Europe
Friday, 10 May 2013 02:32
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NEW YORK: Brent crude edged up in volatile trade on Thursday, and US crude settled slightly down, as investors weighed Middle East tensions against weak demand and high inventories.Brent crude for June rallied just before the close of the trading session to end 13 cents higher at $104.47 per barrel, up more than $1 from a session low of $103.45. It subsequently fell in post-settlement trading and was down 11 cents at $104.23 at 4:47 p.m. EDT (2047 GMT).US oil fell 23 cents to settle at $96.39 a barrel, after touching a low of $95.35 in intraday trading. It was down 72 cents to $95.90 in post-settlement trading.The relatively narrow trading range suggested prices were firming."Today's trade feature largely represented consolidation with (US crude) and Brent," Jim Ritterbusch, president of Ritterbusch and Associates, said in a research note.Analysts said data released on Wednesday by the US government showing domestic stockpiles ...
NEW YORK: The spread between Brent and US crude oil futures narrowed sharply in the last half hour of trade on Wednesday fueled by expectations for increased capacity to funnel rising US crude oil production out of benchmark-supply-point Cushing.The spread between US crude oil and Brent settled at $7.72, the lowest settlement since late January 2011.Oil stocks at Cushing, Oklahoma, fell by 652,000 barrels to 49.15 million in the latest week, US Energy Information Administration ...
LONDON: Premiums to secure copper in Europe have pushed above $100 a tonne as a scrap shortage, combined with a maintenance shutdown at a big producer and a Chilean port strike, have led consumers to outbid warehouses for spot supply.Premiums are paid over the London Metal Exchange (LME) cash price to cover delivery costs such as transport and insurance, but they tend to rise above those costs when supply is scarce or demand strong.They have ...
NEW YORK: Most ICE cotton contracts ended Tuesday with modest losses, as participants prepared for the Department of Agriculture's first US supply estimates of the coming crop year, which many analysts expect will be hefty though lower than current yields.But extreme weather conditions, either too much or too little rainfall depending on the region, has resulted in a wide range of estimates. So some players decided to pull back their positions ahead of the report, ...
PARIS: The French farm ministry on Monday cut its estimate of the area sown with rapeseed for this year's harvest after farmers dug up some crops that had suffered from heavy rain.Analysts have been expecting the fall in area to cost France its place as the European Union's top rapeseed producer this year, with Germany forecast to regain the leading position after enjoying more favourable growing conditions.The rapeseed area in France is now estimated at ...
LONDON: Copper jumped almost 5 percent and was on track for its strongest gain in almost a year and half as economic stimulus moves by central banks raised investor confidence over industrial metals demand growth.Benchmark copper on the London Metal Exchange was up 4.6 percent to $7,160 by 1105 GMT from a close of $6,848 on Thursday, its biggest daily increase since Nov. 30 2011.The European Central Bank (ECB) cut interest rates for the first ...
PARIS: Chicago corn rose to a one-month high on Friday, on track for its biggest weekly rise since July, as wet weather continued to delay planting in the US Midwest, raising expectations for corn acres to switch to soybeans.Wheat was flat, after a rise the previous day as the market was driven up by concerns over drought damage to the US winter crop, while soybeans edged higher, tracking gains in corn and wheat.Rain and snow ...
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