July crude oil prices began the overnight session on positive footing, with a breakout to a new 11-day high. Some traders suggested that the overnight gains were fueled by carryover momentum from yesterday's rally, a rebound in the Euro currency against the US dollar and escalating violence in Libya and Yemen. During yesterday's session, it seemed that crude oil garnered support from the large draw in distillate supplies, despite EIA crude stocks rising 616,000 barrels to 370.928 million. Some of the surprise build came from a sizeable 660,000 barrel per day jump in imports to 9.232 million. The refinery operating rate increased by 3.1% during the report week to 86.3%. After the early optimism, crude oil seemed to encounter some modest pressure as the focus turned back toward a weakening global economy this morning.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.