Crude Oil Futures Edged Higher Today

Crude oil futures gained today. Profit-taking was witnessed on Wall Street with no economic news on the forefront. The session remained a bit volatile today as investors braced themselves for quadruple witching; the expiration of four different types of futures and options contracts.

The front-month contract of July delivery crude gained $0.55, or 0.42%, to $77.21 a barrel. Yesterday, it fell 1.1%, led by disappointing US economic reports and worries about last week’s crude supplies growing 1.7 million barrels.

Analyst at PFGBest, Phil Flynn said, "This weekend will be hot so gas demand will be strong. The Atlantic is getting slightly more active then yesterday with a new disturbance to watch that currently has a 20% chance of becoming a hurricane."

Traders are regularly monitoring the Euro, which continued to stabilize this week. News of a bond auction being successfully accomplished by the Spanish government rendered strength to the currency. The bond auction eased doubts about Spain’s ability to fund itself.

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