News from May 2010

OPEC signals that oil prices may need boost under $65

If crude oil prices drop to $65 a barrel then some OPEC member countries may consider the price is too cheap, Kuwait’s oil minister said, declining to comment on any action that the group might take to support prices.
“This will draw our attention,” Sheikh Ahmad al-Sabah told reporters today at parliament in Kuwait City. At [...]

WTI oil price trading up near $72 on latest US data

US WTI oil prices hit $72 in trading on Thursday as the latest data showing a surge in US demand climbed almost seven percent over the past month the EIA said yesterday.
US Light crude oil futures for July rose to $71.89 a barrel midday Singapore time on the NYMEX.
Investors mulled data from the US Commerce [...]

Brent oil price back near $72 amid mixed market data

Brent oil prices are trading back near the $72 mark early on Thursday amid mixed market data and volatile global stock markets.
Brent crude oil futures for July delivery traded up to $71.97 midday Singapore time on the ICE Futures Exchange.
“Oil will largely follow equity markets,” said Ben Westmore, a commodities analyst at National Australia Bank. [...]

Oil prices trading at $70 mark amid stock market falls

Oil prices are trading under $70 mark on Wednesday as global stock markets fall amid European and Korean tensions hit commodity prices.
WTI Light crude oil futures for July delivery dropped to $68.75 on the NYMEX, while in London yesterday, Brent crude oil futures dropped as low as $68.15 on the ICE Futures Exchange.
Stock markets around [...]

Crude oil prices may rise on Gulf of Mexico oil spill disaster

The US oil spill disaster currently spreading across the Gulf of Mexico will help drive energy and crude oil prices higher as new measures to prevent further disasters bump oil production costs, the head of commodities and energy at BNP Paribas told the Reuters Energy Summit on Monday.
The massive spill, caused by a well blowout [...]

WTI oil price skids under $70 as US dollar firms up

US WTI oil prices fell in early trading on Tuesday pushing prices below $70 mark as continued European debt concerns sent the US dollar higher against the euro.
New York’s main contract, WTI Light crude oil futures for delivery in July, was down 56 cents to $69.65 a barrel on the NYMEX.
“The euro fell not only [...]

Brent oil trading lower on continued euro debt concerns

Brent crude oil prices are trading lower on Tuesday as European debt concerns continue to affect stock markets with Brent crude oil futures lower by 72 cents to $70.45 on the ICE Futures Exchange.
“Speculators are shifting money from risky to non-risky assets,” said Ken Hasegawa, a commodity derivatives sales manager at Newedge in Tokyo. “From [...]

Oil prices trading at $71 mark, following stock markets

Crude oil prices rose to near $71 a barrel in early trading on Monday as recovering stock markets bolstered the confidence of crude traders.
US Light crude oil futures rose to $70.69 a barrel at 12:30pm Singapore time on the NYMEX, while in London, Brent crude oil futures for July settlement rose to $71.95 a barrel [...]

Brent oil rollercoaster ride ahead as EU sets euro strategy

Brent oil prices ended another busy trading week with a rollercoaster session, during which prices fell another $5, leaving Brent crude oil futures around the $71 mark as the EU sets out a new euro strategy to combat recent eurozone debt issues.
Last night, European finance ministers agreed a strategy to overhaul the EU’s single currency [...]

Oil prices back at $70 range after 20 percent May losses

Crude oil prices have ended this week’s trading around the $70 mark and have seen about a 20 percent loss since hitting an 18 month market high of $87.15 on May 3rd 2010.
US Light crude oil futures settled at $70.04 on the NYMEX, while in London, Brent crude oil futures closed at $71.68 on [...]

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News from May 2010

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