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Oil falls toward $86 on economy gloom

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The price of fell to near $86 a barrel Thursday in Asia after economic data from Europe suggested global demand for energy will remain subdued.

Benchmark oil for May delivery was down 20 cents to $86.48 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped $2.04, or 2.3 percent, to close at $86.68 in New York on Wednesday — the fourth daily drop of at least 2 percent in April.

Economic reports from Europe this week were a disappointment. Germany reported a drop in investor confidence, France cut economic growth forecasts, and unemployment rose in Britain. On top of that, the International Monetary Fund lowered its outlook for world economic growth this year to 3.3 percent from 3.5 percent.

The gloom began Monday, when a report of slower-than-expected economic growth in China helped trigger a broad sell-off in commodities that included the biggest one-day drop in the price of gold in 30 years.

Ample crude supplies globally made it easy for investors to set aside the latest data from the American Petroleum Institute showing a drop in U.S. inventories for the week ending April 12. Supplies fell by 354,000 barrels from the prior week to 384.1 million barrels. A drop in supplies can be due to higher demand but the week to week data is volatile.

In London, Brent crude, which is used to price oil used by many U.S. refiners, was down 18 cents to $97.51.

In other energy futures trading on Nymex:

— Heating oil rose 1.1 cent to $2.746 a gallon.

— Natural gas fell 2.2 cents to $4.192 per 1,000 cubic feet.

— Gasoline fell 0.2 cent to $2.719 per gallon.

From: http://feeds.foxnews.com/~r/foxnews/world/~3/is-eFsX6ifE/

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Oil falls to near $93 on lower demand forecasts

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Oil fell to near $93 a barrel Friday, dragged down by a combination of lukewarm forecasts for demand and sufficient supplies.

Benchmark oil for May delivery was down 33 cents to $93.18 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange.

The contract dropped $1.13 to finish at $93.51 a barrel on Thursday after the International Energy Agency lowered its forecast for global oil demand in 2013 by 45,000 barrels to 90.6 million barrels a day. Its predictions were similar to those made earlier this week by OPEC and the U.S. Energy Department.

Brent crude, which sets the price of crude used by many U.S. refineries to make gasoline, rose 2 cents to $104.40 a barrel on the ICE Futures exchange in London. Brent has dropped about 12 percent in the past two months amid Europe‘s ongoing financial crisis, increased supplies and tepid forecasts for demand.

“Concerns about European demand continue to weigh on the oil price,” said Michael Hewson of CMC Markets.

“US inventories at their highest levels in years and the IEA lowering its forecasts for oil demand are pushing prices lower,” he said in a commentary.

In other energy futures trading on the Nymex:

— Heating oil rose 1 cent to $2.908 per gallon.

— Gasoline added 1.2 cents to $2.852 per gallon.

— Natural gas rose 1.2 cents to $4.151 per 1,000 cubic feet.

From: http://feeds.foxnews.com/~r/foxnews/world/~3/ywbQ4Re-kMI/

News, Politics, Government

Oil price rises to near $94 as euro gains

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The price of oil rose Tuesday as the dollar fell against the euro following weak U.S. jobs data.

Benchmark oil for May delivery was up 32 cents to $93.68 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 66 cents to finish at $93.36 a barrel on the Nymex on Monday.

Analysts attributed the rise in oil prices to the rebound of the euro against the dollar. A weaker dollar makes oil, which is traded in dollars, more affordable for investors holding other currencies. The euro rose to $1.3047 from $1.3007 late Monday in New York.

Matt Basi of CMC Markets attributed the dollar’s slip to “the slew of poor US employment figures last week.”

The Labor Department issued a monthly jobs report Friday that surprised analysts with its weakness. The gain of 88,000 jobs in March was the smallest in nine months. The unemployment rate fell to a four-year low of 7.6 percent, but that was only because more people stopped looking for work and were no longer counted as unemployed. Other data showed an increased in claims for unemployment benefits.

