Crude nears $100/barrel

Turmoil in Egypt and Syria and a climb in U.S. factory orders push prices higher Crude-oil prices ended substantially higher on Tuesday, 02 July 2013 at Nymex. Prices rose as turmoil in Egypt and Syria, a climb in U.S. factory orders and expectations for a weekly decline in crude supplies helped to lift prices above $99 a barrel. Light and sweet crude for August ended higher by $1.61 (1.6%) at $99.6 a barrel on the New York Mercantile Exchange on Tuesday. In early afternoon the market place was closely watching the latest developments coming from Egypt. Reports said the Egyptian army has called on the Egyptian president to step down, as protesters fill the streets of Cairo. The U.S. dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by 0.2% on Tuesday. The OECD reported Tuesday that inflation in the industrialized countries rose slightly in May but remains well under control. The annual inflation rate in May was 1.5% versus 1.3% in April. A report from the European Union on Tuesday corroborated the OECD data, as Euro zone manufacturing goods prices fell for the third straight month in May, at down 0.3%. Among latest economic data expected at Wall Street, today's economic data was limited to manufacturing orders, which increased 2.1% in May, up from an upwardly revised 1.3% (from 1.0%) in April. The consensus expected factory orders to increase 2.0%. Among other energy products on Tuesday, August gasoline gained 4.5 cents, or 1.7%, to $2.78 a gallon and August heating oil tacked on almost 3 cents, or 1%, to $2.90 a gallon. Natural gas for August delivery climbed 8 cents, or 2.2%, to $3.65 per million British thermal units. At the MCX, crude oil for July delivery closed higher by Rs 101 (1.7%) at Rs 5,929/barrel. Natural gas for July delivery closed higher by Rs 4.9 (2.3%) at Rs 218.6.