Oil Futures inching $100.00 per barrel

Oil futures went up on Friday, narrowed its gap to $100 per barrel as declined prices attracted buyers back to the market and drop for the euro in comparison to the US dollar moderated.

Crude soared in electronic trading, however, the path swung during traditional trading as the greenback posted gains following concerns over Spain’s regional and local elections this weekend.

The director at BNP Paribas Commodity Futures, Tom Bentz, stated that market got oversold on the downside. Oil almost lost 1.60% in the earlier last session, and the wave of hostile selling pursued by a breather for prices was consistent with existing market volatility.

At the New York Mercantile Exchange, crude June delivery advanced 1.00% or $1.05 to reach at $99.49 per barrel, on weekly basis liquid lost 0.20%. The crude oil’s June contract expired on Friday. The upcoming month contract, July enhanced 41.17 to $100.10 a barrel.

The euro dropped before the Spanish elections on weekend, over concerns that new regional governments could carry to light higher debt levels.

Crude was hit by weakened US economic data on Thursday, indicating to a relative risk associated with US economy and question over crude demand were raised.

Meanwhile, other notable energy products also skewed upwards. Gasoline contract for June added 0.30% or $0.01 to settle $2.94 per gallon. For the last five days, commodity fell 4.50%.

June heating oil contract also boosted $0.02 to $2.92 per gallon, whereas natural gas for June delivery added 3.30% or $0.14 to settle $4.23 per million British thermal units.

Source: http://www.usamarketnews.com/commodities-news/2723/commodity-news-oil-futures-inching-100-00-per-barrel.html