per barrel, a gain of 46 cents above Tuesday's settlement price. The increase stems from a change of course in the Euro's recent slide against the Dollar. The Euro's rally from a four-year low Wednesday stems from the expectation that Europe's central bank will intervene in the markets further as the region continues to grapple with a major debt crisis. Crude traded from a low of $67.90 to a high of $71.30 Wednesday.
The price of a gallon of gasoline hit its lowest point in more than three months Wednesday as it settled at $2.02. Although the pending summer driving season normally propels demand expectations this time of year, a report from the U.S. Department of Energy dashed hopes of a rally Wednesday by announcing a smaller-than-anticipated decrease in gasoline stockpiles. Gasoline traded within a range of $2.00 to $2.04, which happens to be Tuesday's settlement price.
The natural gas price for June delivery fell 18 cents Wednesday, settling at $4.16 per thousand cubic feet. The intraday high and low prices were $4.34 and $4.13, respectively.