Crude OIl Rises Over $2, Here’s Why
Crude Oil halted its recent slide,
rallying over $2 and closing at $65.90.
Supplies from Ecuador fell
95% to 10,000 barrels per day because of a strike at PetroEcuador, the state run
oil company. The oil market was also worried by the news of a rocket attack in
Jordan and the possibility of terrorist activity further disrupting supply.
The best performer in the energy sector was October Crude
Oil +3.34%, followed by Harbor Unleaded Gas +2.78%, Natural Gas
+2.39% and Heating Oil +1.80%.
The US Dollar had its biggest weekly gain vs. the euro since
June as a raft of economic data this week indicated faster US growth and
inflation will force the Federal Reserve to continue raising interest rates.
Once again the grains were mixed today, with November
Soybeans -1.82% and December Corn -0.29% closing lower, while
December Wheat +1.12% closed higher.
In the softs, December Cotton +1.08% and Coffee
+0.90% rose but October Sugar -0.10% fell slightly.
Economic News
No economic data released today.
Ashton Dorkins