Crude Oil Gains, Retreats, Brent Keep Gains
Crude oil rose today, but reversed its rally, Brent grade of crude managed to keep its gains. Several US macroeconomic reports will be released tomorrow and traders hope that the data would be good. Demand for fuel would be higher in case of accelerating economic growth.
The prices also included the risk premium on the situation in Middle East. There is uncertainty whether the Strait of Hormuz will be closed by Iran or not. Adding to that, Israel signaled that it may attack Iran. Fears about supply also added to bullish factors for oil.
Crude oil climbed as much as $1.07 to $93.94 per barrel on NYMEX today, but later retreated to $92.70. Brent crude climbed $0.64 to $113.59 as of 21:05 GMT on ICE today.
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