U.S. crude futures surged towards $72 a barrel on Wednesday, erasing a 0.2 percent loss made the previous day, after industry data showed a surprise drawdown in U.S. crude oil inventories last week against a forecast for a stock build. For full story, click here
The Organization of the Petroleum Exporting Countries has forecast on Tuesday that the world oil demand next year would show a rise of 0.5 million barrels perday after two consecutive years of negative growth, amounting to 84.34 mb/d. For full story, click here
U.S. crude oil futures dipped, hitting the lowest level since mid-May, as the latest forecast from the International Energy Agency stirred more worries about oil demand. For full story, click here
Crude oil price remains strong in European morning as International Energy Agency raised its demand forecasts on the energy market. Moreover, surge in China’s net import for crude oil to the highest in 14 months also stimulated purchasing. For full story, click here
Crude oil was little changed near $69 a barrel before a report today has forecasted to show that unemployment in the U.S. surged to a 25-year high, sowing doubts about a global recovery. Andrey Kryuchenkov, an analyst at VTB Capital in London, stated: Seventy dollars is still the psychological barrier. For full story, click here
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.
Oil traded little changed before a report today forecast to show inventories in the U.S., the world’s largest energy consumer, rose from their highest level since 1990 as the recession reduced demand. For full story, click here
Crude oil output from Russia is expected to boast modest gains in 2009 despite earlier forecasts of a dip in the industry. For full story, click here
Crude oil dipped as much as US$1.07, or 2.1%, to US$51.17 per barrel in electronic trading on the New York Mercantile Exchange. For full story, click here
Nippon Oil Corp., Japan’s top oil refiner, declared that it is likely to keep low crude runs from May despite some recovery in gasoline sales helped by highway toll discounts that commenced over the weekend. For full story, click here
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