NEW YORK (Reuters) – Oil prices fell below $80 a barrel on Friday after data showed the U.S. economy grew less than expected last quarter, and a plan to bail out Greece from a fiscal crisis failed to quell concern over fragile economic recovery.
“You had the GDP revised lower and there’s still concern about the euro and the euro zone economy,” said Richard Ilczyszyn, senior market strategist at Lind-Waldock in Chicago.
NEW YORK (Reuters) – Oil prices steadied below $82 a barrel on Tuesday as a stronger dollar and lackluster equities markets dragged commodity prices and offset encouraging U.S. housing data that fed economic optimism.
Sales of existing U.S. homes fell less than forecast in February, according to the National Association of Realtors in figures that are closely watched for an indication of economic activity in the world’s biggest oil consumer.
NEW YORK (Reuters) – Oil prices fell 2.7 percent on Friday, its biggest drop in six weeks, as the U.S. dollar firmed against foreign currencies, slashing investment flows into oil and other commodities.
Oil prices fell below $80 a barrel as the dollar gained against the euro on worries over Greece’s debt, and after a Reuters poll forecast over-supply in the oil market this year.
CARACAS (Reuters) – Venezuela’s deepening electricity crisis may drag on the economy for several years, dashing government hopes for GDP growth, slashing fuel exports from the OPEC country, and ushering in lengthy rationing.
The power shortages have come since late 2009 when a drought began to empty hydroelectric dams that supply 70 percent of Venezuela’s electricity. Low reservoir levels threaten to shut off 40 percent of the country’s electricity generation.
NEW YORK/HOUSTON (Reuters) – The newest threat to a vulnerable U.S. oil refining industry may be looming 80 miles off the coast of Florida, on the Island of Grand Bahama.
There, a huge oil storage terminal is expanding capacity to handle millions of barrels of fuel shipments that could hit the U.S. market at a time when refiners are bleeding cash and fuel demand has fallen.
NEW YORK (Reuters) – Oil fell more than a dollar to $74 a barrel on Friday, weighed down by rising U.S. crude inventories and concerns that China’s unexpected move to lift bank reserve requirements could slow commodity demand in the world’s No. 2 fuel consumer.
China’s central bank said it would boost bank reserve requirements for the second time in less than a month, a move that could limit bank lending and slow the economy.
NEW YORK (Reuters) – Oil rose above $74 a barrel on Wednesday after the U.S. Energy Information Administration raised its forecast for crude demand and prices this year, a sign it expected an economic recovery to gain steam.
Oil reversed earlier losses after the U.S. dollar pared gains against other currencies and equities pared losses. A firming dollar can make oil, priced in dollars, less attractive to investors.
NEW YORK/BOSTON, Feb 10 (Reuters) – In 10 years as a
trader, 33-year-old Frenchman Pierre Andurand has made a big
name for himself in the oil market, taking bold bets that have
usually paid off big for him and his investors.
So, while the avid kickboxer’s high-flying $1.5 billion
hedge fund, BlueGold Capital Management, is down 14 percent
this year, according to a person with direct knowledge of the
fund, oil traders and investors said it’s never a good idea to
count Andurand out.
NEW YORK (Reuters) – Oil fell 5 percent on Thursday in the steepest daily drop since July and the fifth-largest trading volumes ever on the New York Mercantile Exchange as investors dumped commodities and other risky assets.
Rising U.S. unemployment claims and fear that debt-laden European economies may falter exacerbated the selling.
NEW YORK (Reuters) – Oil prices fell for a third day on Thursday, holding near a six-week low as a stronger dollar curbed demand for crude and after data showed U.S. fuel demand has not recovered from the recession.
U.S. crude oil futures settled down slightly, falling 3 cents to $73.64 a barrel, after dipping to a six-week low of $72.65 on Wednesday. Brent crude futures fell 11 cents to $72.13 a barrel.