WTI oil futures quotes rose during the US session on Monday.
On the New York Mercantile Exchange, WTI crude futures for July delivery are trading at $120.27 per barrel, having risen by 0.33% at the time of writing this comment.
The maximum of the session was the $per barrel mark. At the time of writing, WTI oil found support at $115.62 and resistance at $123.18.
thus, the cost of WTI oil supplies in January increased by 2.3% ($1.75), to $78.5. “The situation is such that the impact [of oil release on prices] will be moderate and much depends on what the demand for it will be,” the MarketWatch portal quotes the words of a leading strategic analyst of an investment company U.S. Bank Wealth Management by Rob Haworth.
A decrease in energy demand, according to Haworth, should not be expected, even despite the increase in cases of coronavirus infection and the introduction of restrictive measures in this regard in a number of countries. In turn, Bjarne Schildrop, chief analyst of commodity markets at Nordic bank SEB, quoted by The Wall Street Journal, believes that OPEC+ countries “can easily fend off [the measures taken by the US administration] by only slightly reducing oil exports.”
As for other commodities traded on ICE, Brent crude futures for August delivery rose by 0.35%, reaching $121.58 per barrel, and the price difference between Brent crude and WTI crude oil contracts was $1.31 per barrel.
Futures for the USD index, which shows the ratio of the US dollar to a basket of six major currencies, rose by 0.98% and is trading at $ 105.03.
The Dow Jones industrial average rose by 194.49 points (0.55%) to 35,813.74 points by the close of trading on Tuesday. The S&P 500 index gained 7.76 points (0.17%) and ended up at 4,690.7 points. The NASDAQ electronic exchange index, on the contrary, decreased by 79.62 points (0.5%), to 15,775.14 points