LONDON (Reuters) – Oil fell towards $103 on Thursday as disappointing data from the United States and India fuelled nervousness around the global demand outlook, compounding eurozone worries and putting oil on course for its biggest monthly percentage drop in two years.
Brent crude futures for July delivery were down 31 cents at $103.16 per barrel by 1255 GMT, after hitting a new five-month low at $102.78. Prices were on track for a monthly loss of around 13 percent, the biggest since May 2010, after slipping 3 percent on Thursday.
LONDON, May 31 (Reuters) – Oil edged up near $104 on
Thursday as buyers moved back in after Wednesday’s heavy sell
off, but continuing nervousness around the demand outlook and
the eurozone crisis kept oil on course for its biggest monthly
percentage drop in two years.
Brent crude futures for July delivery were up 50
cents at $103.97 per barrel by 0945 GMT, off a low of $102.90
hit earlier in the session. Prices were on track for a monthly
loss of around 13 percent, the biggest since May 2010, after
slipping 3 percent on Thursday.
LONDON, May 18 (Reuters) – Oil prices slipped towards $107 a
barrel on Friday as investors fled risky, growth-sensitive
assets on fears that Greece would leave the euro, although
short-covering provided some support for Brent.
Brent crude was down 16 cents to $107.33 a barrel by
1348 GMT after slipping to its lowest level for the year at
$106.40 earlier in the session. U.S. crude was down 67
cents to $92.89.
LONDON, May 18 (Reuters) – Oil prices slipped below $107 a
barrel on Friday and hit a 2012 low as investors fought shy of
riskier, growth-oriented assets on fears that Greece would leave
the euro, and after a downgrade of 16 Spanish banks by Moody’s
added to the gloom.
Brent crude was down 59 cents to $106.90 by 0849 GMT
after earlier slipping to its lowest level for the year at
$106.40. U.S. crude was down 7 cents to $92.49.
LONDON (Reuters) – A sell-off in energy equities triggered by the fall in crude oil prices and risk-averse investors hugging defensive sectors is creating some attractive bargains, said Lombard Odier fund manager Michael Hulme.
“The market seems to be anticipating a Greek exit from the euro and that has taken energy stocks down much further than seems to be justified, but we have a large number of companies on the substitutes bench that are getting to mouth-wateringly cheap levels,” said Hulme, manager of the Lombard Odier Global Energy Fund.
LONDON (Reuters) – Oil industry executives and bankers are assuming oil prices will stay above $100 a barrel in the year ahead, despite mounting economic worries, as any fall below that level would trigger a cut in Saudi Arabia’s output and force closures at high-cost projects around the world.
A straw poll by Reuters of oil executives, traders, bankers and fund managers showed seven respondents predicting Brent crude trading at $100-$120 a barrel in the next 12 months. Four respondents saw prices at $120-$140 and only four at $80-$100.
LONDON (Reuters) – Allianz Energy is targeting oil companies developing cost-effective, repeatable processes in the shale industry rather than those investing in complex one-off projects that are vulnerable to cost inflation.
“Historically, the oil industry was about producing one-off projects of pretty high complexity,” said Christopher Wheaton, manager of the Allianz Energy Fund, which has some 145 million euros under management.
LONDON, May 11 (Reuters) – The slow take up of Europe’s new
cleaner ICE gasoil contract will be overcome if the exchange
follows the U.S. approach and amends its existing contract
rather than running two versions in parallel until 2015, market
Lack of liquidity in the new contract is posing a problem
for fund managers and traders looking to switch, and has led to
suggestions ICE should follow the Chicago Mercantile Exchange’s
example and simply change the specification of its old contract.
LONDON, May 11 (Reuters) – Falling oil prices and a
worsening economic growth outlook are hitting energy equity fund
returns this year, despite a pick-up in investor flows in early
Investor sentiment turned against growth-oriented investment
areas such as energy in mid-March as economic data began to
sour. A sell-off in the oil price in May also hit energy stocks
and compounded their underperformance against the broader
LONDON, April 30 (Reuters) – Oil prices held steady above
$119 per barrel on Monday as the prospect of a third round of
liquidity stimulus by the United States and a weaker dollar
continued to support commodities despite slower economic growth
around the globe.
Brent June crude futures were down 48 cents to
$119.35 a barrel by 0921 GMT, on track to close down for the
second consecutive month. U.S. crude was down 35 cents at
$104.58 a barrel.