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US oil hits five-month high as dollar weakens LONDON: US crude oil hit a five-month high on Thursday as the dollar slipped to its lowest since February and as more evidence emerged of a gradual balancing of the US domestic market. The US currency fell to a two-month low against a basket of currencies early on Thursday as the euro and yen rallied, making oil less expensive for holders of other currencies. "The dollar has been the big factor," said Bjarne Schieldrop, chief commodities analyst at SEB in Olso. "The dollar index broke below its 60-day moving average on Monday for the first time since July and it is only 1.1 percent away from breaking below its 120-day moving average." A rebound in the dollar after positive US economic data pared oil prices later. US crude oil, known as West Texas Intermediate, or WTI, hit a high of $59.40 a barrel, its highest since Dec. 12, before easing ...
Shell posts lower first-quarter net profits LONDON: Anglo-Dutch energy giant Royal Dutch Shell, which is buying British rival BG Group, posted falling first-quarter profits Thursday on sliding oil prices.Net profit or earnings after tax dipped two percent to $4.4 billion (4.0 billion euros) in the three months to March compared a year earlier, it said in a results statement.Shell also revealed that profit, adjusted for one-off items and inventory changes, sank 56 percent to $3.2 billion in the reporting period.That still ...
Oil prices dip before US data LONDON: Oil prices dipped on Wednesday as markets awaited data on US crude inventory levels for clues on the state of demand in the world's biggest economy.US benchmark West Texas Intermediate for delivery in June fell 32 cents to $56.74 a barrel compared with Tuesday's close.Brent North Sea crude for June delivery eased two cents to stand at $64.62 in London afternoon deals.The US Department of Energy (DoE) will release its weekly stockpiles report later ...
Oil prices rise further LONDON: Oil prices rose further on Thursday, extending the previous day's gains on a drop in US crude inventories that offset disappointing growth data in the world's biggest economy.US benchmark West Texas Intermediate for delivery in June climbed 42 cents to $59 a barrel.Brent North Sea crude for June delivery gained 0.34 cents to stand at $66.88 a barrel in London midday deals.Inventories at the key US oil terminal hub in Cushing, Oklahoma, reported its ...
Oil market sags on Saudi comments LONDON: Oil prices weakened Tuesday after a senior Saudi official signalled that the world's top crude exporter has no intention of cutting output despite a global supply glut, analysts said. US benchmark West Texas Intermediate for June delivery fell 18 cents to $56.81 a barrel compared with Wednesday's closing level.Brent North Sea crude for June declined 15 cents to stand at $64.68 a barrel in midday deals in London."Saudi Arabia is interested in maintaining its ...

 





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