Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
U.S. crude oil futures dipped more than $4 on Monday on curbed optimism about the economy as stock markets retreated, the dollar increased and oil inventories swelled. For full story, click here
Oil prices vaulted 9 per cent in NY Thursday, in tandem with a powerful stocks rally, as investors cheered G20 agreements to combat the global downturn and an easing of US accounting rules. On Friday, oil prices settled above $52 a barrel, slightly lower on the day after a report that US unemployment in March soared to a 25-year high. But optimism that the economy will soon turn around curtailed losses.
Oil declined more than $1 to below $67 a barrel on Monday as traders shifted their focus back to slowing global energy demand amid the financial crunch. David Moore, commodities strategist, Commonwealth Bank of Australia, said: Demand concerns haven’t gone away so that’s a factor that is weighing on the oil price this morning. For [...]
Crude oil gained by approximately $3 on Wednesday after a weekly government report sparked concern about declining supplies. The Energy Department report showed: Crude supplies fell by 400,000 barrels for the week ended 8 August while gasoline supplies dropped by 6.4m. Distillates, used to make diesel fuel, declined by 1.7m barrels. For more information, click here
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