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Oil continues to trade at the $80 level as Bernanke soothed market fears that interest rates would follow the discount rate by being raised in the near future.
As the Fed Chairman said that rates would remain at current levels, this increased confidence that global demand wouldn’t be hit by increased rates. The US Dollar [...]
Oil pulled back from the $80 level despite the API reporting that inventories dropped last week, which indicates larger demand.
Crude inventories fell 3.1mn barrels last week, whilst analysts had expected a drop of 2mn. All eyes will now turn to the weekly oil inventory release this afternoon, and the start of the two day [...]
Oil prices rose in trading on Wednesday after the latest data from US API showed a larger than expected drawdown in US crude oil stocks, signalling rising crude oil demand.
Analysts said that crude oil prices were boosted by a report from the American Petroleum Institute (API) late Tuesday which showed crude oil stockpiles for the [...]
Ecuador’s minister for oil policy Germanico Pinto said Tuesday that world oil prices should stay in a range between $70 and $80 for 2010 and OPEC has no need to change oil output policy at its March 2010 meeting.
Ecuador has the rotating presidency of OPEC this year. Asked by Reuters if he was standing by [...]
In spite of a winter that has been colder than normal, heating oil demand in industrialised countries this quarter is down thirteen percent from last year, says the IEA.
Conventional wisdom and common sense would suggest that cold weather increases heating oil demand, which lifts demand for crude, and higher demand leads to higher oil [...]
The UK presses on with Falkland Island oil exploration as South American countries seek a claim from the UN, this could get interesting…
The UK have warned ownership of the Falklands was not up for debate as Argentina’s claim for the islands won backing from neighbours. UK Security minister Lord West insisted oil exploration would press [...]
Brent oil futures are trading slightly down on Tuesday, but are holding steady after five straight higher closes. In London, Brent crude oil was down around a dollar and just below the $78 mark on the ICE Futures Exchange.
“The complex is pulling back this morning as the crude oil rally is getting a bit extended,” [...]
ODL Markets Review – Oil Trading PlatformODL Markets (ODL Securities Limited) is a leading, independent FOREX, derivatives, equity and commodity trading house. ODL Securities Limited is authorised and regulated by the FSA and is a member firm of the London Stock Exchange and NYSE Euronext, LIFFE. It is also a designated broker and a member [...]
Crude oil prices are trading around two percent down on Tuesday as the US dollar made gains and investors mulled whether weaker US crude oil demand justified a fifteen percent rally in oil prices over the last three weeks.
By early afternoon in Europe, US Light crude oil futures for April delivery was down at $78.62 [...]
Oil’s two week rally consolidated in and around the $80 level as we now await to see if the run will continue, or will profits be taken off the table?
The Dollar has retreated, thus helping keep the oil price up, so the next big hurdle is tomorrows weekly oil inventory release and Bernanke’s two day [...]
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BP restarts work to kill Gulf oil well as Bonnie dissipatesBP restarts work today to permanently plug and kill the Gulf oil well after tropical storm Bonnie dissipates and the well pressure is holding up to general expectations.
BP continues to monitor pressure inside the well and watch for any leaks that could erupt into a new gusher.
BP Well Pressure Holding Up
Pressure at the top [...]
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