Breitling Oil and Gas Texas Morning Podcast #324

Crude-oil futures settled lower this week, but held their ground above $103 a barrel as traders weighed support from violence in Egypt and worries over the region’s oil trade against pressure from a firmer dollar.   oil prices advanced 2% to $103.22, the highest settlement price for a most-active contract since May 2012, finding support after a larger-than-expected 195,000 new jobs were added to the U.S. economy in June, raising prospects for energy demand.

Weakness came as the U.S. dollar rose against the euro and other currencies, keeping the ICE dollar index around a three-year high. A stronger greenback can hurt dollar-denominated oil prices by making oil futures more expensive for holders of other currencies.

 

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