| Oil price strikes record $US90
CRUDE oil prices struck a record $US90 a barrel in after-hours trading in New York overnight, amid increased tensions between Turkey's government and Kurdish rebels in northern Iraq. Traders said a weak US dollar and supply jitters had also stoked the price surge. The price gains came after New York's main oil futures contract, light sweet crude for delivery in November, had jumped $US2.07 to a record close of $US89.47 a barrel. London prices also pushed higher in after-hours trading, as Brent North Sea crude for December delivery soared to $US84.88 after the contract had earlier settled $US1.47 higher at $US84.60. Oil prices have pushed higher this week amid geopolitical angst related to the Turkey-Iraq border and a weakening dollar, which makes dollar-priced commodities such as oil cheaper for buyers with stronger currencies and therefore lifts crude demand.
Oil nudges higher after $2 fall, eyes dollar
SINGAPORE: Oil rose marginally in thin trade on Friday after falling sharply a day ago on concerns about the US economy, the strengthening dollar and the market's failure to break above a key resistance level.
US light sweet crude futures for January delivery rose 36 cents to $92.61 a barrel after falling by $2.14 a day ago, halving gains from Wednesday when the market was buoyed by a US oil stock draw and a global central bank cash injection.
London Brent crude rose 41 cents to $92.53. Oil prices touched a two-week high of $94.85 a barrel on Wednesday and Thursday, which may have triggered the reversal.
"We have been feeling that there seems to be quite heavy resistance at $95 at the moment, we failed to break above it for two days, which is why people may have taken profits," said Tetsu Emori, a fund manager at Astmax Futures Co Ltd in Tokyo.
Oil price hits record $US101
New York's main oil futures contract, light sweet crude for delivery in March, subsequently receded, but closed up 73 cents at an all-time high of $US100.74. The latest price spike burst Tuesday's record price of $US100.10 and record close at $US100.01. In London, Brent North Sea crude for April delivery settled 14 cents lower at $US98.42, after striking a record $US98.70 Tuesday. Prices have soared amid growing speculation that OPEC, which supplies about 40 per cent of the world's oil, may cut output at its March 5 meeting in Vienna, anticipating a fall in demand at the end of the northern hemisphere winter and a US economic slowdown, analysts said. "Supply worries and comments by some OPEC members that the group might not raise output at their March meeting provided the catalyst for the sharp rally," said Barclays Capital analyst Kevin Norrish.
Oil price hits new record of $US101.32 a barrel
WORLD oil prices hit a new record of $US101.32 ($110.48) a barrel in Asian trading today on renewed concerns over global crude oil supplies. New York's main oil futures contract, light sweet crude for delivery in March, closed overnight up 73 cents at an all-time high of $US100.74. The latest price spike burst Tuesday's record price of $US100.10 and record close at $US100.01. In London, Brent North Sea crude for April delivery settled 14 cents lower at $US98.42, after striking a record $US98.70 Tuesday. Prices have soared amid growing speculation OPEC, which supplies about 40 per cent of the world's oil, may cut output at its March 5 meeting in Vienna, anticipating a fall in demand at the end of the northern hemisphere winter and a US economic slowdown, analysts said. "Supply worries and comments by some OPEC members that the group might not raise output at their March meeting provided the catalyst for the sharp rally," said Barclays Capital analyst Kevin Norrish.
Oil markets breach $100 a barrel for first time
Investors in oil futures drove prices above $100 a barrel today at market close, marking the first time crude has ever closed at three figures. Analysts hypothesized investor fears about a possible OPEC production cut next month, concern over Alon USA's Big Spring oil refinery explosion Monday, which injured four and put the plant out of commission for at least two months, and the heightened political tensions between the United States and Venezuela. Aggregate data from MSN Autos placed the average price per gallon at Dallas pumps at $2.92 on Tuesday afternoon. The national average price per gallon is $3.03. .
Thomson Financial Europe AM at a glance share guide: Shares mixed, oil ...
Oil futures ended an erratic session higher Tuesday as investors focused on expectations that the Federal Reserve will cut interest rates and OPEC will hold production steady, and shrugged off estimates that domestic crude inventories rose last week. METALS: Gold prices fell as the dollar was mixed against major European currencies. EVENTS: FOMC meeting (interest rate decision due 1915 GMT) US weekly API, Department of Energy oil inventory data (0330 GMT) Jan ADP national employment report (1315 GMT) Q4 GDP (advance) (1330 GMT) Kraft Foods Inc Q4 results. EPS forecast 44 cents vs 51 (before market opens) Merck & Co Inc Q4 results. EPS forecast 73 cents vs 50 (before market opens) Allergan Inc Q4 results. EPS forecast 58 cents vs 51 (1700 GMT) Amazon Com Inc Q4 results. EPS forecast 48 cents vs 23 (1700 GMT) Boeing Co Q4 results.
Oil prices remain near US$99 a barrel but market seen staying bullish
Oil prices were barely higher Friday from the previous session's close after setting a record above US$100 a barrel overnight on a larger-than-expected drop in U.S. crude stockpiles. Light, sweet crude for February delivery was up 4 cents to US$99.22 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. On Thursday, the contract rose as high as US$100.09 a barrel, a trading record, before retreating to settle at US$99.18. In London, Brent crude fell 8 cents Friday to US$97.52 a barrel on the ICE Futures exchange. The U.S. Energy Department's Energy Information Administration said Thursday that crude inventories fell 4 million barrels last week, much more than the 1.7 million barrel decline analysts surveyed by Dow Jones Newswires, on average, had expected.
Oil prices touch new high of $101.32
SINGAPORE: World oil prices hit a new record of USD 101.32 a barrel on renewed concerns over global crude supplies, dealers said on Thursday.
New York's main oil futures contract, light sweet crude for delivery in March, touched the all-time peak in electronic trading before it lapsed.
In morning trade, the contract for April delivery which took over was trading at USD 99.76 a barrel, up six cents from the previous day.
Brent North Sea crude for April delivery rose three cents to USD 98.45 a barrel. .
|
