Markets

Morning Crude Oil Market Report

August crude oil traded higher during the overnight and early morning hours, supported by a weaker US Dollar and optimism surrounding a potential solution to the Greek debt situation. However, the situation in Greece is anything but definitive, especially with a 48 hour strike underway and the potential for violence dramatically increased heading into the upcoming vote. Some traders suggested that a failure to pass the austerity package by the Greek Parliament could produce a negative for crude oil and for a host of physical commodity markets. Meanwhile, the crude oil market is looking for the weekly inventory data to show a fourth consecutive draw that might be the result of profitable US refinery margins.

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


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

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