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Energy Currents: Crude Up $1 a Barrel in Likely Short-Covering Rally

By: MT Newswires
Posted: 6/28/2011 9:20:00 AM
Referenced Stocks: NY

Crude oil is higher this morning, rebounding over $1 a barrel in what likely could be a short-covering rally. There still are several potential headwinds that could push prices lower, including upcoming austerity votes in Greece that almost certainly will influence market direction.

There also is a big batch of macroeconomic data out this week, including measures of the manufacturing sector. Last month's data suggested global manufacturing was heading for a slowdown, which should result in lower energy demand.

At 9:15 a.m.

AUG WTI Crude ( NY ) $91.64 +1.07

AUG Brent Crude (ICE) $107.90 +1.91

JUL Natural Gas ( NY ) $4.312 +0.056