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21/06/2010 00:00 AST
Crude oil fluctuated as U.S. equities swung between gains and losses amid volatility related to the expiration of stock futures and options and as the dollar pared increases against the euro.
Oil is poised to advance for a second week, along with equities. The Standard & Poor's 500 Index retreated after touching the highest level in a month today. The dollar reached a three-week high, curbing the appeal of commodities as an alternative investment.
"We're following the stock market and we're following the dollar," said Phil Flynn, vice president of research at PFGBest in Chicago. "Oil has no personality of its own today. It's just going to follow what everybody else does."
Crude oil for July delivery gained 6 cents to $76.85 a barrel at 1:09 p.m. on the New York Mercantile Exchange. Prices have risen 7.7 percent in the past year. They are heading for a 4.2 percent increase this week.
The S&P 500 rose 1.19 points to 1,117.23. Earlier, it touched 1121.01, the highest level since May 19. The Dow Jones Industrial Average gained 20.33 points, or 0.2 percent, to 10,454.50.
The dollar lost 0.2 percent against the euro to $1.2363 from $1.2389 yesterday in New York. It touched $1.2417, the highest level since May 28.
Price fluctuations throughout the financial markets may be bigger than usual today because of so-called quadruple witching, or the quarterly expiration of stock index futures, options on index futures, stock options and stock futures. Quadruple witching occurs once every three months.
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Bloomberg
(In US Dollar) | Change | Change(%) | |
---|---|---|---|
Brent | 76.76 | -0.11 | -0.14 |
WTI | 72.53 | -0.2 | -0.28 |
OPEC Basket | 79.38 | -0.14 | -0.18 |
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