Brent crude, which sets the price of oil used by many U.S. refineries to make gasoline, was up 44 cents to $105.10 per barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Heating oil rose 0.9 cent to $2.963 per gallon.

— Wholesale gasoline rose 1.5 cents to $2.924 per gallon.

— Natural gas rose 1 cent to $4.092 per 1,000 cubic feet.

…read more

Source: FULL ARTICLE at Fox World News

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Oil price rises to near $93 after sharp drop

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The price of oil rose modestly Monday after sharp losses due to high supplies and weak U.S. employment figures.

Benchmark oil for May delivery was up 17 cents to $92.87 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 56 cents to close at $92.70 on Friday and was down 5 percent from midweek.

The price of oil fell after a weak jobs report cast doubt on the strength of the U.S. economy. The Labor Department reported Friday the economy added 88,000 jobs in March, the fewest in nine months. The slowdown may signal the economy will weaken this spring.

The U.S. Energy Department last week reported that crude in storage was at its highest level since 1990 even though refiners had begun to ramp up gasoline production to get ready for the summer driving season. Now the economy looks like it might not grow fast enough to churn through the nation’s high supplies.

“The latest jobs data provide a useful reminder that this is still an uneven recovery in the US economy,” said Caroline Bain, commodities analyst at the Economist Intelligence Unit.

She expects oil prices to average less than $90 a barrel in the second quarter of 2013 “reflecting a comfortable market balance, lower refinery runs and only very modest growth in consumption.”

Brent Crude, which sets the price of oil used by many U.S. refineries to make gasoline, rose 57 cents to $104.69.

In other energy futures trading on the Nymex:

— Heating oil rose 1 cent to $2.919 per gallon.

— Wholesale gasoline rose 0.8 cent to $2.871 per gallon.

— Natural gas rose 2.8 cents to $4.153 per 1,000 cubic feet.

…read more

Source: FULL ARTICLE at Fox World News

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Oil dips slightly ahead of US employment data

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Oil prices were barely changed Friday ahead of the release of employment figures that traders hope will shed light on the state of the U.S. economy.

Benchmark oil for May delivery was down 5 cents to $93.21 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.19 to finish at $93.26 on Thursday after U.S. data showed an increase in the number of people seeking jobless benefits.

That raised the possibility of reduced energy demand as fewer people traveling to work would lower demand for gasoline.

Traders are now awaiting a key employment report for March that the Labor Department will release later Friday. The U.S. economy added a robust 236,000 jobs in February, and the unemployment rate fell to 7.7 percent from 7.9 percent.

The prospect of slowing demand comes on top of the burgeoning supply of oil in the U.S. and both are keeping a lid on oil prices.

On Wednesday, the Energy Department said crude oil inventories rose last week to the highest level since July 1990.

Brent crude, used to price many kinds of oil imported by U.S. refineries, rose 4 cents to $106.38 per barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Heating oil rose 0.7 cent to $2.97 a gallon.

— Natural gas rose 0.2 cent to $3.949 per 1,000 cubic feet.

— Gasoline was steady at $2.899 a gallon.

…read more

Source: FULL ARTICLE at Fox World News

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Oil price flat as supplies increase

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Oil prices were slightly higher Thursday, stabilizing after a sharp drop the day before sparked by rising U.S. crude supplies.

Benchmark oil for May delivery was up 2 cents to $94.47 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped $2.74, or 2.8 percent, to close at $94.45 on Wednesday. The last time oil fell by that much in a day was on Nov. 20.

Oil plunged after the U.S. Energy Department said crude oil supplies grew by 2.7 million barrels to 388.6 million barrels in the week ended March 29. The U.S. supply of oil is now 7.2 percent above year-earlier levels and the highest since July 27, 1990, when it was at 391.9 million barrels.

“We did see a move lower yesterday to extreme areas,” said Carl Larry of Oil Outlooks and Opinions. “So far today we are seeing some of the correction we expected.”

