Wednesday, 22 May 2013 13:54
Posted by Shoaib-ur-Rehman Siddiqui
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 ...
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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 ...
LONDON: World oil prices fell on Tuesday as traders looked ahead to the latest thoughts of Federal Reserve chief Ben Bernanke on the outlook for the US economy.Brent North Sea crude for delivery in July dropped 53 cents to $104.27 a barrel in approaching midday in London.New York's main contract, light sweet crude for June, slipped 24 cents to $96.47 per barrel.Bernanke will appear before Congress' Joint Economic Committee on Wednesday to give an update ...
LONDON: Brent oil futures fell towards $104 per barrel on Tuesday on concerns that the US Federal Reserve might scale back its quantitative easing programme, which could damage fragile demand.Comments by Fed officials and upbeat US data last week fuelled speculation the central bank might start to reduce its bond purchases this year.Investors are focussing on the release of minutes of the Fed's last meeting and testimony by Fed Chairman Ben Bernanke to Congress, both ...
LONDON: Hellenic Petroleum, Greece's largest refiner, has issued a tender to buy an 80,000 tonne cargo of Russian Urals crude oil for early June delivery, a trading source said, the first in months as its finances improve.The tender was issued on Friday and closes today. The payment will be on open credit terms, which means that the seller will cover the trade financing for the deal.Traders said it has been a long time since the ...
LONDON: Brent crude oil slipped towards $104 per barrel on Monday, weighed by ample supplies, weaker demand for fuel and a strong dollar, despite gains in equity markets.The dollar was within 0.2 percent of its highest level since July 2010 against a basket of currencies, keeping a lid on a range of commodities prices.A strong dollar tends to depress oil and other commodities that are priced in the US currency on international markets.The fundamental outlook ...
OSLO: Norway's Statoil said its gas output will be reduced by 11.5 million cubic metres (mcm) per day on Monday due to an unexpected outage.Its gas output was reduced by 10 mcm the previous day after power supply interruption shut down compressors at Statoil-operated Troll A platform in the North Sea.Copyright Reuters, 2013 ...
