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
Gold hits record above $1,167/oz as dollar slips By Jan Harvey
Nov 23, 2009 Make Money Online
Gold hit a record high at $1,167.45 an ounce on Monday as dollar weakness pushed the metal through key technical resistance levels, fuelling momentum buying after the metal’s sharp run higher earlier this month.
Spot gold was bid at $1,165.45 an ounce at 1002 GMT (5:02 a.m. EST), against $1,148.20 late in New York on Friday. U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange rose $19.10 to $1,165.90 an ounce.
Afshin Nabavi, head of trading at MKS Finance in Geneva, said the metal’s rise through technical stops had triggered fresh buying.
“The way the market held the $1,130 support on Thursday and Friday was very impressive,” he said. “It looks like $1,200 will be seen much sooner than expected.”
The dollar extended broad losses on Monday, hitting a six-week low versus the yen after comments from a Federal Reserve official bolstered the view that U.S. interest rates will stay low.
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Tags: Barclays Capital, COMEX, ETF Securities, exchange-traded commodities, FED, Federal Deposit Insurance Corp, Fuel momentum, Gold, Gold Price, Interest Rate, Mercantile Exchange, MKS Finance, Oil Price, Spot Platinum, Technical Resistance, Westen Nation
Oil rises more than 1 pct on dollar, China By David Sheppard
Nov 23, 2009 Make Money Online
Oil prices rose more than 1 percent to move above $78 a barrel on Monday due to weakness in the dollar and signs of buoyant demand from China, the world’s second-largest energy consumer.
China’s implied oil demand in October was more than 10 percent higher than at the same time last year, customs data showed on Monday, in the latest sign consumption is rising in emerging economies despite the lingering impact of the economic crisis.
“Chinese demand is definitely supporting this market as demand in the OECD (Organization for Economic Co-operation and Development) remains relatively weak,” said Andrey Kryuchenkov, analyst at VTB Capital in London.
U.S. crude for January delivery rose 93 cents to $78.40 a barrel by 6:46 EST (1146 GMT), after rising to a day high of $78.52 earlier. London Brent crude rose $1.10 to $78.30.
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Tags: economic crisis, Economics, largest energy consumer, OECD, Oil Price, OPEC, Organization for Economic Co-operation and Development, Organization of the Petroleum Exporting Countries, VTB Capital
Oil slips towards $79 on dollar, demand concern
Nov 19, 2009 Make Money Online
By Emma Farge
U.S. crude futures drifted lower to hover beneath the key $80 a barrel mark on Thursday as gains in the dollar weighed on prices and doubts about the pace of demand recovery in the United States dampened sentiment.
The dollar inched higher against the euro to move up from 15-month lows earlier in the week while sluggish demand for distillates due to mild weather in the United States capped price gains.
U.S. crude prices for December delivery fell 46 cents to $79.12 a barrel by 1010 GMT, after settling up 44 cents on Wednesday.
Brent crude for January delivery fell 42 cents to $79.05 a barrel after trading within cents of the year high of $80.26 on Wednesday.
“We have seen some good gains in the last few days and we are very close to important psychological levels so it’s a slight retracement,” said oil futures broker Tony Machacek at Bache Financial. Read the rest of this entry »
Tags: Bache Financial, Crude Oil, CWA, Global Market, Libya's National Oil Corporation, Oil Price, US Dollar
Stocks shrug off data, gold hits high, oil sinks
Nov 7, 2009 Make Money Online
By Daniel Bases
Global equity markets ended the week with gains on Friday, shrugging off initial shock at U.S. jobs data, but oil prices never fully recovered.
Gold climbed to another record high, piercing through the $1,100 an ounce mark after the data, before slipping back as investors decided the jobless numbers were not so bad.
While U.S. President Barack Obama called the data “sobering”, the increase in the unemployment rate to a higher-than-expected 10.2 percent, a 26-1/2-year peak, was later discounted after the number of jobs reported lost in August and September were revised down. Read the rest of this entry »
Tags: .DJI, Credit Suisse, Dow Jones, Europe's FTSEurofirst, Finance Minister, Global Equity market, Gold, International Monetary Fund, Oil Price, Stock Market, US Central Bank
Oil falls towards $80 on dollar, earnings
Oct 22, 2009 Make Money Online
By Ikuko Kurahone
LONDON (Reuters) – Oil slipped toward $80 on Thursday as a stronger dollar encouraged investors to lock on profit from a 12-month high hit on Wednesday.
U.S. crude oil futures fell $1.26 to $80.11 a barrel by 0852 GMT. London Brent crude fell $1.09 to $78.60.