Oil production in the U.S. is about 7.1 million barrels a day, up 22 percent from a year earlier and the highest in two decades. Output has jumped as oil companies use techniques such as horizontal drilling and hydraulic fracturing, or fracking, to unlock crude oil trapped in shale rock formations in the U.S.

Brent crude, used to price many kinds of oil imported by U.S. refineries, rose 36 cents to $107.47 per barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Heating oil rose 0.5 cent to $3.007 a gallon.

— Natural gas rose 1.6 cents to $3.916 per 1,000 cubic feet.

— Gasoline futures rose 0.3 cent to $2.917 a gallon.

…read more

Source: FULL ARTICLE at Fox World News

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Oil prices drop below $95 per barrel

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Oil fell below $95 a barrel Thursday as disagreement among U.S. Federal Reserve officials about its super easy monetary policy weighed on prices ahead of the release of a report on U.S. crude inventories.

Benchmark crude for April delivery was down 89 cents to $94.33 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract lost $1.88, or 2 percent, to finish at $95.22 a barrel on the Nymex on Wednesday.

Oil prices were undercut by expectations for higher U.S. crude supplies when the Energy Department’s Energy Information Administration releases its weekly inventory report later Thursday.

Carl Larry of Oil Outlooks and Opinions forecast a rise of 1.5 million barrels.

“An increase in inventories here may seem like the best thing with refineries cutting runs, but we’re cutting our imports and increasing our domestic production,” he said in an email commentary. Ample supplies tend to lower prices.

Brent crude, used to price many international varieties of oil imported by U.S. refineries, fell 53 cents to $115.07 a barrel in London.

Oil prices were also weighed down by a transcript of the latest Federal Reserve meeting that showed some policymakers expressing doubts about the Fed’s bond-buying program. If the Fed curtails or ends the program earlier than anticipated, that could strengthen the dollar. Oil prices tend to move inversely against the dollar.

In other energy futures trading on the Nymex:

— Heating oil fell 1.1 cents to $3.142 per gallon.

— Wholesale gasoline fell 1.7 cents to $3.242 per gallon.

— Natural gas fell 2 cents to $3.259 per 1,000 cubic feet.

…read more
Source: FULL ARTICLE at Fox World News

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Oil nearly unchanged ahead of US housing data

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The price of oil rose was nearly unchanged Wednesday ahead of the release of U.S. housing starts for January.

Benchmark crude for April delivery was down 5 cents to $97.05 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The March contract expires Wednesday. It rose 80 cents to finish at $96.66 per barrel on the Nymex on Tuesday.

Later in the day, the U.S. Commerce Department will release housing starts for the month of January, a key gauge of the real estate industry and economy. In December, builders broke ground on houses and apartments at a seasonally adjusted annual rate of 954,000. That was 12.1 percent higher than November’s annual rate.

A report on Tuesday showed that confidence among homebuilders slipped, as builders remain concerned about the sturdiness of the U.S. economy and the risk of rising unemployment.

In Germany, a survey of investor confidence was upbeat on Tuesday, but traders are concerned about the possible outcome of a weekend parliamentary election in Italy. Traders are worried that a change in leadership could derail efforts to end Europe‘s financial crisis.

Analysts at Credit Agricole CIB in Hong Kong wrote in a market commentary that the polls “may yet dampen confidence so we would caution about becoming too excited.”

Brent crude, used to price many international varieties of oil, was down 24 cents to $117.28 per barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Heating oil rose 0.4 cent to $3.184 per gallon.

— Wholesale gasoline fell 0.4 cent to $3.311 per gallon.

— Natural gas added 0.9 cent to $3.281 per 1,000 cubic feet.

…read more
Source: FULL ARTICLE at Fox World News

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Oil falls after ECB says eurozone economy weak

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The price of crude oil fell Tuesday after the head of the European Central Bank described the economic outlook of the 17 countries that use the euro as weak in the near term.

