Crude trading at 6-month high at $ 60/bbl
Crude is trading at $ 60/bbl, which is its 6 month high. Yesterday, crude prices rose nearly 5% to a six-month high as violence in Nigeria and a fire at a key US east coast refinery revived concern about supplies.
Crude oil for June delivery rose 4.8% to $ 59.03 per barrel, the highest settlement since November 11. The June crude contract expires today. The more-actively traded July contract rose to $ 59.73 a barrel.
The surge in crude prices was seen due to strength in global equities and weak dollar supports. Gasoline was up 4.6% and Brent crude was up 4.4%. There is unrest in Nigeria. Angola says the country will cut shipment by 6.8% in July. Nymex June contract expires today. Near term range for crude is seen between $ 56-62/bbl.
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