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Oil prices fall after flat OPEC demand outlook

Agence France-PresseMay 13, 2013 16:30

Crude oil prices slipped Friday on renewed global demand worries after OPEC left its 2013 estimate unchanged and reported increased output in April. New York's main contract, West Texas Intermediate (WTI) for June delivery, closed at $96.04 a barrel, down 35 cents from Thursday. In London trade, Brent North Sea crude for June settled 56 cents lower at $103.91 a barrel. The WTI futures contract sank more than $3 before pulling back up in late-session trade.

Platinum output dives 13% in 2012

Agence France-PresseMay 13, 2013 12:45

Platinum production sank last year by 13 percent, hitting a 12-year low due to unrest in key producer South Africa, but output is forecast to recover slightly in 2013, industrials group Johnson Matthey said on Monday. Platinum output slumped in 2012 to strike 5.64 million ounces, Johnson Matthey said in its closely-watched annual market review. That was the lowest level in 12 years and compared with 6.48 million ounces in 2011. Total platinum demand dipped 0.6 percent to 8.05 million ounces last year, while recycling of platinum stood at 2.03 million tonnes.

Oil prices fall sharply

Agence France-PresseMay 13, 2013 06:30

Global oil prices recoiled on Friday on profit-taking and as the dollar surged to a four-year high point against the yen, dealers said. Markets are awaiting the US federal budget figures for April, a speech from Federal Reserve chief Ben Bernanke, and a two-day Group of Seven finance meeting in Britain. Brent North Sea crude for delivery in June sank $1.42 cents to $103.05 per barrel in London afternoon deals. New York's main contract, West Texas Intermediate (WTI) or light sweet crude for June, shed $1.55 cents to $94.84 a barrel.

Iran hopes OPEC lowers output: oil minister

Agence France-PresseMay 13, 2013 05:00

Iran is unhappy with the current oil prices, its oil minister said Monday, hinting at a proposal for the OPEC to lower its output to compensate for a drop in crude prices. "Iran's suggestion has always been to reduce OPEC production ceiling," Rostam Qasemi told reporters at a petrochemical conference in Tehran. The Organisation of the Petroleum Exporting Countries last week boosted production to 30.21 million barrels a day in April from 29.93 million in March maintaining a flat forecast of global demand. The move led to lower crude prices in Asian trade on Monday.

OPEC sticks to 2013 oil demand projection

Agence France-PresseMay 11, 2013 18:18

OPEC said on Friday that it still expects global oil demand to inch higher in 2013 despite a weaker-than-expected first quarter and concerns about growth in China and the eurozone. The Organisation of Petroleum Exporting Countries, which accounts for around 35 percent of global crude output, forecast total average oil demand of 89.7 million barrels per day, up 0.8 mbpd from 2012, unchanged from its pervious projection.

Oil below US$94 a barrel as dollar gains against euro, yen; OPEC output rises

The Canadian PressMay 10, 2013 22:03

NEW YORK, N.Y. - The price of oil fell more than two per cent Friday as OPEC production climbed and the U.S. dollar rose against the euro and other currencies. Benchmark West Texas Intermediate crude for June delivery was down $2.60, or 2.7 per cent, at $93.79 a barrel in morning trading on the New York Mercantile Exchange. Since oil is traded in dollars, a stronger U.S. currency makes crude and other commodities less appealing for investors with other currencies.

TSX falls on latest job figures from StatsCan, U.S. buoyed by strong dollar

The Canadian PressMay 10, 2013 17:01

TORONTO - North American markets opened with mixed results Friday, buoyed by strong world markets and a rising U.S. dollar but slightly disappointing Canadian jobs data. The S The Dow Jones industrial index was also down, off 10.16 points to 15,072.46, while the Nasdaq climbed 7.75 points to 3,416.92 and the S Statistics Canada reported job gains of 12,500 in April, slightly missing expectations. The unemployment rate was unchanged at 7.2 per cent, in line with what was predicted.

Oil price gains in New York

Agence France-PresseMay 10, 2013 16:20

New York oil prices pushed higher Wednesday even as the weekly US stockpiles report showed crude stores at their highest level in 31 years. New York's main contract, West Texas Intermediate crude for June delivery, added one dollar even per barrel to finish at $96.62. In London, Brent North Sea oil for June was little changed, giving up six cents to $104.34 per barrel. Analysts had expected a much larger rise in the US commercial crude stocks than the 200,000 barrel increase that came in.

Alberta regulator says convention crude oil production and reserves way up

The Canadian PressMay 10, 2013 06:18

CALGARY - Alberta's energy regulator says higher oil prices and new technology have led to the largest increase in decades of both conventional oil production and reserves. In its latest report the Energy Resources Conservation Board records a 14 per cent increase in production in 2012 and 9.5 per cent increase in reserves over 2011 levels, due to the higher production rates from horizontal wells. Alberta's crude oil production totalled 556,000 barrels of oil per day with a yearly total of 204 million barrels.

Brent oil prices slip on US energy report

Agence France-PresseMay 8, 2013 15:45

Brent oil prices dipped on Wednesday after a key US report showed that crude stockpiles had soared again last week to their highest level in 30 years. Brent North Sea crude for delivery in June dropped 57 cents to $103.83 per barrel in London late afternoon deals. New York's main contract, light sweet crude for June meanwhile rose 32 cents to $95.54 a barrel. "Crude oil prices came under renewed pressure with Brent oil retreating below $104 per barrel, following another build in crude oil stocks," said analyst Myrto Sokou at London-based brokerage Sucden Financial.