Energy Correspondent, London
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Oct 20, 2011

Oil up at $109 on EU debt progress

LONDON, Oct 20 (Reuters) – Oil rose a dollar to around $109
a barrel on Thursday after European officials unveiled plans to
tackle the euro zone debt crisis through bond buying, whilst
tight supply continued to underpin.

Brent crude futures LCOc1 were up 82 cents to $109.21 a
barrel at 1012 GMT. They had hit an intraday high of $109.64
immediately after a document was issued explaining how the
European rescue fund will be able to buy bonds on the secondary
market.

Oct 20, 2011

Oil steady at $108 ahead of EU summit

LONDON (Reuters) – Oil prices held steady at around $108 on Thursday supported by tight supply although Europe’s failure to agree a plan to resolve the euro zone’s debt crisis continued to stalk the market.

French President Nicolas Sarkozy flew to Frankfurt to talk with German Chancellor Angela Merkel to try to break a deadlock ahead of a crucial EU summit this weekend.

Oct 7, 2011

Exclusive: Gold to stay strong, top performing funds say

LONDON (Reuters) – Gold will stay strong due to a lack of alternative havens for investors operating in a slowing global economy, top performing commodity fund managers told Reuters after taking a defensive approach and going into cash during September’s gold sell off.

“We consider the current weakness in gold as temporary and also the slump in commodity prices should come to an end soon,” said Kurt Hug, an investment adviser for the Antares Precious Metals Fund.

Oct 7, 2011

Gold to stay strong, top performing funds say

LONDON (Reuters) – Gold will stay strong due to a lack of alternative havens for investors operating in a slowing global economy, top performing commodity fund managers told Reuters after taking a defensive approach and going into cash during September’s gold sell off.

“We consider the current weakness in gold as temporary and also the slump in commodity prices should come to an end soon,” said Kurt Hug, an investment adviser for the Antares Precious Metals Fund.

Oct 7, 2011

Oil falls over $1 on profit-taking

LONDON, Oct 7 (Reuters) – Oil prices slipped more than $1 to
below $105 on Friday as some London traders took profits
following the sharp move up in Brent at the close of the
previous session after oil had been bolstered by central bank
money creation.

Brent crude futures LCOc1 were down $1.10 to $104.63 a
barrel at 0919 GMT, following Thursday’s strong performance,
where Brent closed $3 up.

Oct 6, 2011

China’s Sinopec builds oil products trading desk

LONDON, Oct 6 (Reuters) – Sinopec Corp has built
an oil products trading desk in London, said sources familiar
with the company, in the latest sign Chinese businesses are
looking to increase their control of the flow of fuel essential
to the country’s economic growth.

Unipec, the trading arm of top Asian refiner Sinopec which
is already active in the European crude oil market, has signed
six people to a newly established oil products trading desk, the
sources said.

Oct 6, 2011

Oil down after ECB holds rates

LONDON (Reuters) – Oil prices fell on Thursday after the European Central Bank left interest rates unchanged, disappointing some expectations for a small cut and outweighing mildly positive U.S. jobs data and a Bank of England vote for further money creation.

Brent crude futures for November were down 60 cents at $102.13 by 1328 GMT, after reaching an intraday low of $101.53, down over $1.

Oct 6, 2011

Oil dips after ECB leaves rates on hold

LONDON (Reuters) – Oil prices dipped on Thursday after the European Central Bank left interest rates unchanged, disappointing traders after the UK central bank’s vote for a second round of money creation had raised hopes of further support.

Brent crude futures for November were down 29 cents at $102.44 by 1216 GMT, compared with a gain of 3 percent on Wednesday. U.S. crude, which jumped more than 5 percent on Wednesday, was up 34 cents at $80.02 a barrel, helped by Wednesday’s bullish crude inventories data.

Oct 3, 2011

Oil slips to $101 on euro debt fears

LONDON (Reuters) – Oil prices slipped toward $101 on Monday after Greece said it would miss its deficit target and as concerns rose about Franco-Belgian bank Dexia, which pulled down stocks and the euro, while the dollar strengthened.

The selling accelerated when U.S. traders arrived at their desks. At 1350 GMT Brent crude futures were down $1.71 to $101.05 a barrel after hitting an intraday low of $100.71. U.S. crude futures were down $1.92 to $77.28 after falling over $2 to $76.85.

Oct 3, 2011

EU carbon costs may force refiners to relocate, close

LONDON (Reuters) – European Union plans to make oil refiners pay for carbon emissions from 2013 could accelerate European refinery closures and encourage them to relocate outside the EU to avoid higher operating costs that could run into millions of euros a year.

The UK refining industry is seen as being at particular risk due to UK government plans for a carbon floor price that may be above the level set by the market. UK companies such as Ineos are worried they will be put at a competitive disadvantage.

    • About Claire

      "At Reuters I am an energy correspondent covering the oil markets and investment trends in commodities. Prior to this I focused on the asset management industry. Before joining Reuters I edited Global Investor, a monthly magazine for the institutional investment industry, and Portfolio International, a magazine for the offshore funds industry."
      Hometown:
      London
      Joined Reuters:
      2006
      Languages:
      English
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