Crude, Heating Oil Increase on Service Expansion: Oil Products
Bloomberg reports that Crude oil, heating oil and gasoline advanced more than 1 percent.
Articles Tagged "york mercantile exchange"
Crude Oil May Reach $150 in Four Years
Bloomberg reports that Crude oil may rise to as much as $150 a barrel over the next three to four years.
Oil Prices End Lower on Growing Global Uncertainty
Abcnews reports that Oil prices dropped for a third day on Tuesday with persistent worries about the global economy.
Oil continues to slide, natural gas rises 5.6 pct
Washingtonpost reports that Oil prices continued to slide on lingering concerns about economic stability in Europe.
Buyers To Buy If Prices Weaken
If bearish sentiment continues for a bit, expect to see a potential break below support levels around $67.35. Further declines in shipping rates due to reduced Chinese demand can be expected to continue, highlighted by expectations for a 50 per cent drop in freight rates in the next four months.
PetroChina, Canada Ink Deal
Prices of light, sweet crude on the New York Mercantile Exchange are currently trading at half their peak hit in July last year. This has led some producers to postpone oil sands projects as they are capital-intensive and need crude futures above a certain threshold to be viable. US oil demand is also in the doldrums due to the global economic downturn, making it harder for producers to justify investments in new crude oil production. However, PetroChina has gone ahead with its investment in Canadian oil sands.
Wall Street Loves Oil
Crude prices in Asia slipped Friday on a stronger U.S. dollar and as traders sold off bets to lock in profits, but the overall rally is expected to continue on hopes that data on the global economy will stay bullish. Crude prices are down, but after we wake up tomorrow morning, they may hit $73 a barrel, traders said.
Disruption Concerns Prop Crude
Crude oil rose for a second day in New York on Tuesday, as gains in the stock market increased optimism that the global economy is recovering. "Sentiment has driven this market from its lows in the hopes of an imminent recovery," said Toby Hassall, research analyst at Commodity Warrants Australia Pty in Sydney. "If we do see equities continue their rally, oil and a lot of other commodities are probably going to follow."
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.
Downward Pressure On Oil Price
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.
