Commodities market | GlobalPost

Oil stabilizes near $91, day after prices drop on bulging supplies

The Canadian PressMay 1, 2013 04:30

BANGKOK - The price of oil stabilized near US$91 per barrel Thursday after a big fall as traders digested an increase in U.S. crude inventories that suggested weak demand for fuel. Benchmark oil for June delivery was up 17 cents to $91.20 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract plunged $2.43 to finish at $91.03 a barrel on Wednesday after a sharp increase in American crude stockpiles and data from the U.S. and China that showed factory production in both countries grew at a slower pace in April.

Oil prices slip as traders await rate decisions

Agence France-PresseApril 30, 2013 08:30

World oil prices fell on Tuesday in cautious trade as investors sat on their hands before key interest rate decisions later this week in the eurozone and the United States, analysts said. Brent North Sea crude for delivery in June dropped seven cents to $103.74 per barrel in early afternoon deals in London. New York's main contract, light sweet crude for June, reversed 24 cents to $94.26 per barrel.

Oil falls after data show China manufacturing growth slowing

The Canadian PressApril 30, 2013 06:00

BANGKOK - The price of oil fell to near US$93 on Wednesday after data showed a slowdown in China's manufacturing growth. Benchmark oil for June delivery was down 45 cents to $93.01 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.04 to finish at $93.46 per barrel on Tuesday in anticipation of another increase in U.S. crude supplies.

Indonesian president eyes fuel price hike in May

Agence France-PresseApril 30, 2013 05:31

Indonesian President Susilo Bambang Yudhoyono said Tuesday he hopes to lower fuel subsidies that are a risk to Southeast Asia's top economy as soon as May, in a new bid to tackle the flashpoint issue. Yudhoyono gave the clearest sign yet the government wants to hike the price of petrol, which is one of the cheapest in Asia, but cautioned it would only happen once parliament approved compensation for those likely to be affected.

Oil down in Asian trade

Agence France-PresseApril 30, 2013 01:45

Oil was down in Asia on Tuesday as traders took profits following recent gains and ahead of the May Day holiday, analysts said. New York's main contract, light sweet crude for delivery in June, dropped eight cents to $94.42 a barrel in the afternoon and Brent North Sea crude for June delivery shed 22 cents to $103.59. "Prices are slightly lower but holding steady.... We're also seeing some minor profit-taking after yesterday's gains," Victor Shum, managing director of IHS Purvin and Gertz in Singapore, told AFP.

Oil falls slightly to near $94 after Japan releases lukewarm data

The Canadian PressApril 29, 2013 09:30

BANGKOK - The price of crude fell slightly to near US$94 per barrel Monday after Japan released lukewarm manufacturing data. Benchmark crude for June delivery was down 8 cents to $94.42 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained $1.50 to finish at $94.50 a barrel in New York. Oil hadn't finished above $94 since April 10.

Oil falls to near $93 ahead of U.S. first-quarter growth figures

The Canadian PressApril 29, 2013 08:45

BANGKOK - The price of oil fell to near US$93 a barrel Friday ahead of quarterly growth figures from the world's biggest economy. Benchmark oil for June delivery was down 62 cents to $93.02 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose $2.21 to close at $93.64 on Thursday after the U.S. Labor Department said the number of Americans seeking unemployment benefits fell last week by 16,000, suggesting that layoffs have declined.

Oil prices mixed amid US demand concerns

Agence France-PresseApril 29, 2013 08:45

World oil prices diverged on Monday in a mixed start to the week, as some traders took profits and eyed ongoing worries over the strength of US energy demand, analysts said. Brent North Sea crude for delivery in June dropped six cents to $103.10 per barrel in early afternoon deals in London. New York's main contract, light sweet crude for June, added 35 cents to $93.35 per barrel. "Following last week's gains, market players are clearly choosing to take profits while they can," said Commerzbank analyst Carsten Fritsch.

Oil prices down in Asia on weak US data

Agence France-PresseApril 29, 2013 01:30

Oil prices fell in Asia on Monday as weak economic data from the United States sparked concerns over softer demand for crude, analysts said. New York's main contract, light sweet crude for delivery in June was down 29 cents to $92.71 a barrel and Brent North Sea crude for June delivery shed 46 cents to $102.70 in afternoon trade. "The weak (US) GDP data questions business conditions in the market, signalling that inventories may rise as demand softens," said Desmond Chua, market analyst at CMC Markets in Singapore.

Oil prices retreat on profit-taking

Agence France-PresseApril 26, 2013 08:00

World oil prices fell on Friday as traders cashed in recent gains following signs of strengthening US energy demand and geopolitical concerns over Syria, analysts said. Brent North Sea crude for delivery in June dropped 60 cents to $102.81 a barrel in London midday deals. New York's main contract, light sweet crude for June, shed 66 cents to $92.98 per barrel. "There has been a slight pullback in prices on profit taking," Michael McCarthy, chief market strategist at CMC Markets in Sydney, told AFP.