Oil prices eased modestly early on March 28 after advancing rebels in Libya announced that they would be able to resume crude exports in a week and Qatar promised to help them market their product on world markets.The price remains 8 percent higher than it was a month ago, and 30 percent higher than a year ago, challenging global economic recovery.
Continue reading "Oil Prices to be Volatile"
Monday, January 24, 2011
International Energy Agency last week indicated that “three digit oil prices risk damaging” the economic recovery, offering a message that OPEC should raise output; however, OPEC responded the same day by saying that global supplies are sufficient to meet demand.
Continue reading "Increasing Oil Production Pressures"
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, April 24, 2009
Crude oil futures dipped this Friday in Asia as traders opted to take profit ahead of the weekend, with regional share markets largely directionless and fundamentals staying weak. David Moore, commodity strategist at Commonwealth Bank of Australia, stated: Oil consumption is likely to remain weak, a consequence of the global recession, limiting the upside to [...]
Continue reading "NYMEX Crude futures fell"
Thursday, April 9, 2009
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 [...]
Continue reading "NYMEX Crude rose above $50 on equities"
Tuesday, April 7, 2009
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 [...]
Continue reading "Nymex crude bounced, but economy lingered"
Monday, January 26, 2009
Crude for March delivery CLc1 fell 57 cents to $45.90 a barrel in Globex electronic trading by 2346 GMT. The contract settled up $2.80, or 6.41 percent, at $46.47 a barrel. For full story, click here
Continue reading "Crude for March delivery CLc1 fell 57 cents"
Monday, January 26, 2009
U.S. crude futures fell below $46 a barrel, giving up some of the previous session’s 6 percent gains as fears about a deepening global economic downturn returned to the fore. For full story, click here
Continue reading "NYMEX crude falls below $46"
Tuesday, November 11, 2008
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.
Continue reading "Benchmark:South of US$60"
Tuesday, November 4, 2008
Along with OPEC production cuts and healthy company numbers, (both discussed below) the market is clearly disjointed. The tenor of discussions in the business pages and networks lately suggests that Yeats was right, and the centre cannot hold. Recession or recovery, echo boom or bust, few are predicting prolonged instability somewhere between these extremes.
Continue reading "Benchmark: Things fall apart?"
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Monday, March 28, 2011