Markets - Energy
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LONDON: Brent crude oil dropped towards $103 per barrel on Wednesday after data showing a surprise jump in US gasoline stockpiles sparked worries that summer demand in the world's top oil consumer could be weaker than expected.The American Petroleum Institute said late on Tuesday US gasoline inventories rose by 3 million barrels last week, suggesting the US domestic fuel market would be well supplied during the peak driving season.Investors awaited oil inventory figures from the US government's Energy Information Agency (EIA), due at 10:30 a.m. EDT (1430 GMT) to see if they confirmed the data.But a slight weakening of the dollar from 34-month highs helped steady oil, which tends to move inversely to the US currency.Brent crude fell 60 cents to $103.31 per barrel by 0845 GMT, after shedding nearly a dollar in the previous session. US crude lost 30 cents to $95.88."Investors are worried oil fundamentals are weakening with ...
SINGAPORE: Oil was down in Asia on Wednesday as traders waited for the release of the latest energy inventory report from the United States, analysts said.Weak demand and surging crude stockpiles in the world's biggest economy have put downward pressure on prices and limited gains.New York's main contract, West Texas Intermediate light sweet crude for delivery in July, dropped 48 cents to $95.70 a barrel in the afternoon and Brent North Sea crude for July ...
SINGAPORE: Oil was down in Asia on Wednesday as traders waited for the release of the latest energy inventory report from the United States, analysts said.Weak demand and surging crude stockpiles in the world's biggest economy have put downward pressure on prices and limited gains.New York's main contract, West Texas Intermediate light sweet crude for delivery in July, dropped 42 cents to $95.76 a barrel and Brent North Sea crude for July delivery shed 32 ...
NEW YORK: US natural gas futures rose more than 2 percent on Tuesday, extending gains for a third straight session, as warmer weather blanketing much of the nation boosted demand for air conditioning."The natural gas rally continued for yet another session, not a major surge, but a decent three-day rally which is looking more like new buying is starting to come back into the market after two weeks in a row of the speculative community ...
NEW YORK: Crude prices fell on Tuesday, led lower by a sharp drop in US gasoline futures as traders bet the market would be well supplied this summer, and as an industry report showed rising fuel stockpiles in the world's largest oil consumer.After the market settled, the American Petroleum Institute said US crude oil stocks rose by more than 500,000 barrels last week, trumping analyst expectations for them to fall, while gasoline stocks jumped by ...
NEW YORK: Oil prices fell for the first time in five days Tuesday, the eve of Federal Reserve chief Ben Bernanke's highly anticipated testimony to Congress on the outlook for the US economy.The market also awaited the US Department of Energy's weekly report Wednesday on the nation's commercial petroleum reserves, whichhave hovered near record highs in recent weeks.New York's main contract, West Texas Intermediate light sweet crude for June, fell 55 cents to $96.16 a ...More Articles...
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