Crude oil has witnessed volatility during the previous week- starting the week at US$76 a barrel and sharply rising above US$79 by end of week. Rough weather in the Caribbean Sea threatened to progress into a hurricane in the Gulf of Mexico, pushing oil prices up on speculation that oil supply could be damaged. As dangers of the severe storm ebbed, crude oil prices have steadied at US$$79 a barrel.
Crude oil futures had a marginal dip in Asia on Monday, but remained supported on expectations of higher gasoline demand ahead of the Independence Day holiday in USA.
