Crude oil touched earlier on Monday a fresh 14-month high at $104.12 per barrel. Friday’s United States data signaled growth is gathering momentum, while continued tensions in Egypt stoked concerns over oil supply disruptions.
While U.S. employers added 195,000 new jobs to their payrolls last month, expectations that the Federal Reserve could start winding down its stimulus program earlier than expected is pushing the U.S. dollar higher, adding downside pressures on oil prices.
- Oil is trading around $103.17 a barrel after falling $0.05.
- Brent is trading around $107.60 a barrel after falling $0.12.
The conflict in Egypt, nevertheless, raises worries of disruption in oil shipments through the Suez Canal. At least 15 people were killed on Monday in Cairo when supporters of ousted President Mohamed Mursi were shot near the military building where he is held.
Investors are also keeping an eye on Europe, as the eurozone’s finance ministers will try Monday to decide whether to delay aid payments to Greece in an attempt to force through reforms or to give Athens the last substantial tranche of aid in its bailout program.
- Natural gas is trading at $3.623 per cubic feet after rising 0.08%.
- Gasoline is trading at $2.8905 a gallon after falling 0.22%.
- Heating oil is trading at $2.9852 a gallon after falling 0.15%.