Tag Archive for Oil

Oil price above $96 per barrel on Iran concerns (AP)

November 9, 2011 num nums

NEW YORK ? Oil prices are above $96 per barrel as tensions rise over Iran’s nuclear program and OPEC boosts its demand forecast.

Benchmark crude on Tuesday rose 56 cents to $96.08 per barrel in New York. Benchmark oil hasn’t traded above $96 in more than three months. Brent crude rose $1.22 to $115.78 per barrel in London.

Prices rose as Iran’s president vowed to press ahead with the country’s nuclear program. The United Nations is expected to report this week that Iran has been studying nuclear weapons.

Meanwhile, OPEC boosted its medium-term forecast for global oil demand to 92.9 million barrels per day by 2015, up 1.9 million barrels from the previous forecast.

At the pump, gasoline prices rose less than a penny to a national average of $3.414 per gallon.

Source: http://us.rd.yahoo.com/dailynews/rss/economy/*http%3A//news.yahoo.com/s/ap/20111108/ap_on_bi_ge/oil_prices

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Oil prices fall on Portugal downgrade (AFP)

July 8, 2011 num nums

LONDON (AFP) ? World oil prices fell on Wednesday when markets were spooked by a ratings downgrade to Portugal which suggested that the eurozone debt crisis was worsening.

New York’s main contract, West Texas Intermediate for delivery in August, dipped four cents to $96.85 a barrel.

Brent North Sea crude for August shed 65 cents to $112.96 in early London deals.

Oil prices had made solid gains on Tuesday, helped by a tentative surge in optimism on the US economy.

“The rally came to an end first after Moody’s lowered the Portuguese credit rating to junk with a negative outlook,” said SEB Commodity Research analyst Filip Petersson.

Moody’s Investors Service late on Tuesday slashed its credit rating on indebted eurozone struggler Portugal, bailed out earlier this year, by four notches to Ba2 from Baa1, warning it could be lowered further.

Moody’s said the downgrade reflects “the growing risk that Portugal will require a second round of official financing before it can return to the private market (to raise financing).”

The bad news out of the eurozone contrasted with the United States, which on Tuesday said new orders for US manufactured goods rose 0.8 percent month-on-month in May, after a 0.9-percent drop in April.

“The economic news coming out of the US has been good. Factory orders were up in May, and crude markets have reacted to this,” said John Vautrain, an analyst for Purvin and Gertz international energy consultancy in Singapore.

However, worries over the impact of the eurozone debt crisis are expected to prevent crude prices from rising sharply.

“The European debt problem in Greece and now Portugal is a preoccupation of the market,” Jason Feer, analyst with Argus Media, told AFP.

Source: http://us.rd.yahoo.com/dailynews/rss/energy/*http%3A//news.yahoo.com/s/afp/20110706/bs_afp/commoditiesenergyoilprice

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Oil slightly higher as markets await Greece vote (AP)

June 22, 2011 num nums

NEW YORK ? Oil settled slightly higher on Tuesday ahead of a key vote in Greece on its financial crisis.

Benchmark West Texas Intermediate for July delivery rose 14 cents to settle at $93.40 per barrel on the New York Mercantile Exchange. It was the last day of trading for the July contract and most of the trading had shifted to the August contract, which rose 54 cents to settle at $94.17 per barrel. It was as high as $95.10 a barrel before it retreated.

“What you’re seeing is a lot of nervous trading right now before this vote in Greece,” PFGBest analyst Phil Flynn said.

Greece’s embattled prime minister faces a crucial vote of confidence in parliament later Tuesday. If the vote fails, it would throw into doubt whether Greece will implement new austerity measures required for the next $17 billion in aid from the European Union and the International Monetary Fund. If Greece defaults on its debt, the economies of other European countries could be affected as well.

U.S. stock markets appeared convinced that Europe would work out its debt problems. The Dow Jones Industrial Average, the S&P 500 and the Nasdaq all rose for a second day.

Meanwhile, retail gasoline in the U.S. lost about a penny Tuesday at $3.637 per gallon, according to AAA, Wright Express and Oil Price Information Service. Gasoline is 21.5 cents cheaper than a month ago, but it’s still 90 cents per gallon higher than the same time last year.

In its weekly report MasterCard SpendPulse said demand at the pump fell for the 13th straight week, based on a four-week average, compared to a year ago. SpendingPulse reports on national retail sales and is based on aggregate sales and services activity in the MasterCard payments network. It includes estimates for all other payment forms, including cash and check.

In other Nymex trading, heating oil gave up 4.20 cents to settle at $2.8900 per gallon and gasoline futures lost 2.89 cents to settle at $2.8826 per gallon. Natural gas added 7.1 cents at $4.388 per 1,000 cubic feet.

In London, Brent crude lost 74 cents to settle at $110.95 per barrel on the ICE Futures exchange.

Source: http://us.rd.yahoo.com/dailynews/rss/energy/*http%3A//news.yahoo.com/s/ap/20110621/ap_on_bi_ge/oil_prices

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