Futures Market News
Crude oil futures drive toward top price in one week
Apr 26, 2012 11:47 AM
Crude oil futures were barreling toward their highest price in seven days in the aftermath of the policy making arm of the U.S. Federal Reserve noting growth will pick up, according to Bloomberg.
Following two days of meetings that adjourned on Wednesday, the Federal Open Market Committee noted the next few quarters will see slow development followed later by quicker growth. That prompted conjecture about rising demand for the energy commodity.
"The FOMC moderately upgraded their growth estimates which reinforced the general view the market is operating on, that you will see a solid demand outlook from the U.S.," chief marketing analyst Ric Spooner with CMC Markets in Sydney told Bloomberg.
At 7:56 a.m. on Thursday, crude oil futures rose 0.35 percent, a 42 cent lift to $119.54 per barrel.
Reuters reports Japanese imports of the energy commodity from Iran, which is under scrutiny and suffering western nations' sanctions for its nuclear ambitions, fell 6.3 percent in March as compared to the same month of last year. But the U.S. had exempted Japan and 10 European Union nations from some of the financial sanctions since they slashed purchases of oil from the Middle Eastern nation.
Don’t Miss Our News Updates!
Share dt News:
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: TAS Live Room FREE VIP Pass
Enjoy interactive training on Market Profile®, volume analysis & the TAS Tools indicator package!
Daniels Trading is rolling out the red carpet for you. With your complimentary VIP Pass, you’ll enjoy access to the popular TAS Live Room. Your VIP Pass provides admittance to the next Tuesday morning live training session (8:30am-10:30am CT, Chicago).
Special Offer
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.
