Crude Oil Makes a Bullish Comeback this Morning

Crude Oil Makes a Bullish Comeback this Morning


ECB move on rates, as Dollar gains in advance of European GDP report

There is something to cheer about as the US Dollar has gone up against some of the world’s major currencies on Thursday as more and more investors sought security in the greenback to look forward to the release of the Euro-zone’s Gross Domestic Product report of the third quarter. In the Asian trading on Wednesday, the EUR/USD was down 0.08% at 1.3057. Moreover, the Dollar anticipated some support in view of the November job report which is due to be released on Friday. The Institute of Supply Management of the US in its report has indicated that the activity in the service sector has expanded faster than expected in November. In the meantime the greenback was up in opposition to the Pound, with GBP/USD trading down 0.04% at 1.6090. The Dollar was also up against the Yen with the USD/JPY trading up 0.11% at 82.56. It was also up against the Swiss Franc with the USD/CHF trading up 0.06% at 0.9270.The Dollar index, which keeps track on the performance of the greenback against a basket of six different key currencies, was up 0.11% at 79.90. The present fiscal indecision also kept the investors stuck up in the US currency, which is considered to be a popular safe and secure refuge in view of its liquidity.


After a 7 week high, Euro Falls

After being on a seven week high in opposition to the dollar, the Euro fell before a report to show the legal tender bloc’s economy contracted a signal that the three year debt crisis is hindering growth of the region. Euro went down against its 16 major peers after Standard & Poor’s downgradedGreeceto selective default.

The common currency went down to $1.3055 inTokyodown 0.1 percent from yesterday, when it reached $1.3127, the uppermost since 18th Oct. The Euro traded at 107.71 Yen from 107.78. The Japanese money was at 82.51 per Dollar, after deteriorating 0.7 percent to 82.47 yesterday.


Japanese Yen at 7 month high

The Chinese stocks tried without any success on Thursday to maintain its second day of gains, even as markets of Tokyo out performed as a weaker Yen supported the exporters and as the traders anticipate the country’s general election shortly this month.

Generally speaking in Asia, the stock markets were divided between the losers and the gainers, while the combined index for the region, the Asia Dow was up at 0.2%.

The Japanese Nikkei Stock Average went up 0.8% to close at its maximum level ever since April 26, whilst South Korea’s Kospi recorded 0.4%.

The Hang Seng Index ofHong Kong traded smoothly, receding 0.1% after gaining 2.2% on Wednesday to close at a 16 month high.


Crude Oil drops due gasoline accumulation figures, but makes a comeback

On Thursday, crude oil dropped in the Asian trading arena soon after the official US data revelations that the stock of gasoline in the country has gone up unexpectedly. However, it made a comeback Friday morning. On the other hand the fiscal uncertainties in the US continued to push down crude oil.

The light, sweet crude futures meant for delivery in January traded at $87.74 a barrel on Thursday, down 0.16%, off from a session high of USD87.91 and up from a previous session low of $87.67 on the New York Mercantile Exchange. The Energy Information Administration of the country in its weekly report informed that there was a decline by 2.35 million barrels in the week ended November, 2012 in comparison to the 320,000 barrels decline that was earlier expected.

The prices fell when the report exposed that entire motor gasoline inventories has gone up by 7.9 million barrels in comparison to hope for an increase of 1.76 million barrels.

In the period in-between on the ICE Futures Exchange, Brent oil futures for January delivery remained unaffected at $108.72 a barrel, up $20.98 from its U.S. counterpart.