Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Crude futures mixed capping a down week as Greece, Iran and Fed weigh

CommoditiesJul 10, 2015 02:49PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
WTI crude closed the week below $53, while brent ended the week below $59 -- Crude futures were mixed on Friday in spite of a weaker dollar, amid increased optimism of a deal in Greek Debt negotiations and further delays in Iranian Nuclear talks.

In addition, investors digested hawkish comments from Janet Yellen on the likelihood of an interest rate hike by the Federal Reserve later this year, a rally in Chinese equities and further builds in U.S. oil rigs in afternoon trading, as WTI crude prices remained lower.

On the New York Mercantile Exchange, WTI crude for August delivery lost 0.03 or 0.07% to close at $52.73 a barrel. For the session, WTI crude traded between 51.97 and 53.81 a barrel. For the week, Texas Long Sweet futures fell by roughly 5% after Thursday's rally erased some of the sharp losses from Monday's session.

On the Intercontinental Exchange (ICE), brent crude for August delivery gained 0.09 or 0.15% to $58.70 a barrel. Brent futures reached an intraday high of 59.66, before falling slightly in U.S. afternoon trading. Over the last five days of trading, brent futures declined by roughly 2.70%.

In Vienna, Iran and western powers missed another deadline for a comprehensive nuclear deal, extending Friday's deadline until early next week. While briefing reporters on developments in the tense negotiations, White House spokesman Josh Earnest said the talks are not driven by deadlines but by the usefulness of the conversations between the two sides. Still, the sides needed to reach a deal on Friday set by the U.S. Congress for an expedited 30-day review. Any accord now reached by Sept. 7 will be subject to a 60-day review by Congress.

A nuclear deal is viewed as bearish for crude, as Iran reportedly hoards 30 million barrels of crude in its reserves ready for export. An outflow of Iranian oil could depress crude prices in a global market already oversaturated by a glut of oversupply. It is widely believed that Iran will ramp up exports if a plethora of severe economic sanctions are lifted by western powers.

In U.S. afternoon trading, oil services firm Baker Hughes (NYSE:BHI) said the U.S. oil rig count last week edged up by five to 645, marking the second consecutive week of weekly builds. A week earlier, U.S. oil rigs rose by 12 to 640, ending a 29-week streak of weekly draws.

Elsewhere, EUR/USD surged 0.85% to 1.113, as Yellen reaffirmed the Fed's plan to start raising its benchmark Federal Funds Rate at some point this year. Speaking at the The City Club of Cleveland, Yellen also indicated that she saw signs of rising wage and moderate economic growth for the remainder of the year.

Currency traders also remained cautious in advance of Sunday's emergency meeting in Brussels between Greece and its troika of creditors. On Thursday, Greece made strict concessions on tax reforms in a €13 billion revised proposal which could allow the beleaguered Mediterranean state to remain in the euro.

The U.S. Dollar Index, which measures the strength of the greenback versus a basket of six other major currencies, fell 0.54% to 96.15.

Dollar-denominated commodities such as crude oil become more expensive for foreign purchasers when the dollar appreciates.

Crude futures mixed capping a down week as Greece, Iran and Fed weigh

Related Articles

Oil prices climb on hopes of China demand recovery
Oil prices climb on hopes of China demand recovery By Reuters - May 17, 2022

By Isabel Kua SINGAPORE (Reuters) - Oil prices rose more than $1 a barrel in early Asian trade on Wednesday on hopes of demand recovery in China as the country gradually eases...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email