OGJ Newsletter

Market MovementCrude futures fluctuate above $40/bblThe expiring August contract for benchmark US light, sweet crudes hit a near-month high of $42.30/bbl in early trading July 20 on the New York Mercantile Exchange before closing at $40.86/bbl, down by 78¢ for the day.The earlier price run-up was primarily the result of purchases by refiners needing supplies of crude. But that was followed by a major profit-taking spree among speculators that pushed crude futures back down, analysts said.The September contract inched up by 14¢ to $40.58/bbl in the next session after the US Energy Information Administration reported July 21 that commercial US crude inventories had plunged by 3.6 ...

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