Crude Oil Ends Week On Strong Note
In Friday’s economic
news the Commerce Department reported the Trade Deficit widened in April to $63.4 Bln
(report),
less than economists expected. Meanwhile the Labor Department reported Import
Prices rose 1.6% in May (report),
more than economists expected.
Bond prices closed more or less unchanged for the session and the week as the
market failed to sustain a move in either direction. The yield on the 10-yr
T-note closed at 4.98%, the 5-yr T-note yield closed at 4.94%, while 2-yr
T-notes are yielding 4.99%.
The US Dollar Index winning streak came to an end, as the Dollar lost ground
against all the majors. The Dollar was especially weak versus commodity
currencies — the AUD and CAD.
July Crude Oil futures rose for the second consecutive day, closing the week at
$71.60. Unleaded Gas and Heating Oil posted gains but Natural Gas declined.
Cocoa was the only major mover in the softs, rising 1.03%.
All the grains closed lower, except for Soybean Oil +0.85%.
Economic News
April U.S. Trade Deficit Widens To
$63.4 Bln. (report)
Exports Down 0.2%, Imports Up 0.7% In April
Import Prices Up 1.6% In May (report)
For more reports and analysis go to our
Economic
News section.
Ashton Dorkins
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