Dubai crude futures on the Tokyo Commodity Exchange struggled to extend their gains after opening higher, with the benchmark contract up ¥1,940 from the previous day at ¥93,860 as of 11 a.m. Gains were subsequently pared by softer WTI futures and the yen's appreciation against the dollar.
Dubai crude futures on the Tokyo Commodity Exchange have continued to struggle to extend their gains after opening higher. As of 11 a.m., the benchmark contract was up ¥1,940 from the previous business day at ¥93,860.
New York crude oil futures (WTI) softened during the day, restraining gains in Dubai crude. The yen's appreciation against the dollar in the foreign exchange market also had an impact.
Overall, there were no major moves in index futures for power, gasoline, LNG or CME crude on the Osaka Exchange, and signs of excess tightness in supply and demand appear to have eased.
The article reports that buying temporarily intensified against the backdrop of Middle East tensions, but gains were pared by the decline in WTI and foreign exchange movements.