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It is has been a bearish open to the year for crude. The commodity suffered its worst monthly decline since December of 2008 with a 12 percent tumble from the more than one-year high set earlier in the month.
Crude oil prices hovered around $74 a barrel in early trading on Friday, firm under pressure from a stronger US dollar (see Dollar Index), gleaning support as traders seized the opportunity to buy oil futures at current levels.
Crude oil was firmer on technical buying “as investors see value in crude at these levels,” said Ben [...]
Brent crude oil price rose above $72 a barrel in trading on Thursday, paring some of the previous day’s decline, after a speech by US President Barack Obama eased market worries over plans to limit bank risk taking.
“Obama’s state of the union address focused on matters other than his Volcker plan announced last week for [...]
Oil traders betting a big oil price swing to come soon
Since October, the crude oil options market has appeared curiously calm. Oil prices have settled nicely between $70 and $80 per barrel and, early last week, the CBOE Crude Oil Volatility Index (the seismograph of the oil market) fell to its lowest point in more [...]
US Light oil price was steady in trading near $74 on Friday as the recovery of the US economy and recent growth forecasts have yet to boost fuel demand and in turn, oil demand.
The US economy probably grew at an annual rate of 4.6 percent in the fourth quarter, up from 2.2 percent in the [...]
The IEA says that crude oil demand has peaked in the developed world and will never return to 2006 and 2007 levels because of more fuel efficiency and the use of alternatives, the chief economist of the IEA said on Thursday.
The bold prediction, while made previously by some analysts, is significant because the IEA advises [...]
China’s state economic planning agency (NDRC) sees global crude oil prices trading average of around $80 a barrel for 2010, up from 2009, the official Xinhua news agency said, a level deemed conducive to both refiners and oil producers. Xinhua cited the forecast made by the National Economy Department of the National Development & Reform [...]
US Light oil price rose toward $74 a barrel in trading on Thursday, rebounding from six week lows, after US President Barack Obama’s speech (State of the Union address) and the Fed’s decision to maintain low interest rates revived some confidence about economic growth in the US.
Obama promised Americans that he would revive jobs growth [...]
ICE Brent crude oil futures hovered around $72 – $73 a barrel range in trading on Wednesday after data from the US American Petroleum Institute showed an unexpected drop in US crude oil inventories last week. Brent oil prices earlier this week fell to a more than one month low, reversing the New Year rally, [...]
A Morgan Stanley report which, under its base forecast, said oil prices would end 2010 trading at $95 a barrel, $100 in 2011 and $105 in 2012. In a bull market, the bank expects oil prices to touch $110 in 2010, $120 next year and $150 the year after.
The report, sent to Emirates Business, [...]
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Brent oil trading higher, over $73 amid rising US oil stocksBrent oil futures are trading firm over $73 a barrel on Thursday amid the latest report from the US confirms that oil stocks in the United States rose, which was a surprise for many analysts.
In London, Brent crude oil futures for October 2010 delivery was trading at $73.44 a barrel, 08.00 GMT on the ICE [...]
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