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June 7th, 2012
Crude Oil rose in New York after China cut benchmark lending and deposit rates for the first time since 2008, while policy makers in the U.S. and Europe indicated they may take steps to boost their economies.
West Texas Intermediate futures gained as much as 1.8 percent, reversing earlier declines after the People’s Bank of China said on its website that the benchmark one-year deposit rate will drop by 0.25 percentage points from tomorrow. Federal Reserve Vice Chairman Janet Yellen said the U.S. remains vulnerable to setbacks that may warrant additional monetary stimulus. European Central Bank President Mario Draghi said officials are ready to act as the euro area’s outlook worsens.
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June 1st, 2012
Crude oil fell to the lowest level in almost eight months as employment reports in the U.S. and the euro area signaled fuel demand may tumble.
Crude oil futures dropped 3.8 percent after the Labor Department said American employers added the fewest workers in a year in May. The euro region’s jobless rate reached a record high, the European Union’s statistics office in Luxembourg said. Brent dropped below $100 for the first time since October.
“You need a word stronger than terrible for the jobs report,” said Stephen Schork, president of the Schork Group Inc. in Villanova, Pennsylvania. “Everything is driven by the lousy economic data.”
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May 22nd, 2012
Crude oil gained for a second day in New York on speculation a strengthening U.S. economy will increase fuel demand and the Obama administration will refrain from easing sanctions against Iran.
Crude oil futures rose as much as 0.5 percent, extending yesterday advance, the first in seven days. The U.S. won’t support relaxing sanctions that are hobbling Iran’s oil exports when negotiators meet in Baghdad tomorrow for a second round of talks on the Persian Gulf nation’s nuclear program, according to officials who declined to be identified because of the issue’s sensitivity. Existing U.S. home sales climbed last month, according to a Bloomberg News survey before a report today.
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May 17th, 2012
Crude oil futures fluctuated in New York as Enbridge Inc. (ENB) and Enterprise Products Partners LP (EPD) prepared to reverse flows on their Seaway pipeline, and as investors speculated Spanish banks may have their credit ratings lowered.
West Texas Intermediate crude, the U.S. benchmark, rose as much as 1.2 percent on the day of the scheduled switch to relieve a U.S. supply glut. Futures retreated on speculation that Moody’s Investors Service will reduce the ratings today. Brent oil in London fell to the lowest level since Jan. 3 after the European Central Bank suspended lending to some Greek firms.
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May 16th, 2012
Crude oil dropped to the lowest price in more than six months in New York after U.S. crude stockpiles increased and talks to form a coalition government in Greece collapsed, raising concern the region’s debt crisis will worsen.
West Texas Intermediate futures slid as much as 2 percent, declining for a fourth day. U.S. inventories rose 6.6 million barrels last week, data from the American Petroleum Institute indicated. A government report today is projected to show a gain of 1.8 million, according to a Bloomberg News survey. Greece will schedule new elections as early as June 10, which German Finance Minister Wolfgang Schaeuble said will be a referendum on whether the country stays in the euro.
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April 30th, 2012
Crude oil fell as Spain’s economy contracted in the first quarter, putting the country into its second recession since 2009 and bolstering concern that fuel demand in the euro region will contract.
Crude oil futures dropped as much as 1 percent after the Madrid-based National Statistics Institute said today that gross domestic product shrank 0.3 percent in the first three months of this year, the same as in the previous quarter. The decline in crude prices accelerated as the dollar rose against the euro on an increase in U.S. consumer spending.
“Concerns about Europe have been weighing on the market for a long time,” said Phil Flynn, an analyst at futures brokerage PFGBest in Chicago. “Today’s Spanish headlines are worrisome. The personal spending numbers here are a positive economic signal which pushed the dollar higher and as a result hit commodities.”
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