Crude ends losing streak

Prices end higher for first time in seven sessions as dollar edges lower Crude prices ended modestly higher on Monday, 21 May 2012 at Nymex. Prices managed to end their long losing streak after the dollar edged lower. Prices rose in tandem with US equities ahead of key meetings this week about Iran's nuclear program. Light and sweet crude for June delivery rose $1.09 (1.2%) to $92.57 a barrel on the New York Mercantile Exchange on Monday. Prices ended higher for first time in seven sessions. In the currency market on Monday, the U.S. dollar index, which weighs the strength of the dollar against a basket of six currencies fell by 0.14%. The world market place was just a bit more at ease to start the new trading week, as there were no big surprises during the weekend, either from the Group of Eight world leaders meeting at Camp David, or from the fallout from the JP Morgan trading loss debacle, or from the European Union debt crisis. In fact, the market place seemed preoccupied with the FaceBook initial public offering that appears to have flopped. The G-8 during the weekend attempted to assuage the markets by stating it wants Greece to remain in the European Union. And reports out of Greece said the more conservative political party is regaining some momentum heading into the June Greek elections. The next big news headline event for the market place is an EU summit meeting in Brussels on Wednesday. During a conference of the Group of Eight developed nations over the weekend, leaders referred to the threat of oil disruptions and the likelihood of increased demand for crude. There is still some talk of further quantitative easing of U.S. monetary policy (QE3) if U.S. economic data disappoints. Such would arguably be commodity-market bullish and possibly stock market bullish, despite the specter of reduced demand prospects due to the sluggish economy. Traders and investors will continue to closely monitor U.S., EU and Chinese economic data for early clues on monetary policy actions from the central banks. Among other traded energy products on Monday, gasoline for June delivery added 5 cents, or 1.8%, to end the day at $2.94 a gallon. Heating oil for the same month's delivery rose 3 cents, or 1.1%, to $2.86 a gallon. Natural gas for June delivery slipped 13 cents, or 4.9%, to $2.61 per million British thermal units. At the MCX, crude oil for June delivery closed higher by Rs 71 (1.4%) at Rs 5,126/barrel. Natural gas for May delivery closed lower by Rs 3.9 (2.6%) at Rs 146.8.