Oil prices rise as new data boost hope for economy
The Associated Press reports that on Wednesday, the government issued a batch of reports that suggest the U.S. economy is improving, and along with it demand for oil.
Articles Tagged "economy"
Crude Oil Rises From Lowest Level in a Week
Bloomberg reports that Oil rose from the lowest level in a week after the U.S. economy grew more than previously estimated in the third quarter.
Oil Trade Neared a Seven Week High On Signs of Industrial Demand
Crude oil traded near a seven-week high as signs the international economy is recovering from recession bolstered optimism that fuel consumption will rebound. For full story, click here
OPEC President said goal is still for $75 oil
OPEC president Angola declared that the group’s goal was still to achieve $75 a barrel by the end of the year, echoing earlier comment by leading exporter Saudi Arabia that the level was achievable without damaging a fragile world economy. For full story, click here
Sunoco CEO declared market challenging for rest of ’09
U.S. Northeast refiner Sunoco Inc. declared that it sees a challenging market environment for the rest of 2009 due to a weaker economy. For full story, click here
Crude oil headed for $71.55 a barrel
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 $4 on economy concerns
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
Nymex crude bounced, but economy lingered
Crude oil futures rebounded off a slip on Tuesday in Asia as traders repositioned themselves amid dwindling regional share markets, which reflected underlying concerns over the health of the economy. Yusuke Seta, a broker at Newedge Japan, stated: If the market runs into resistance, it has the potential to fall sharply. There’s no news to [...]
Demand Set To Recover Soon?
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.
Oil Price Drops on Job Losses
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.
