, Brent oil price sinks under $72 as the Euro looses ground, WTI oil price trading down 3 percent on firm US dollar Index, BP shares in freefall down
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Posted under Oil Prices
This post was written by admin on June 10, 2010
Oil prices retraced to $75 amid ongoing Euro concerns
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Oil prices hovers around $72 mark on US dollar gains
Crude oil prices open trading on Wednesday hovering around the $72 a barrel mark as the US dollar one again makes gains against the Euro and other major world currencies.
US Light crude oil futures for July delivery traded at $72.08 a barrel at 0611 GMT on the NYMEX, while in London, Brent crude oil futures for July delivery fell 46 cents to $72.25 a barrel on the ICE Futures Exchange.
The dollar index, which measures the US currency against a basket of six others, advanced 0.2% to 86.74, although the dollar was down 0.8% against the British pound at $1.466.
A stronger dollar versus the euro and other currencies weighs on oil prices as it makes the commodity much more expensive to buy for holders of other currencies. The euro is trading near a four-year low against the dollar, under pressure after the downgrade of Spain’s sovereign debt and the European Central Bank’s estimate of bank losses.
Asian stock markets opened lower on Wednesday which will probably have a negative effect on oil prices, yesterday the Dow Jones closed over one percent lower at 10,024.02.
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This post was written by admin on June 9, 2010
WTI oil price move higher to $73 on US supplies dip
WTI oil prices open trading over $73 a barrel Thursday in Asia after a report showed US crude inventories fell more than expected, suggesting consumer demand is growing.
US Light crude oil futures for July delivery was at $73.65 a barrel at midday Singapore time on the NYMEX.
Crude supplies fell more than expected last week, dropping by 1.4 million barrels, the American Petroleum Institute said late Wednesday. Analysts had expected an increase of 1.0 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
Meanwhile, the Dow Jones industrial average rose 2.2 percent Wednesday and all major Asian stock markets gained in early trading on Thursday.
“The driver for oil prices at the moment is economic recovery and there’s some evidence of it in the US and UK, but overall the concern is the eurozone debt crisis,” said CMC Markets analyst Michael Hewson.
“Jittery oil trading is here to stay for now as we continue to track the broader markets and swings in global risk sentiment,” said VTB Capital analyst Andrey Kryuchenkov.
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This post was written by admin on June 9, 2010
WTI oil price hover nears $75 after US crude supply dip
WTI oil prices are closing back in on the $75 mark on Friday as the latest US crude oil supply data showed a dip lower.
Light crude oil futures for July delivery was at $74.67 midday Singapore time on Friday on the NYMEX.
Oil prices advanced 2.4 percent after the US Department of Energy said US crude oil supplies fell 1.9 million barrels to 363.2 million last week, while crude oil inventories were forecast to be unchanged, according to the Bloomberg News survey.
US stockpiles were forecast to drop by 500,000 barrels, according to analysts surveyed by Bloomberg News.
However, stockpiles of WTI crude oil at Cushing, Oklahoma, where New York traded WTI oil is delivered, rose to 37.9 million barrels, the second-highest level since the US Energy Department started keeping records at the storage hub in 2004.
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This post was written by admin on June 9, 2010
Crude oil prices fall four percent on gloomy US jobs data, news updated June 05, 2010
Crude oil prices have fallen over four percent in late trading on Friday, hit by weaker than expected US payrolls data and a stronger US dollar, with the Dow Jones closing under the 10,000 mark.
US Light sweet crude oil futures for July delivery closed trading at $71.51 a barrel on the NYMEX, while in London, Brent crude oil futures ended at $71.71 a barrel on the ICE Futures Exchange.
The latest US jobs data showed that the private sector created only 41,000 jobs however most analysts had expected 226,000 private payrolls to be added.
“The US payroll figures did manage to surprise the oil market on the negative side,” said Sucden research analyst Myrto Sokou in London.
The data sent stock markets and oil prices sharply lower in trading and the Dow Jones finished the week under the 10,000 mark and down over three percent.
Meanwhile, the US dollar surged to its highest level against the euro in more than four years which tends to have a negative effect on oil prices. The euro sank as low as $1.1956, its weakest level since it bought $1.1920 in March 2006 and well below the $1.2182 it bought in New York late Thursday.
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Posted under Oil Prices
This post was written by admin on June 9, 2010
