Crude oil prices reversed early losses to trade higher on the New York Mercantile Exchange this morning (July 6th), supported by a weaker dollar.
The commodity lost as much as 1.5 per cent during early trading and plunged below the $72-a-barrel mark.
However, as the Asian trading session drew on, crude found support from a stronger performance in regional equity markets, as well as a falling dollar.
Speaking to Reuters about the negative sentiment that has driven commodities trading in the last week, Keichi Sano, general manager of research at SCM Securities in Tokyo, commented:"The market mood is very bad as people try to look for bearish data all over the world."
He added that the closure of US markets for Independence Day celebrations has also caused a shortfall in liquidity that has driven both crude and heating oil lower.
