Articles Tagged "tightening"

Dollar Slides, Crude Jumps

Oil rose for a second day on Wednesday, after an industry group reported U.S. crude stockpiles dropped for the second week in a row and the dollar declined. Oil has climbed 34 percent this year, tracking global equity markets on optimism that an economic recovery will spur demand for fuel. Additional support for crude prices came from the dollar, which fell to the lowest level against the euro since March, bolstering demand for commodities as a hedge against inflation.

OPEC seen laying basis for tightening the crude oil market

OPEC oil producers are seen laying basis for tightening the market and oil prices are likely to respond by rallying later this year. Ed Morse, managing director of LCM Commodities, said: It is inevitable that the oil market will tighten this year. The only question is when. For full story, click here