Volatile crude ends higher

Crude ends nine days of losing streak

After nine consecutive sessions of drop, crude oil prices ended higher at Nymex on Monday, 24 May 2010. Prices rose despite a strong dollar but oscillated between red and green for entire day. Prices rose today as traders thought that last week's selling of commodities leading to lower prices was overdone.

On Monday, crude-oil futures for light sweet crude for July delivery closed at $70.21/barrel (higher by $0.17 or 0.2%). During intra day trading, prices rose to a high of $70.96. Last week, crude shed 2.2%. For the month of April, crude rose 2.8%. For the first quarter of this year, crude rose by 5.5%. Year to date, crude is lower by 5.4%.

Prices have shed almost 22% since it hit a high of $86.5 during first week of April this year. Prices are also very much lower as compared to 3 July, 2008 settlement of $145.29 a barrel and an intraday high of $147.27 on 11 July, 2008, an all-time high.

In the currency market on Monday, the dollar index, which measures the strength of the dollar against a basket of six other currencies rose by 0.9%.

Among other energy products on Monday, gasoline for June delivery added a penny, or 0.5%, to $1.9708 a gallon.

Natural gas for June delivery retreated 2 cents, or 0.5%, to $4.0170 per million British thermal units.

Crude ended FY 2009 higher by 78%, the highest yearly gain since 1999. It reached a high of $82 earlier in October 2009 and hit a low of $33.98 on 12 February 2009. Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.

At the MCX, crude oil for June delivery closed lower by Rs 25 (0.75%) at Rs 3,299/barrel. Natural gas for May delivery closed at Rs 187.4, lower by Rs 2.7 (1.4%).