LONDON (Reuters) – Oil traded at over $114 on Thursday, up over $2, buoyed by a rally in European equities, a weaker dollar, and an improvement in risk appetite after euro zone leaders reiterated their commitment to keeping Greece afloat.
Brent crude for October, which expires today, was up $2.12 cents at $114.52 by 1012 GMT. The November contract was up $2.15 cents at $111.80. U.S. crude was up 30 cents to $89.21 a barrel.
LONDON, Sept 15 (Reuters) – Oil traded up near $113 on
Thursday buoyed by European equities, but the upside was capped
as the market awaited a bundle of data from the United States
for an update on the progress of the economic recovery.
Brent crude LCOc1 for October, which expires today, was up
65 cents at $113.05. by 0845 GMT. The November contract LCOc2
was up 57 cents at $110.22.
LONDON, Sept 9 (Reuters) – Barings has been adding to gold
miners in its global resources fund, believing that the gold
price will stay elevated as investors seek safe havens, and that
the underperformance of gold miners versus the gold price is
“We can see many reasons why the gold price will move
higher,” said Jonathan Blake, manager of the Baring Global
Resources fund, which has some $968 million under management.
LONDON, Sept 7 (Reuters) – Brent crude peaked above $114 a
barrel on Wednesday, lifted by supply problems on either side of
the Atlantic and as hopes that the European debt crisis may ease
boosted fragile investor confidence.
Front-month Brent crude futures LCOc1 gained 81 cents to
$113.70 a barrel by 1338 GMT, after touching the day’s high of
$114.09. U.S. crude CLc1 was trading at $87.73 a barrel, up
LONDON (Reuters) – Oil was up at just over $113 a barrel on Wednesday, underpinned by expectations of lower U.S. crude stocks after a storm disrupted production in the Gulf of Mexico, and optimism about a new support package for the U.S. economy.
A Reuters poll ahead of the weekly inventory report from the U.S. Energy Information Administration gave a consensus forecast for a fall of 1.9 million barrels of crude in the week to September 2.
LONDON (Reuters) – Schroders is targeting copper and coal miners in its natural resources equity fund given the tight supply, and believes a slowdown in the West would only encourage China to go on a buying spree, providing support for industrial commodities.
“Let’s say a Western recession or some sort of slowdown is in place — in that environment my view is the Chinese will begin restocking commodities and the government will loosen policy,” said Sam Catalano, manager of the Schroders Global Resources Equity fund.
LONDON, Sept 2 (Reuters) – Spot differentials on jet fuel in
Europe have fallen to a 2011 low this week due to the opening of
the arbitrage window from Asia, the end of the summer holiday
season in Europe and hopes that turmoil in Libya will come to an
end, traders said.
Jet fuel JET-BD-ARA has been sold at premiums as low as
$58 a tonne fob to benchmark ICE gasoil futures LGOc1 this
week in the inland Amsterdam-Rotterdam-Antwerp area. The level
is the lowest since December last year and is a fall from the
July peak of above $90.
LONDON (Reuters) – Brent crude fell more than $2 on Monday towards $106 a barrel with traders and investors anticipating the resumption of oil exports from OPEC-member Libya as a six-month civil war there appeared close to an end.
Rebels swept into the heart of Tripoli and crowds took to the streets to celebrate what they saw as the end of Muammar Gaddafi’s four decades in power, but government tanks continued to shell parts of the capital.
LONDON (Reuters) – BlackRock (BLK.N: Quote, Profile, Research) is overweighting oil-focused energy equities in its World Resources Income Fund, in the view that these stocks are attractively priced with good dividend yields, and as oil fundamentals remain strong, the fund manager told Reuters.
“Our tilt favours energy over mining and agriculture,” said Richard Davis, co-manager of the fund which launched in May this year with some $3 million (1.84 million pounds) under management.
LONDON (Reuters) – If history is any guide, another oil-induced recession may be just around the corner, at least for the United States and some of the other developed economies.
Every time that the cost of oil relative to global economic output has hit current levels — and that’s even after sharp falls in spot prices this month — it has heralded a slump.