NEW YORK, March 15 (Reuters) – Brent crude rose to near $110
per barrel on Friday as strong U.S. economic data fuelled
prospects of increased demand in the world’s top oil consumer,
while concerns over supply from the Middle East added support.
U.S. industrial production strengthened more than expected
in February on a rebound in manufacturing.
“The positive development in industrial production shows
that U.S. economic prospects are looking up,” said Harry
Tchilinguirian, an oil analyst at BNP Paribas in London.
Oil prices had also received a boost on Thursday from U.S.
President Barack Obama’s comments that military force remained
an option if sanctions and diplomacy failed to curb Iran’s
Brent for May delivery, the primary global
benchmark, was up 93 cents at $109.89 per barrel by 1:02 p.m.
EDT (1702 GMT), gaining for a second straight session following
four consecutive days of losses.
Brent is still poised for its fourth weekly decline in five
U.S. oil gained 45 cents to $93.48 per barrel.
“In the oil market I think there is a broad book-squaring
move afoot,” said Tim Evans of Citi Futures in New York.
“Traders who in recent weeks benefited from going short oil
may now be taking profits and covering their positions.”
Oil was also supported by weakness in the U.S. dollar
, which made dollar-denominated crude more affordable to
holders of other currencies.
The dollar fell on Friday on investor concern that recent,
strong U.S. economic data could prompt an early retreat from
monetary easing by the Federal Reserve.
Iran was still more than a year from developing a nuclear
weapon, Obama said in an interview with Israeli television
broadcast on Thursday, six days before his visit to Israel.
NEW YORK, March 13 (Reuters) – Brent crude fell on Wednesday
on a larger-than-expected increase in U.S. crude inventories, a
firming dollar, and a forecast from the International Energy
Agency that oil demand will shrink.
Brent fell $1.13 a barrel to settle at $108.52,
below its 200-day moving average of $109.37, a technical support
level monitored by traders. U.S. crude futures fell 2
cents to settle at $92.52 a barrel.
NEW YORK/LONDON, March 8 (Reuters) – The soaring cost of
ethanol credits for oil refiners is boosting gasoline prices and
could crimp fuel supplies, threatening to send U.S. pump prices
higher during the peak summer driving season, industry officials
and traders warned on Friday.
U.S. gasoline futures for April delivery in the New
York Harbor rose 2.5 percent to more than $3.20 a gallon on
Friday. Gasoline prices are up 12.1 percent since Feb. 28, even
as the price of U.S. crude oil has fallen 1.1 percent
. Traders attributed the divergence in part to a spike in
the price of renewable fuel credits, known as RINs (Renewable
Identification Numbers), to record highs this week.
NEW YORK, March 6 (Reuters) – Crude oil fell more than $1
per barrel on Wednesday after U.S. government data showed
domestic crude inventories rose much more than forecast.
U.S. crude stocks rose 3.83 million barrels in the week to
March 1, the Energy Information Administration said in its
weekly report. Analysts had forecast a 500,000-barrel build.
NEW YORK, March 5 (Reuters) – Brent oil gained on Tuesday,
bucking a five-day losing streak, boosted by North Sea supply
disruptions, optimism on Chinese oil demand, and a rise in U.S.
Gains were limited, however, by medium-term concerns such as
rising supply and the ongoing fiscal crisis in the United
(Reuters) – A major Michigan landowner is suing Chesapeake Energy Corp and Encana Corp, alleging that the two energy giants colluded to rig bids for oil and gas rights in 2010.
Northstar Energy, which owns nearly 10,000 acres in Michigan’s Utica-Collingwood oil and gas shale formation, filed the lawsuit against Chesapeake and Canadian firm Encana in Michigan federal court Friday.
NEW YORK, Feb 19 (Reuters) – Oil prices rose on Tuesday as
traders grew bullish amid a rally in U.S. stock markets, even as
U.S. pipeline bottlenecks and European economic concerns
threatened to weigh on oil markets.
U.S. crude for March delivery rose 80 cents to settle
at $96.66 a barrel. The March contract expires on Wednesday.
NEW YORK, Jan 31 (Reuters) – A former trader at BP
has filed a lawsuit for breach of contract in which he alleges
the British company’s Houston-based unit, BP Energy Co, is
attempting to manipulate the U.S. natural gas liquids market.
Drew Sickinger, who joined BP in Houston in 2009, said the
company “created a pretext” for disciplining him late last year
and then firing him earlier this month. He said he made $100
million for the company over the previous three years.
(Reuters) – Aubrey McClendon will no longer be running Chesapeake Energy Corp (CHK.N: Quote, Profile, Research, Stock Buzz) come April 1. But he is likely to remain deeply entangled with the company he founded 24 years ago.
America’s second-largest natural-gas producer said on Tuesday that McClendon is stepping down as chief executive and a board member. He is leaving behind legal predicaments and intertwined personal and corporate interests that analysts say could linger for years.
NEW YORK, Jan 10 (Reuters) – Oil futures rose on Thursday on
news that top world oil exporter Saudi Arabia had cut back
production in response to flagging demand, and after China
reported strong demand for its exports.
U.S. crude futures rose to a 14-week high of $94.70 a
barrel before settling at $93.82, up 72 cents on the day. Brent
crude rose as high as $113.29 a barrel before settling
at $111.89, up 13 cents.