Crude oil futures finished off the trading week with advances on Friday, propelled after three consecutive days of losses by unanticipated gains in a business climate index in Germany, Bloomberg reports.
A poll of 7,000 executives administered by the Ifo institute of Munich showed the index rose to 109.9 this month after registering at 109.8 last month. The metric was forecast to fall to 109.5, according to a Bloomberg poll of 40 economists. The Ifo's advance for April is the metric's sixth consecutive gain, according to Dow Jones Newswires.
The U.N Security Council and representatives from oil-rich Iran plan to re-convene late next month in Baghdad to continue discussing the nuclear ambitions of the Middle Eastern nation, which is under oil export sanctions levied by western countries.
"People are beginning to wind back their risk premium associated with Iran," chief market analyst Ric Spooner with CMC Markets in Sydney told Bloomberg. "The U.S. economy is bubbling along but it's not really giving people the sense that the momentum will have an upward trajectory from here."
At 9:39 a.m. on Friday, crude oil futures rose 1.01 percent, a $1.19 increase to $119.19 per barrel.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
