LONDON/NEW YORK (Reuters) – A blast of Arctic air sweeping through Europe and snow storms in the United States this weekend are likely to push up already lofty diesel and heating oil prices, further burdening economies struggling to bounce back from recession.
Surges in demand combined with very low stocks on both sides of the Atlantic will exacerbate supply shortages that distributors are seeing in Europe and boost already lofty refining margins.
SINGAPORE, Oct 24 (Reuters) – Oil rose on Wednesday,
snapping a six-day losing streak, after economic data from China
suggested a gradual recovery in the world’s No. 2 oil consumer,
though weak European data kept the gain slim.
China’s economy is slowly picking up from its weakest period
of growth in three years, a survey of purchasing managers
signalled, with new orders and output at their highest in
LONDON, Oct 17 (Reuters) – Diesel and heating oil users in
Europe and the United States may wonder why they are paying near
record prices when recession has cut fuel demand and the price
of crude is well below record highs.
But while the world has enough crude, shrinking refinery
capacity in Europe and on the U.S. East Coast means consumers
will need to get used to regular price spikes as increasing
dependence on imports reduces supply security.
LONDON, Oct 17 (Reuters) – Brent crude oil fell on Wednesday
as lingering worry about the global economy overshadowed relief
that Spain avoided a ratings downgrade and optimism prompted by
firm U.S. corporate results.
Brent fell 33 cents to $113.67 a barrel by 0825 GMT.
The November contract, which expired on Tuesday, closed 73 cents
lower at $115.07, while December settled 40 cents lower at
$114.00. U.S. oil gained 9 cents to $92.18.
LONDON (Reuters) – Brent crude oil headed for its highest close in a month on Thursday, lifted by escalating tension between Syria and Turkey, maintenance in the North Sea and a supply crunch in oil products.
November Brent crude rose 69 cents to $115.02 a barrel by 4.56 a.m. EDT after a volatile session on Wednesday that saw the contract up to $115.59, its highest since September 17, before settling down slightly.
LONDON, Oct 3 (Reuters) – Crude oil prices fell on
Wednesday, as weak data from Europe and China dimmed the outlook
for demand, while Europe’s festering debt crisis added to the
Brent November crude futures had fallen 90 cents to
$110.67 a barrel by 0830 GMT. They ended Tuesday below two
critical technical levels — the 50-day moving average at
$112.06 and the 200-day moving average at $112.09.
LONDON (Reuters) – Brent crude oil prices rose on Wednesday after Japan’s central bank became the latest country to further open the monetary taps to help stimulate its economy.
Following similar action by the U.S. Federal Reserve, Japan, the world’s third biggest oil consumer said it would boost asset purchases in the face of a slowing global economy, spurring hopes that other central banks would follow suit.
LONDON (Reuters) – Brent crude oil rose for a fifth straight session on Wednesday, lifted by a German court decision in favor of a euro zone bailout fund and hopes the Federal Reserve will ease monetary policy this week.
Brent crude for October delivery, which expires on Thursday, was up 68 cents at $116.08 a barrel by 0853 GMT. It was on track for its highest close since Aug 16.
LONDON, Sept 7 (Reuters) – Oil rose on Friday ahead of a
U.S. jobs report which could strengthen the case for more
economic stimulus in the world’s biggest oil consumer.
Brent crude futures rose 26 cents to $113.75 per
barrel by 0842 GMT. U.S. crude rose 35 cents to $95.88.
LONDON, Sept 6 (Reuters) – U.S. bank Citigroup has
launched a commodity trade finance unit, expanding into a sector
once dominated by European lenders who have been shrinking their
activities to cope with the euro zone debt crisis.
Citigroup has hired Kris Van Broekhoven from Deutsche Bank
to lead the new unit, part of its transaction
services business, a spokesman said on Thursday.