On Wednesday, U.S. crude surged to $82, the highest price since October last year, as weekly U.S. government oil data showed a large drop in gasoline inventories over the last week, and fuel demand rising about 4 percent year-on-year.
But absolute oil inventory levels remained high globally due to slack demand.
As the dollar bounced from the low against euro and the basket of currencies .DXY, it weighed oil prices, analysts said.
“It is becoming almost imperative to trade the commodity markets from the perspective of the dollar these days, as nothing else seems to count for very much,” MF Global wrote in a research note.
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Tags: Crude Oil, CSGN.VX, Energy, ERICb.ST, Ericsson, investor, MSCI, Oil Price, Stock Market, Swiss Bank, World Stock
Poor earnings hit stocks, dollar bounces
Oct 22, 2009 Make Money Online
By Jeremy Gaunt, European Investment Correspondent
LONDON (Reuters) – Disappointing corporate results knocked equities lower on Thursday while the dollar bounced off 14-month lows.
Gold and oil both slipped as the dollar rose. Euro zone government debt was flat.
Investors in Europe and Asia picked up on overnight weakness on Wall Street where there was a late sell-off prompted in part by a wider-than-expected loss from Boeing (BA.N).
After the bell, eBay Inc (EBAY.O), the global e-commerce site, forecast fourth-quarter profit and revenue at the low end of analysts’ estimates.
The sour mood was compounded in Europe on Thursday when Ericsson (ERICb.ST) posted lower-than-expected third-quarter core earnings and said sales in its key mobile networks market were hampered by tough market conditions.
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Tags: Earning, Ebay Inc, EBAY.O, Ericsson, Euro Zone, Gold Price, Investors, Oil Price, Stock Market, Wall Street
Oil rallies above $70 on recovery expectations
Oct 8, 2009 Make Money Online
By Joe Brock
Oil rose above $70 a barrel on Thursday, retrieving some of the previous session’s losses, supported by signs of global economic recovery and a weaker U.S. dollar.
Oil dropped almost 2 percent on Wednesday after U.S. government data showed a larger-than-expected build in gasoline and distillate stocks last week, increasing doubts over the pace of fuel demand recovery in the world’s largest energy consumer.
U.S. crude for November delivery rose 62 cents to $70.19 a barrel by 0839 GMT. The contract closed $1.31 lower at $69.57 a barrel on Wednesday.
London Brent crude gained 62 cents to $67.82.
“A weaker dollar is going to continue to help oil and the latest corporate results are supporting a lot of markets today,” said CMC Markets analyst James Hughes. Read the rest of this entry »
Tags: Crude Oil, Oil Price, Stock Market
Oil falls over 1 percent, U.S. job data weighs
Oct 3, 2009 Make Money Online
NEW YORK (Reuters) – Oil fell more than 1 percent on Friday, settling below $70 a barrel after U.S. employment figures raised doubts about the strength of the economic recovery.
U.S. crude futures settled down 87 cents at $69.95 a barrel. London Brent crude settled down $1.12 at $68.07 a barrel.
U.S. unemployment in September rose to its highest rate since June 1983. Payrolls dropped 263,000 against market expectations of a 180,000 fall, the U.S. Labor Department said, bringing the unemployment rate to 9.8 percent.
“Compared to previous recessions, the pace of the current recovery can only be characterized as glacial,” said Mike Fitzpatrick, vice president at MF Global in New York.
Oil inventories have swelled as the recession hits global fuel demand, sending crude prices from record highs close to $150 a barrel in July 2008 to below $33 a barrel in December. Read the rest of this entry »
Tags: Crude Oil, MF Global, Oil Price, OPEC, Organization of the Petroleum Exporting Countries, Stock Market
Oil falls below $70 after near $4 jump
Oct 1, 2009 Make Money Online
By Emma Farge
Oil fell below $70 on Thursday, pulling back after the biggest daily jump since April as ballooning distillate stocks doused positive sentiment and revived the view that oil prices may have run ahead of demand.
U.S. crude futures fell 67 cents to $69.94 a barrel by 1030 GMT (6:30 a.m. EDT), after rising nearly $4 on Wednesday.
London Brent crude shed 63 cents to $68.44 a barrel.
A surprise drop in U.S. gasoline stocks triggered the price rally on Wednesday that enabled crude to squeeze out a slight gain for the third quarter in a move which boosted commodity indexes overall.
Data from the U.S. government Energy Information Agency (EIA) showed a 1.6 million-barrel drop in gasoline stocks for the September 25 week. Read the rest of this entry »
Tags: Crude Oil, EIA, Energy Information Agency, Oil Price, Stock Market
