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
Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
U.S. crude oil futures slipped further in post-settlement trade on Tuesday, but stuck to the day’s range, after industry data showed that crude inventories surged much higher than expected last week. For full story, click here
Bellwether U.S. crude oil futures rose above the psychologically important $50-a-barrel mark Thursday in Asia as firmer regional equity markets encouraged traders to cover short positions, although sentiment remained cautious in the wake of weekly U.S. government data showing oil inventories still bloated. Jim Ritterbusch, president at trading advisory firm Ritterbusch and Associates, stated: We [...]
Gasoline inventories in China’s two oil majors CNPC and Sinopec dip 2.7 percent at the end of February to 31.9 million barrels from a month earlier. For full story, click here
Crude inventories surged to highest since 1993 and was up for 22nd in 26 weeks. Crude inventories gained 3.3 million barrels, to 356.6 million barrels; it was up by 13% on a 5-year average. For full story, click here
Asia’s largest oil and gas producer, PetroChina, surged 2.1 percent to HK$5.94, tracking a 4 percent hike in crude oil prices overnight, but gains were capped by a slight pullback in oil prices on Wednesday after data showed U.S. crude inventories rose much more-than-expected last week. For full story, click here
After falling from $147 to $35 per barrel towards the end of last year, crude oil has once again gained and touched $45 per barrel on speculation that China's stimulus plan may spur demand for the commodity near term. However, some experts are of the view that this is not just speculation but real purchases driving the prices up.
Oil prices are declining after the U.S. government said that the country’s inventory of crude oil is stable. For full story, click here
Crude-oil inventories fell for the second consecutive week. Gasoline stockpiles also declined by nearly 2 percent, as per weekly US government data. For full news, click here
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