NEW YORK, March 20 (Reuters) – Brent crude oil rose above
$108 a barrel on Wednesday, recovering from a three-month low,
after the U.S. Federal Reserve signalled it would continue its
stimulus programs and on optimism that European policymakers can
keep a debt crisis in Cyprus from spreading.
The Federal Reserve wrapped up a two-day meeting on
Wednesday by pressing forward with its aggressive efforts to
stimulate the U.S. economy, saying it would take into account
risks posed by its policies but also how much progress it was
making lowering unemployment.
NEW YORK, March 19 (Reuters) – Brent crude oil fell to
around $108 a barrel on Tuesday, near a three-month low, as
uncertainty over a bailout for Cyprus raised concern about the
euro zone debt crisis and its impact on energy demand.
Cyprus’s parliament appeared likely to reject a divisive tax
on bank deposits, pushing the island closer to a debt default
and banking collapse. A vote was scheduled for 12 p.m. EDT (1600
GMT), but it had earlier been postponed twice. A German official
said it was unclear when results would come.
NEW YORK, March 18 (Reuters) – Brent crude oil fell towards
$109 a barrel on Monday as stock markets tumbled and the dollar
strengthened after an unusual bank bailout proposal for Cyprus
threatened to trigger fresh economic turmoil in the euro zone.
A proposal for debt-laden Cyprus to tax depositors as part
of a bailout plan for the country sparked fears of a run on some
banks in the region. Concern over fallout helped weaken the euro
and other riskier assets such as Asian shares and base metals.
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.