Oil prices were lower today pressured by a stronger dollar and continued fear over the US debt ceiling. The dollar index had some support today from cooling European inflation which was a drag on prices. Also dragging down prices, Chinese manufacturing data contracted faster than expected in May as weakening demand cut the PRCs manufacturing PMI. “We have weaker-than-expected Chinese data, the debt limit situation, two years of flat spending, and likely another rate hike next month weighing on markets,” said Bob Yawger, director of energy futures at Mizuho. WTI traded down $1.37 or -2% to close at $68.09. Brent traded down $1.11 to close at $72.60.
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- Where: Renaissance Schaumburg Convention Center Hotel
- Attending: Curtis Chandler (239.405.3365), David Cohen (954-729-4774), Brian Baker (239)297-4519
- Conference Website
- Where: Charlotte Harbor, Florida
- Attending: David Cohen (954-729-4774), Brian Baker (239)297-4519
- Conference Website