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Both Brent and WTI oil prices fell more than $5 this week as a string of economic indicators showed that global recovery is slowing around the world, raising fears of weak crude oil demand.
ICE Brent Oil Price
Brent crude oil futures closed trading on Friday at $75.11 on the ICE Futures Exchange, down $5.59 from the [...]
The latest US EIA forecasts that oil prices are to rise higher later in 2010 as reported in the EIA’s latest Short Term Energy Outlook published yesterday.
EIA expects world oil prices will rise slowly as world oil demand increases because of projected global economic growth, slower growth in non OPEC oil supply, and continued production [...]
Despite the US dollar moving higher, oil futures maintained current levels following API data showed domestic crude stocks rose more than expected.
Crude oil stocks rose by 7.5mn barrels, much higher than analysts had anticipated. All eyes will now turn to the more widely watched EIA weekly inventories.Commodity
Level
ChangeICE BRENT CRUDE - MAY 10
$79.98
-$0.72ICE WTI [...]
Friday saw crude oil futures suffer their biggest daily drop in 6 weeks, as it once again struggled to break through the $83 level.
Traders sold commodities as concerns persisted about the strength of the Eurozone economies, and warnings from Fitch about the parlous state of the US and UK credit ratings. A stronger Dollar [...]
Following the recent two-day rally, oil pulled back a little due to some dollar strength and the lack of any real action from the OPEC meeting in Vienna.
OPEC members agreed to maintain the existing cuts of 4.2mn barrels per day. The weekly inventories also showed that there was a build of 1 mn barrels, [...]
A big day for oil as we have a raft of data that may affect future movements. Looking at the wider economic environment, today’s PPI numbers will give us a clearer idea of the health of the US economy, and looking towards the oil markets per se, we have the weekly oil inventories, plus [...]
This week, oil prices may well be dominated by headlines coming out of Vienna, where OPEC ministers are scheduled to meet on Wednesday.
The Iranian oil minister stated that he felt OPEC nations should not change their output targets. In terms of today, quotes coming from Chinese Prime Minister Wen Jiaboa that he doesn’t feel [...]
Oil continued to trade above $80 following yesterday’s weekly inventories. Data showed that crude inventories grew, but analysts are now concerned that as the economic stimulus plans expire, we may see demand falling. Last night’s Chinese CPI data came in at 2.7% sparking inflationary fears..Commodity
Level
ChangeICE BRENT CRUDE - APR 10
$80.19
-$0.28ICE WTI [...]
Ahead of today’s weekly inventories, traders appear to have taken some of the recent profits off the table, albeit we remain above the $80 mark.
A spate of violent outbreaks in Nigeria has helped to increase concerns about supply from the African nation, but despite demand remaining sluggish, oil has rallied sharply over the past few [...]
The price of oil stayed above the $80 level as data showed that net long positions are at their highest levels since January.
The catalysts for the moves up are a weaker dollar, political unrest in Nigeria, and Chinese intention to build up oil reserves. No that oil has traded above, and more importantly stayed [...]
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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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