Crude Futures End Higher for 5th Straight Session; Energy Sector Top TSX Performer

By Midnight Trader,  July 17, 2012, 02:45:47 PM EDT

Crude oil for August delivery on the New York Mercantile Exchange closed up 79 cents, or 0.9%, at US$89.22 a barrel, the highest settlement price since late May.

New York crude futures have now closed higher for five straight days. Crude had a choppy day of trading though, and was in the red at mid-morning to as low as $87.41, reacting to Fed Chairman Ben Bernanke's lack of hints that more monetary easing could be forthcoming.

But crude found some late-session support today from renewed weakness in the greenback against major currencies and continued tensions over Iran's disputed nuclear program.

The energy sector is mildly bouncing back on the TSX as well, and is currently the top performing subgroup, with a gain of 0.89%. Canadian Natural Resources is an outperformer within the sector, currently up 1.7%.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks:



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