Oil Price Daily: Crude Futures Dipped on Stronger Dollar

Rigzone sent this email to their subscribers on June 25, 2024.

Having problems viewing email? |

Jobs News Events Equipment

Oil Price Daily Digest

Crude Futures Dipped on Stronger Dollar
by Bloomberg Jordan Fitzgerald and Grant Smith | Tuesday, June 25, 2024

Oil dropped as a stronger dollar and weakness in technical measures overshadowed rising geopolitical risks.

West Texas Intermediate fell to settle below $81, while Brent crude closed around $85 after settling at the highest since late April on Monday. The US dollar rebounded on Tuesday, making commodities priced in the currency less attractive, and Brent futures have approached overbought territory in recent sessions.

Crude is still holding onto its monthly gain amid renewed global turmoil. Houthi militants have ramped up their attacks on ships off Yemen recently, while Russia has blamed the US as well as Ukraine for a missile strike on occupied Crimea and warned of retaliation.

Implied volatility for Brent has edged higher on the simmering geopolitical risks, including forthcoming elections in Iran, though it still remains near the lowest level in six years.

Analysts at JPMorgan Chase & Co. on Tuesday maintained a forecast that Brent would average $84 a barrel in the third quarter and hit $90 by August or September, “underpinned by our expectations that global demand will outpace supply in the summer quarter.”

Meanwhile, analysts at Macquarie revised their Brent third-quarter forecast up to $86 per barrel, from $83, on projections of rising demand.

Prices:

WTI for August delivery fell 1% to settle at $80.83 a barrel in New York.
Brent for August settlement fell 1.2% to $85.01 a barrel.

American consumer confidence fell from May to June, and traders will be watching for further measures of inflation and other economic data this week for clues on the path for monetary policy.

More News from Rigzone

Covestro Enters Formal Talks on Takeover Offer by ADNOC

ExxonMobil Taps Air Liquide as Partner for Major Hydrogen Project

EPA, DOE Allot $850MM for O&G Methane Emission Projects

QatarEnergy to Supply Naphtha to ENEOS for 10 Years

EU Sanctions 17 Ships that Carried Oil for Russia

Sponsored Content — Aramco Expat Shares Journey of Friendship and Fun Pedro’s story is a testament to the enriching experience as an Aramco expat. aramco

Commodities
Brent Crude Oil:	$85.01/BBL	-1.16%
Light Crude Oil:	$80.83/BBL	-0.98%
Natural Gas:	$2.76/MMBtu	-1.96%
Unleaded Gasoline:	$2.51/gal	0.13%

Brent Crude Oil

More Brent Crude Data >>

Light Crude Oil

More Light Crude Data >>

Natural Gas

More Natural Gas Data >>

[email protected] | 14531 FM 529, Suite 225, Houston, TX 77095

Text-only version of this email

Having problems viewing email? | Rigzone Jobs News Events Equipment Oil Price Daily Digest Crude Futures Dipped on Stronger Dollar by Bloomberg Jordan Fitzgerald and Grant Smith | Tuesday, June 25, 2024 Oil dropped as a stronger dollar and weakness in technical measures overshadowed rising geopolitical risks. West Texas Intermediate fell to settle below $81, while Brent crude closed around $85 after settling at the highest since late April on Monday. The US dollar rebounded on Tuesday, making commodities priced in the currency less attractive, and Brent futures have approached overbought territory in recent sessions. Crude is still holding onto its monthly gain amid renewed global turmoil. Houthi militants have ramped up their attacks on ships off Yemen recently, while Russia has blamed the US as well as Ukraine for a missile strike on occupied Crimea and warned of retaliation. Implied volatility for Brent has edged higher on the simmering geopolitical risks, including forthcoming elections in Iran, though it still remains near the lowest level in six years. Analysts at JPMorgan Chase & Co. on Tuesday maintained a forecast that Brent would average $84 a barrel in the third quarter and hit $90 by August or September, “underpinned by our expectations that global demand will outpace supply in the summer quarter.” Meanwhile, analysts at Macquarie revised their Brent third-quarter forecast up to $86 per barrel, from $83, on projections of rising demand. Prices: * WTI for August delivery fell 1% to settle at $80.83 a barrel in New York. * Brent for August settlement fell 1.2% to $85.01 a barrel. American consumer confidence fell from May to June, and traders will be watching for further measures of inflation and other economic data this week for clues on the path for monetary policy. More News from Rigzone Covestro Enters Formal Talks on Takeover Offer by ADNOC ExxonMobil Taps Air Liquide as Partner for Major Hydrogen Project EPA, DOE Allot $850MM for O&G Methane Emission Projects QatarEnergy to Supply Naphtha to ENEOS for 10 Years EU Sanctions 17 Ships that Carried Oil for Russia Sponsored Content — Aramco Expat Shares Journey of Friendship and Fun Pedro’s story is a testament to the enriching experience as an Aramco expat. aramco Commodities Brent Crude Oil: $85.01/BBL -1.16% Light Crude Oil: $80.83/BBL -0.98% Natural Gas: $2.76/MMBtu -1.96% Unleaded Gasoline: $2.51/gal 0.13% Brent Crude Oil More Brent Crude Data >> Light Crude Oil More Light Crude Data >> Natural Gas More Natural Gas Data >> Rigzone Facebook Twitter LinkedIn Instagram [email protected] | 14531 FM 529, Suite 225, Houston, TX 77095 | Copyright © 2024 Rigzone. All rights reserved.

Show all