Energy Update: Crude Still Weak After Wednesday Selloff But Trying to Move Higher
Crude oil futures remain weak this morning following yesterday's steep drop. Sovereign debt concerns and disappointing US economic data both contributed to the early falloff, although supportive EIA inventory data showing a larger than expected decline lifted prices to their best levels of the session. The rebound was short-lived as other markets began to crumble, carrying energy prices lower as well. At one point, July crude oil was down over $5, before a minor rebound into the close.
At 9 a.m.
JUL Crude Oil ( NY ) $94.71 -0.10
JUL Brent Crude (ICE) $113.43 +0.42
JUL Natural Gas ( NY ) $4.561 -0.016