Oil Drops, Extending Quarterly Loss, as U.S. Demand Falters

Oil dropped, extending its first quarterly loss in a year, amid signs of faltering fuel demand in the U.S., the world’s biggest crude consumer. Futures in New York dropped as much as 0.7 percent, halting the biggest two-day rally in seven weeks. The U.S. Energy Department said yesterday gasoline demand dropped for a second week in the seven...

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Crude oil steady near $95

NEW YORK, June 30 (UPI) -- Crude oil prices were steady in New York overnight holding close to $95 per barrel with help from a rebound in equities. The Dow Jones industrial average closed higher Wednesday for the third consecutive trading session. Markets in Asia and Europe headed higher Thursday. Oil prices jumped 2 percent in the previous...

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Crude oil dips on speculation IEA to release more supply

Forexpros - Crude oil futures dipped on Thursday, declining for the first time in three days amid speculation the International Energy Agency planned to release more oil from strategic reserves, while a weaker U.S. dollar capped losses. On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at USD94.53...

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Crude Oil Likely to Decline While Gold Gains on Soft US Economic Data

Crude Oil Consolidation to Yield to Renewed Selling WTI Crude Oil (NY Close): $100.59 // +0.36 // +0.36% Prices continue to consolidate below the 38.2% Fibonacci retracement of the drop from the May 2nd high at $102.35. A break above this boundary exposes the 50% level at $104.73. Broadly speaking, anything shy of that keeps the overall...

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Oil Drops on Speculation Fuel Demand May Falter as U.S. Economy Weakens

Oil dropped in New York, headed for its first monthly decline since August, on speculation fuel demand may falter amid a slowdown in the U.S. economic recovery and Europe’s continuing debt crisis. Futures slipped as much as 1 percent before reports this week that may show U.S. employers hired fewer workers in May and manufacturing cooled....

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US crude oil market are watching the price action around the pivotal $100

All eyes in the US crude oil market are watching the price action around the pivotal $100 a barrel level, as the price continues its narrow range around this key long term psychological level. The uncertainty mounting as to which way the price is going to break from here translates into a gradual narrowing of the range to form a classic Triangle...

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Crude oil futures slump on U.S. demand concerns

Forex Pros - Crude oil futures declined on Monday, slumping to a two-day low as worries that the U.S. economic recovery was faltering sparked concerns over a slowdown in demand from the world's largest user. On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at USD100.05 a barrel during European...

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Crude oil continues uptrend on US inventory data

Crude oil prices (Nymex June futures) were up by more than 1.5 percent in the last week. Oil prices gained on the back of weakness in the dollar, decline in US crude oil inventories and positive sentiments in the global markets. Goldman Sachs raised its forecasts for North Sea Brent crude quoting that fuel demand growth will provide support...

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Crude Oil Weekly Fundamental Analysis for May 23-27, 2011

Crude oil prices fell during this past week, where crude oil prices settled below $100 a barrel amid the strong wave of pessimism that continued to weigh down on commodity markets, and forced crude oil prices to remain under pressure, as investors are worried over the outlook for global growth, with signs emerging that major economies around...

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Crude Oil Daily Fundamental Analysis for May 23, 2011

Crude oil prices extended the drop on Friday, where another wave of pessimism dominated global markets amid the lack of economic news from the United States, where speculations mounted that growth in Germany was slowing down, while Greece’s fiscal problems continue to dominate investors on expectations Greece will restructure its debt. The...

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Oil Technical Analysis for May 23, 2011

Light Sweet Crude The CL retested the $95 area yet again on Friday, and just like every other time recently – the area held as support. This looks like a massive base being carved out in the oil markets, and that the next move could be upwards. Of course, there are no guarantees – but this market looks like it is struggling to go down,...

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NYMEX-Crude up as June expires, closes week off a bit

* Short-covering on news of al Qaeda plot lifts prices * Dollar gains versus euro on negative Greece news * Coming up: API stocks data, 4:30 p.m. EDT, Tuesday NEW YORK, May 20 (Reuters) - U.S. crude futures ended higher on Friday as a flurry of short-covering caused prices to rebound midday from early lows after news that al Qaeda had...

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Saudi Oil Output Rises by 7.3% in First Quarter, Al Rajhi Says

Saudi Arabia, the world’s largest crude exporter, increased its daily oil output by 7.3 percent year-on-year in the first quarter to replace a fall in output from other OPEC member countries, Al Rajhi Capital said in a report. The investment arm of Saudi Arabia’s largest lender by market value said today that it expects the price of West...

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Oil Climbs in New York on Signs of Fuel Demand, Heads for Weekly Decline

Oil rose in New York, trimming its weekly decline, on signs of growing fuel demand in the world’s two biggest crude-consuming nations. July delivery futures climbed as much as 1.2 percent following a 1.6 percent drop yesterday. U.S. jobless claims fell by a more-than-forecast 29,000 in the week ended May 14, according to the Labor Department....

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Oil prices end week above $100

Oil prices rose at the end of the week with US crude contracts returning above the US$100/barrel level. The minutes from the latest meeting of the Federal Open Market Committee showed that the policymakers discussed the exit strategy from the economic stimulus programme, triggering speculation that the Fed could tighten monetary policy...

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