Brent crude futures eased towards $74 a barrel on Thursday, retracing some of the previous day’s jump as optimism faded about the pace of economic and oil demand recovery. For full story, click here
Articles Tagged "recovery"
China’s leading refineries declared that it will surge their crude oil processing in July to fresh highs from record levels in June, encouraged by recent fuel price hikes and rising sales amid increasing signs of economic recovery. For full story, click here
Slipping oil prices are becoming another sign of investors’ deflating hopes for a speedy economic recovery. For full story, click here
Oil prices slipped on profit-taking and a surge of the dollar, one day after striking 2009 peaks above $73 on signs of recovery for energy demand, traders said. New York’s main futures contract, light sweet crude for delivery in July, sank 51 cents to 72.17 dollars a barrel. The contract had hit $73.23 on Thursday [...]
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
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.
After nose-diving from a peak of $147 to $ 33 per barrel, crude oil is again displaying a good show of strength. The US crude oil future was trading above $54 a barrel, to a five month high, on improved optimism about an economic recovery. 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.
Petrobank Energy and Resources on Friday shrugged off falling oil prices in a deal to license its patented fireflooding technology to True Energy Trust for heavy oil reservoirs in Saskatchewan. 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.