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Talking about what is affecting the commodity space, Lawler says it is mainly Janet Yellen comments yesterday. But even the comments were not too worrying in the short term due to the indication of a possible push back of rate hike to September.
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At around 0900 IST, Brent North Sea crude for July delivery was up 33 cents at USD 50.07 a barrel while US benchmark West Texas Intermediate was trading 29 cents higher at USD 49.85.
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Fed Vice Chairman Stanley Fischer said on Saturday that US inflation will likely rebound as pressure from the dollar fades, allowing the US central bank to raise interest rates gradually.
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Front-month Brent LCOc1, the global oil benchmark, had gained USD 1.10 to USD 44.24 a barrel by 0300 GMT (11.00 p.m. EDT), having ended down 7 cents at USD 43.14 on Wednesday.
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Some Asian stocks recovered in tandem with US futures even as Chinese shares tanked further. The dollar gained versus a basket of currencies after falling the most since 2011.
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A new Asian currency war and a delayed Federal Reserve rate hike; these are the potential market-shaking implications of Beijing's decision to devalue the yuan, strategists told CNBC
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A strong jobs number would fan speculation the US central bank will raise rates next month. Higher interest rates would put non-yield-bearing gold under further pressure, increasing the opportunity cost of holding the metal.
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The Athens stock exchange was trading around 19 percent lower by mid-morning on Monday, after falling nearly 23 percent after it reopened for the first time in five weeks.
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Oil extended losses to multi-month lows on Monday on worries of oversupply as OPEC pumped at record levels in July, while weak China data stoked concerns about slower growth at the world's second largest oil consumer.
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A forecast by the International Energy Agency (IEA) for slower world oil demand next year was also weighing on the market, analysts said. US benchmark West Texas Intermediate for August delivery was down 86 cents to USD 51.88 and Brent crude tumbled 96 cents to USD 57.77 a barrel in late-morning trade.
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US benchmark West Texas Intermediate for August delivery was up 52 cents at USD 52.17 and Brent crude for August rose 57 cents to USD 57.62 a barrel in late-morning trade following recent sharp losses.
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Greek voters overwhelmingly rejected the bailout terms demanded by international creditors, with official figures from Sunday's referendum showing 61.31 percent voting "No" and 38.69 percent voting "Yes".
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West Texas Intermediate for August delivery was down 21 cents at USD 56.72 while Brent North Sea crude was three cents lower at USD 62.04.
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US benchmark West Texas Intermediate fell 27 cents to USD 61.16 while Brent eased 19 cents to USD 65.51 in late-morning trade.
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US benchmark West Texas Intermediate for July delivery edged up three cents to USD 58.03 while Brent crude for July gained 13 cents to USD 62.16 in late-morning trade.
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US benchmark West Texas Intermediate (WTI) for July delivery gained 32 cents to USD 58.35 while Brent crude for July gained 11 cents to USD 63.83 in late-morning trade. WTI fell USD 1.69 and Brent dipped USD 1.80 yesterday, as markets in the United States and much of Europe reopened after a public holiday on Monday.
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There was no floor trading of crude in New York and London yesterday. McCarthy said a resurgent US dollar remained of concern. The greenback was changing hands at 121.74 yen against 121.66 yen Monday afternoon and well up from 121.52 yen in New York on Friday.
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WTI surged USD 1.74 and Brent jumped USD 1.51 yesterday in a second day of rallies after the US Department of Energy (DoE) released its latest petroleum stockpiles report that was largely seen by analysts as bullish.
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China, the world's top energy consumer, saw its economy losing more steam in April despite easier monetary policy, while Europe's largest economy, Germany, slowed in the first quarter. In the United States, retail sales were flat in April, dampening hopes of a sharp rebound in growth in the second quarter.
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The US Commerce Department said yesterday that the world's biggest economy and top oil consuming nation stalled in the first quarter this year, expanding at an annual pace of just 0.2 percent , much slower than the 1.0 percent growth expected by analysts.
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The upwards lift has been sufficient that both Brent and US crude futures are set to post a weekly gain of more than 3 percent despite having been dragged down by record levels of Saudi output and US inventories earlier this week.
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US benchmark West Texas Intermediate for May delivery fell 71 cents to USD 48.16 and Brent crude for May eased 35 cents to USD 56.06 in late-morning trade.
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Fears of supply disruptions in the Middle East and Africa have offset concerns during the year about weak global demand, keeping Brent trading in a USD 22 range from USD 96.75 a barrel to USD 119.17 a barrel.
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Brent crude futures slipped on Wednesday towards $108, dropping for a fourth straight day, as supply worries eased and on caution ahead of data from China and the United States, the world's two top oil consumers.
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April just wasn`t meant to be the month for the dollar to push decisively above 100 yen. Perhaps May will be, given hopes of stronger US economic news after Friday`s upbeat payrolls data, currency analysts said.
