Americas
Tuesday, 28 February 2012 21:34
290
NEW YORK: Oil prices slipped a second day on Tuesday as investors gauged the threat to demand from high prices against supply concerns and anticipation of more liquidity injections from the European Central Bank that were expected to support petroleum futures.
Analysts and traders said the string of higher settlements last week that put Brent crude's settlement near a 10-month high above $125 a barrel on Friday had sparked concerns about the effect on global demand for oil, especially in the struggling economies of Europe.
"There is some concern growing that high oil prices may impact the economy and oil demand in future," said Carsten Fritsch, an analyst at Commerzbank in Frankfurt.
"That is leading to profit-taking, which is not surprising given the huge build in speculative net long positions in recent weeks," he added.
Fritsch was referring to US Commodities Futures Trading Commission data released Friday showing that net long positions ...
NEW YORK: US natural gas futures slid early Tuesday, with the new front month contract off about 5 to 6 cents with weaker crude futures and ongoing concerns over a very mild winter weather that has left inventories bloated.
New front month April natural gas futures on the New York Mercantile Exchange were at $2.548 per million British thermal units in early US activity, down 5.5 cents.
The March contract went off the board Monday down 10.4 ...
SAO PAULO: Brazil said Friday it planned to boost sugarcane production over the next four years for use as ethanol fuel in light vehicles.
The federal government said a strategic plan to increase sugarcane output during the 2012-2015 period was being developed to firm up ethanol's role as the leading fuel for Brazil's fleet of light vehicles.
Since 1976 the government made it mandatory to blend anhydrous ethanol, containing a maximum one percent of water, with gasoline, ...
NEW YORK: World oil prices surged again to new nine-month highs Friday as traders fretted about the impact of heightened geopolitical tensions over Iran on global crude oil supplies.
New York's main contract, light sweet crude for April, soared almost $2 a barrel, closing above $109 for the first time since May.
The benchmark West Texas Intermediate contract settled at $109.77, up $1.94 from Thursday's closing level.
Meanwhile, Brent North Sea crude for delivery in April shot up ...
NEW YORK: Brent crude oil rose to a nine-month high above $123 a barrel late Wednesday morning as supportive Iran-related tensions and supply worries outmatched weak economic data in Europe and China that cast doubt on the global growth outlook.
US crude futures were stuck in negative territory after the new front-month April contract hit a fresh nine-month high above $106 as overbought signals triggered slight profit-taking, analysts said.
In London, ICE Brent crude for April delivery ...
More Articles...
| |||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||
