Markets - Energy
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LONDON: Brent crude oil held above $104 per barrel on Monday, supported by strong equity markets and a slightly lower dollar, despite a weaker outlook for fuel demand and ample supplies.World stock markets rose to five-year highs, boosted by optimism over the outlook for global growth, while the dollar slipped 0.2 percent against a basket of currencies, easing from its highest since July 2010.Brent crude futures for July were down 30 cents at $104.34 per barrel by 0810 GMT, after three straight sessions of gains. US crude fell 50 cents to $95.52."The strength of the dollar has been negative for commodities, so a slight easing in the currency is positive," said Olivier Jakob, analysts at Swiss energy consultancy Petromatrix."But short-term the market looks fairly balanced, with Brent trading in a range between $90 and $110 per barrel. It is difficult to see it breaking out of that for a while."Several ...
SINGAPORE: Oil prices were down in Asian trade Monday as investors locked in profits from last week's gains after US stocks blazed to new record levels.The US benchmark contract, West Texas Intermediate for June delivery, was down 19 cents at $95.83 a barrel and Brent North Sea crude for delivery in July dropped five cents to $104.59 in the afternoon.Prices had surged last week after a better-than-expected reading on US consumer confidence boosted hopes for ...
LONDON/WASHINGTON: A European probe into possible oil price manipulation expanded with the investigation of a small niche trading house in the Netherlands, while a key US senator on Friday called for the Justice Department to join the investigation.Dutch trading house Argos Energies, a mid-sized trading company that deals in physical oil products and owns storage facilities, was visited by inspectors from the European Commission on Tuesday, a source familiar with the investigation said on Friday.The ...
NEW YORK: US natural gas futures ended up sharply on Friday, backed by a late flood of buying ahead of the weekend despite fairly neutral weather forecasts that are not likely to stir up much demand.Gas prices sold off sharply on Thursday, sinking more than 3 percent after a bearish weekly inventory report.Chart traders said technical buying may have propped up prices on Friday, noting futures seem to have found a bottom after testing and ...
LONDON: World oil prices rose further on Friday on talk of a potential scaling back of US stimulus measures and despite a stronger dollar making crude more expensive for holders of rival currencies, analysts said.Brent North Sea crude for delivery in July grew 69 cents to $104.47 a barrel in London midday deals.New York's main contract, light sweet crude for June, climbed 48 cents to $95.64 a barrel."Crude oil prices extended gains on Friday after ...
SINGAPORE: Oil prices eased in Asia on Friday as poor housing and employment data from the United States sparked concerns of weaker crude demand in the world's biggest economy, analysts said.New York's main contract, light sweet crude for delivery in June, dropped 14 cents to $95.02 a barrel and Brent North Sea crude for July delivery shed 15 cents to $103.63 in mid-morning trade."The market has taken fright at those worse-than-expected numbers," David Lennox, resource ...More Articles...
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