Linea Mercati Interview 5/15/23
May 15, 2023Linea Mercati Interview 5/16/23
May 16, 2023US crude futures rise 0.9% to $70.69 a barrel as bullish investors try to keep prices out of the $60’s and put together some sort of lasting rally after four consecutive weekly declines. The front-month contract has fallen by 15% over the past four weeks. “The price of crude oil is fractionally higher as the focus remains fixed on futures demand,” says Peter Cardillo at Spartan Capital in a note. A slightly weaker dollar — the WSJ Dollar Index is down 0.2% — may be fueling some of crude’s bounce this morning because oil is bought and sold in dollars and thus often moves inversely to sudden movements in the US currency.
