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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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November 10th, 2011
Crude oil futures rose to its highest in more than three months in New York as falling unemployment applications and decreasing crude supplies in the U.S. bolstered confidence that demand will remain supported.
Crude oil futures extended gains after the Labor Department said that jobless claims fell by 10,000 to 390,000 in the week ended Nov. 5., the lowest level in seven months. Oil had already gained after Italy met its fund-raising target in a Treasury bills auction. The International Energy Agency reduced forecasts for global oil demand in 2012 for a third month on weaker prospects for developed nations.
“It’s quite bullish at the moment in the oil market,” said Gerrit Zambo, a trader at Bayerische Landesbank in Munich. “But the bullish sentiment can easily turn again if we see markets crashing further due to the Italian situation.”
Crude oil futures for December delivery on the New York Mercantile Exchange rose as much as $2.16 to $97.90 a barrel. It was at $97.49 at 1:38 p.m. London time. Yesterday, the contract climbed to a three-month high of $97.84 before falling to settle at $95.74.
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August 28th, 2011
Crude oil futures traded near a three-day high in New York as investors speculated that growth will recover in the U.S., spurring demand in the biggest crude consumer. Gasoline slid as Tropical Storm Irene headed toward Canada.
Crude oil futures fluctuated after climbing as much as 0.4 percent. Growth is safe in the long run and the central bank can still aid recovery, Federal Reserve Chairman Ben S. Bernanke said Aug. 26. Refineries along the East Coast were operating plants at or near normal levels after Irene weakened from a hurricane. London’s Brent dropped as Libyan rebels claimed full control of oil fields.
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