Oil slips towards $77 ahead of U.S. stocks data By Christopher Johnson
Nov 24, 2009 Make Money Online
Oil slipped toward $77 a barrel on Tuesday ahead of data expected to show crude inventories rising in the United States but trade was thin ahead of the Thanksgiving holiday.
A weekly report from the American Petroleum Institute (API) due at 4:30 p.m. EST (2130 GMT) was likely to paint a bearish picture of U.S. energy demand, analysts said.
A Reuters survey of analysts forecast the U.S. inventory data would show a 1.6 million barrel build in crude stocks for the week to November 20, as production rebounded from Gulf of Mexico disruptions caused by Tropical Storm Ida.
U.S. crude for January delivery eased 11 cents to $77.45 a barrel by 7:55 a.m. EST (1255 GMT), after settling up 9 cents at $77.56 on Monday. London Brent crude was up 19 cents to $77.65. Read the rest of this entry »
Tags: American Petroleum Institute, API, Natural Gas, NGLs, Oil Price, OPEC, Stock Market, Tropical Storm, WSI Corp
Oil climbs above $70 ahead of U.S. data
Sep 1, 2009 Make Money Online
By Christopher Johnson and Catherine Bosley
LONDON (Reuters) – Oil rose above $70 a barrel on Tuesday in choppy trade, as the market awaited U.S. data expected to indicate economic recovery and higher fuel consumption in the world’s biggest energy market.
By 1235 GMT (8:35 a.m. EDT), U.S. crude for October delivery was up 12 cents at $70.08 a barrel. London Brent crude was up 25 cents at $69.90.
Oil has risen from a low of 32.40 in December, helped by economic recovery optimism that lifted global stocks to 10-month highs last month.
The purchasing managers’ index in China, the world’s second-biggest oil user, reached a 16-month high in August..
The data helped crude rise to an intra-day high of $70.64, as the market recovered from a 4 percent fall on Monday in response to worries about Chinese curbs to lending.
Read the rest of this entry »
Tags: API, Barrel, Crude Oil, crude stocks, economic, EIA, Global Stock, Market, Oil, Oil prices, petroleum, Stock, Stock Market
