Futures Market News
Crude oil futures gain amid uplifting economic data
Apr 17, 2012 04:19 PM
The energy commodity also benefited from the International Monetary Fund enhancing projections for global development and growth for this year and 2013. But gains were tempered by oil-rich Iran committing to continuing diplomatic discussions about its nuclear program.
"We're rebounding in large part because of the better-than-expected bond auction in Europe," vice president Phil Flynn with brokerage PFGBest in Chicago told the news source. "The spread is coming in a great deal because there's less concern about a cutoff of Iranian supply and the Seaway reversal was moved up a couple days."
At 2:50 p.m. on Tuesday, crude oil futures increased 0.06 percent, a 7 cent lift to $118.75 per barrel.
The Wall Street Journal reports the Seaway pipeline reversal, which was devised as a method of facilitating a surplus of the energy commodity in Oklahoma, will kick off crude deliveries to the Gulf Coast sooner than anticipated.
Don’t Miss Our News Updates!
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: The Future of Natural Gas in the U.S.
Are you interested in the Energy futures market? Sign up and receive our detailed report today!
Through our exclusive research, you will have access to current global events and price projections that may help you learn how this particular market has the potential to be a strong investment as a commodity.
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.