Crude prices in Asia slipped Friday on a stronger U.S. dollar and as traders sold off bets to lock in profits, but the overall rally is expected to continue on hopes that data on the global economy will stay bullish. Crude prices are down, but after we wake up tomorrow morning, they may hit $73 a barrel, traders said.
Continue reading "Wall Street Loves Oil"
Wednesday, May 13, 2009
Oil rose for a second day on Wednesday, after an industry group reported U.S. crude stockpiles dropped for the second week in a row and the dollar declined. Oil has climbed 34 percent this year, tracking global equity markets on optimism that an economic recovery will spur demand for fuel. Additional support for crude prices came from the dollar, which fell to the lowest level against the euro since March, bolstering demand for commodities as a hedge against inflation.
Continue reading "Dollar Slides, Crude Jumps"
Friday, February 20, 2009
The jump was all too clear. A surprise drop in U.S. oil inventories caused crude prices to jump 14 per cent on Thursday, in New York, powering a broad commodities rally that pushed copper and corn higher. The only noticeable drop was in gold, which closed lower for the first time in three days.
Continue reading "Demand Set To Recover Soon?"
Monday, February 9, 2009
The United States government statement that U.S. employers had slashed over a half million jobs in January, the highest yet in 35 years, lead to crude oil prices dropping just below $41 a barrel, way below the high of $147 a barrel last summer. There is a link between layoffs and the demand on oil, say analysts, as those laid off see no need for the daily commute, and buy less of petroleum products like toys and raincoats.
Continue reading "Oil Price Drops on Job Losses"
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Friday, June 12, 2009