Benchmark crude for March delivery was down 34 cents to $95.52 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. Nymex floor trading was closed Monday for the Presidents Day holiday. The contract fell $1.45 to finish at $95.86 a barrel on the Nymex on Friday.

European Central Bank President Mario Draghi told European lawmakers on Monday that the economic outlook for euro nations remained weak at the start of 2013 but the bank expects “a gradual recovery later this year.” The ECB forecasts the region’s economy will shrink 0.3 percent in 2013.

Political developments in two of the region’s struggling economies have also heightened investor concerns. In Spain, charges of bribery have put pressure on Prime Minister Mariano Rajoy to resign. In Italy, polls favor Silvio Berlusconi in elections next week. Berlusconi, a former premier, has called for billions in tax rebates and amnesty for Italians who haven’t paid them.

Brent crude, used to price many international varieties of oil, was down 19 cents to $117.47 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Heating oil fell 0.2 cent to $3.20 a gallon.

— Wholesale gasoline rose 1.5 cents to $3.329 a gallon.

— Natural gas added 3.2 cents to $3.182 per 1,000 cubic feet.

…read more
Source: FULL ARTICLE at Fox World News

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Oil falls toward $95 on US, Europe growth fears

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The price of oil fell to near $95 a barrel Monday after U.S. industrial production weakened and Europe remained mired in recession.

Benchmark crude for March delivery was down 25 cents to $95.61 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.45 to finish at $95.86 a barrel on the Nymex on Friday.

Brent crude, used to price many varieties of foreign oil, rose 14 cents to $117.80 per barrel in London.

The Federal Reserve said Friday that U.S. factory production slowed in January, mostly because of a big drop in output at auto factories. Most analysts think the slowdown is temporary, but it was enough to raise concern about the still-sluggish economic recovery.

Traders were also concerned about a deepening recession across the economy of the 17 countries that use the euro. Their combined economic output shrank by 0.6 percent in the final quarter of 2012 from the previous three-month period. The decline was bigger than the 0.4 percent drop expected and the steepest fall since 2009.

In other energy futures trading on the Nymex:

— Heating oil was down 0.4 cent to $3.207 a gallon.

— Wholesale gasoline rose 0.7 cent to $3.324 a gallon.

— Natural gas fell 1.5 cents to $3.148 per 1,000 cubic feet.

…read more
Source: FULL ARTICLE at Fox World News

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Oil nearly unchanged as Europe economy slumps

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Oil prices were little changed Friday, a day after data from Europe showed both big and small economies in the region mired in an economic slowdown.

Benchmark oil for March delivery was up 3 cents to $97.34 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 30 cents to finish at $97.31 per barrel on the Nymex on Thursday.

Output in Europe‘s biggest economy, Germany, contracted by more than anticipated in the last three months of 2012 as the recession deepened across the 17 European Union countries that use the euro. France, Europe‘s second-biggest economy, also saw output drop.

Caroline Bain, commodities analyst at the Economist Intelligence Unit, said the combined economy of the euro nations is likely to contract again this year and oil consumption in the region will also fall. However, oil prices could move higher this year as a result of modest growth in China and an upswing in U.S. oil consumption after two years of contraction, Bain said.

“Although there are still concerns about the dampening impact of fiscal policy in the US, it is our view that steadily improving labor market and housing data will lead to higher US consumer confidence which is positive for oil consumption,” Bain said in a written commentary.

Brent crude, which is used to price oil that many U.S. refineries buy to make gasoline, was down 10 cents to $117.90 per barrel in London.

In other energy futures trading on the Nymex:

— Heating oil rose 0.3 cent to $3.214 a gallon.

— Wholesale gasoline rose 0.9 cent to $3.325 a gallon.

— Natural gas rose 0.3 cent to $3.16 per 1,000 cubic feet.

…read more
Source: FULL ARTICLE at Fox World News