Oil Futures Little Changed In Early Trade
ICN.com | Aug 25, 2014 04:22AM ET
Crude Oil looked calm early Monday, with Brent still holding near a 14-month low amid increasing global supplies. The dollar rose to the highest since January, keeping the dollar-denominated commodities pressured with the start of the week.
Oil futures saw a quiet opening this morning as the political developments in Ukraine, Libya and Iraq over the weekend didn`t have much of impact on the prices, given the undisrupted supplies. However, the geopolitical tensions continue to weigh on the oil sentiment as well as the buoyant dollar as the Federal Reserve left interest rate hike options opened at the Jackson Hole gathering on Friday.
As of 03:27 a.m. ET:
West Texas Intermediate for delivery in October was up 0.03% at $93.68 a barrel in the New York Mercantile Exchange
Brent Oil for October delivery was down 0.02% at $102.32 a barrel in the ICE Exchange in London
Uncertainty was very high ahead of the weekend following news that Russia has, technically at least, invaded Ukraine with its humanitarian convoy. Demand for safety was boosted but speculation of an eventual increase in US interest rates boosted the dollar, keeping the lid on safe havens over the weekend.
Janet Yellen is keeping her options open, urging the hawks to look beyond just the unemployment rate, which has been coming down, but conceding that rates could go up sooner than expected and faster than expected should the jobs market and inflation pick up steam.
The Dollar Index, which tracks the performance of the greenback against a six-currency basket, held near the highest January around 82.68.
In Libya, geopolitical unrest escalated over the weekend amid deadly fighting in the capital that destroyed the Tripoli airport during the weekend, but absence of supply disruptions given that the country loaded a second tanker at its largest oil port in Es Sider kept the prices afloat.
As for Iraqi oil exports, holding at record levels despite the ongoing offensive by ISIS (Islamic State in Iraq and the Levant) against civilians in the north of the country.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.