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.
Crude oil declined, retreating from its highest level in four months, as signs of a deepening global recession dimmed the outlook for a recovery in fuel consumption. For full story,click here
It is obvious that a barrel price below $60 on the NYMEX is bad news for oil companies. Part of the drop reflects a strengthening American dollar, but recent demand forecast revisions are bleak. Governments, companies and investors think a prolonged recession or period of low growth is in the offing, and everyone should take note.
Crude oil declined to a five-month low as the dollar jumped and U.S. unemployment rose more than expected, signaling a slowdown in demand. The Energy Department said: U.S. fuel demand during the past four weeks was down 3.5 percent from a year ago. For more information, click here
Oil prices declined on Monday as demand worries due to rising fuel costs outweighed supply concerns caused by a tropical depression in the Caribbean. James Crandell, analyst for Lehman Brothers, said; All the factors that have motivated the price down are still intact. For full news, click here
Crude oil prices declined to a four-month low on Tuesday after Russia’s military operations ended in Georgia and the International Energy Agency forecast a steep decline in demand. Sucden analyst Andrey Kryuchenkov, was quoted as saying: Geopolitical concerns always provide good support to oil prices and this news should offer some relief to investors worried about exports of Azeri [...]
Less mixed has been the effects of the long oil trading boom on the New York Mercantile Exchange itself. NYMEX Holding Inc (NYSE:NMX) has more than doubled its quarterly profit since last year. The market is in the process of being acquired by CME Group Inc (NASDAQ:CME).
Abu Dhabi National Oil Co (Adnoc) of additional supply of oil ahead of maintenance period was declined by buyers. For full story, click here
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