Following a weekly loss that saw futures trade around their weakest levels since early January, oil futures inched higher in the early part of Monday’s Asian session as traders saw an opportunity to perhaps grab crude on the cheap.
On the New York Mercantile Exchange, light, sweet crude futures for April delivery rose 0.03% to USD93.16 per barrel in Asian trading Monday.
On the New York Mercantile Exchange, light sweet crude futures for delivery in April rose 0.5% Friday to settle the week at USD93.33 a barrel by close of trade. On the week, New York-traded oil futures lost 2.7%.
Oil futures, as was the case with gold and other dollar-denominated commodities, came under pressure on speculation the Federal Reserve is mulling an end to its money-printing endeavors that have previously boosted stocks and other riskier assets such as oil. Continue Reading...
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