October 9, 2013, 9:14 AM
On Tuesday, crude oil gained 0.38% and reached $104.08 (an intraday high) as geopolitical risk crept back into the markets, even as the U.S. dollar increased after a phone call between U.S. President Barack Obama and U.S. House Speaker John Boehner over the budget crisis.
October 8, 2013, 7:51 AM
On Monday, crude oil dropped to $101.86 (an intraday low) as crude output in the Gulf of Mexico resumed after Tropical Storm Karen passed without any serious supply disruptions. Additionally, a government shutdown that entered its second week also pushed prices down by rising fears the impasses will affect confidence in the U.S. economy and slow recovery. However, the main worry for oil market investors is the shutdown will curb crude demand in the world's largest oil consumer, as federal workers are temporarily out of work.
October 7, 2013, 10:07 AM
Despite this drop, oil bulls managed to hold the price of crude oil above $102 per barrel also on Friday. During the last session of the previous week, light crude gained 0.77% and reached $104.19 per barrel as energy companies in the Gulf of Mexico started shutting in production and were evacuating some workers as Tropical Storm Karen headed towards a crucial part of the basin.
October 3, 2013, 9:07 AM
On Wednesday, light crude gained over 2% and reached $104.23 (an intraday high). It is crude oil’s largest daily percentage gain since Sept. 18. The price of light crude was supported by a weaker U.S. dollar as commodities priced in the greenback became less expensive for holders of other currencies. Yesterday, the dollar was under selling pressure as a U.S. government shutdown entered a second day with no end in sight.
October 2, 2013, 9:23 AM
On Tuesday, light crude lost 0.65% and dropped to $101.06 (an intraday low) on concerns that the U.S. government shutdown would reduce demand for this commodity in the world's largest oil consumer. Wrangling in the United States between President Barack Obama and congressional Republicans has forced the first government shutdown in 17 years. The shutdown has left hundreds of thousands of federal employees on unpaid leave.
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