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MTECHTIPS:-Crude oil slumps ahead of Spanish bond auction; Bernanke eyed
Crude oil futures were mildly lower during European morning trade on Thursday, as uncertainty over the outcome of a Spanish government debt auction later in the day prompted investors to stick to the sidelines.Prices remained supported near the previous session’s highs amid growing hopes for further easing measures by the Federal Reserve as well as renewed concerns over a disruption to Iranian oil supplies.On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD84.73 a barrel during European morning trade, dipping 0.35%.The July contract traded in between a tight range of USD85.71, the daily high and a session low of USD84.75. Prices touched a four-day high of USD86.26 on Wednesday.Markets were awaiting the outcome of a highly-anticipated Spanish 10-year bond auction later in the day, after Treasury Minister Cristobal Montoro said that financial markets were effectively closed to Spain because of the current high level of the country’s borrowing costs.
Crude oil futures were mildly lower during European morning trade on Thursday, as uncertainty over the outcome of a Spanish government debt auction later in the day prompted investors to stick to the sidelines.Prices remained supported near the previous session’s highs amid growing hopes for further easing measures by the Federal Reserve as well as renewed concerns over a disruption to Iranian oil supplies.On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded at USD84.73 a barrel during European morning trade, dipping 0.35%.The July contract traded in between a tight range of USD85.71, the daily high and a session low of USD84.75. Prices touched a four-day high of USD86.26 on Wednesday.Markets were awaiting the outcome of a highly-anticipated Spanish 10-year bond auction later in the day, after Treasury Minister Cristobal Montoro said that financial markets were effectively closed to Spain because of the current high level of the country’s borrowing costs.
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