April 25th, 2012

Crude oil futures rose to its highest level in a week in New York after the American Petroleum Institute said crude inventories fell in the U.S., the world’s biggest consumer of the commodity.

U.S. stockpiles decreased by 985,000 barrels last week, the industry-funded API said. An Energy Department report today is forecast to show a gain of 2.8 million barrels. Goldman Sachs Group Inc. said crude prices will rise as demand growth outpaces production capacity and that increased output by Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, has left the group’s spare capacity at less than 1 million barrels a day.

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Crude Oil Futures Gain With Equities, Falling Dollar

On April 20, 2012, in Uncategorized, by Infinity Trading

April 20th, 2012

Crude-oil futures rose Friday along with stock markets and the falling dollar, as improving data in Europe reduced worries about a slump in oil demand.

Light, sweet crude for May delivery recently traded $1.77, or 1.7%, higher at $104.04 a barrel on the New York Mercantile Exchange. The May contract expires at settlement on Friday, and futures for June delivery recently traded $1.68 higher at $104.40 a barrel.

Brent crude for June delivery on the ICE futures exchange traded 99 cents higher at $119.99 a barrel.

Crude oil gained as improving data out of Germany and the U.K. early Friday lifted European markets and provided a boost to U.S. stock market futures.

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April 18th, 2012

Brent crude futures dropped for a second day this week amid concern that Europe’s debt crisis may curb oil consumption, while U.S. benchmark West Texas Intermediate was little changed.

North Sea Brent declined as much as 1 percent while European equities fell and the euro declined against the dollar. A cease-fire in Syria and plans for renewed negotiations next month between Iran and the five permanent members of the United Nations Security Council plus Germany reduced the likelihood of more supply disruptions in the Middle East. U.S. crude stockpiles climbed for a fourth week, data from the industry- funded American Petroleum Institute showed.

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March 8th, 2012

Crude oil rose for a second day in New York on signs that sanctions on Iran are succeeding in cutting the nation’s crude exports.

Crude oil futures climbed as much as 0.9 percent, adding to yesterday’s 1.4 percent increase. U.S. lawmakers proposed new measures against Iran’s nuclear program, while Barclays Capital said shipments from the Persian Gulf nation have dropped by 300,000 to 400,000 barrels a day. The European Union offered on March 6 to restart negotiations with the Islamic Republic.

“The consensus is that the EU embargo and U.S. sanctions are having a higher-than-expected impact,” said Olivier Jakob, managing director at Petromatrix GmbH in Zug, Switzerland. “On Iran now we have to wait a little bit to see the feeling coming out of the pre-negotiations.”

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February 10th, 2012

Crude oil dropped from a three-week high as euro-area finance ministers refused to approve a rescue package for Greece, boosting concern that the European debt crisis will reduce fuel demand.

Futures fell 1.2 percent after Luxembourg Prime Minister Jean-Claude Juncker, chairman of the group of euro-area finance chiefs, said yesterday that Greece won’t get financial aid until it implements an austerity plan. The International Energy Agency also cut its 2012 global oil demand forecast for a sixth month, citing a “darkening” economic outlook.

“The market rallied earlier this week on signs that the Greek situation was about to be settled and is now giving back those gains,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “The longer this crisis continues, the more it will diminish European economic growth and along with that the oil demand outlook.”

Crude oil for March delivery decreased $1.17 to settle at $98.67 a barrel on the New York Mercantile Exchange. The contract rose for a third day yesterday, climbing 1.1 percent to $99.84, the highest close since Jan. 19. Prices increased 0.8 percent this week and are up 14 percent in the past year.

Brent oil for March settlement fell $1.28, or 1.1 percent, to end the session at $117.31 a barrel on the London-based ICE Futures Europe exchange. It was the first decline in nine days, ending the longest stretch of moves higher since October 2009. The European benchmark contract’s premium to New York-traded West Texas Intermediate crude was at $18.64, 11 cents narrower than yesterday’s settlement.

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