Futures Market News
Final trading session of Q2 sees crude oil futures surge higher
Jun 29, 2012 11:32 AM
Crude oil futures headed up from their lowest value since September of last year on Friday, propelled by conjecture that European Union leaders surpassed the low expectations of them during the Brussels summit as sanctions against oil-rich Iran are set to begin this weekend, according to Bloomberg.
The energy commodity was driving toward gains of 5 percent; the price of crude oil was surging toward the milestone value of $100 per barrel.
"We're about to begin the Iranian oil embargo so we'll start to get a look over time about what the impacts of that are going to be," chief market analyst Ric Spooner with CMC Markets in Sydney told the news source. "It's going to take supply off the market, but the question is to what extent that draws down inventories and affects excess capacity."
At 9:29 a.m. on Friday, crude oil futures gained 4.37 percent, a $3.99 lift to $95.35 per barrel.
As the first half of the year comes to a close, Reuters reports the commodities complex was performing strongly, as was the shared currency of the European Union.
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: 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.






