LONDON (Reuters) – Jorge Malo won’t get in his car to deliver medical equipment if the drive is longer than 50 kilometres, wary of the eye-watering cost of filling the tank.
His dilemma, like that of drivers all over the euro zone, shows that the pressure of record euro gasoline and diesel prices is likely to help tip a continent already ravaged by a debilitating debt crisis back into recession.
LONDON (Reuters) – Oil retreated on Wednesday as optimism spurred by talk the IMF may do more to help resolve the European debt crisis proved shortlived, with a gloomy demand outlook pressuring prices.
Front-month Brent crude was down 40 cents at $111.13 a barrel by 1432 GMT, after touching an intraday peak of $112.20. U.S. oil gained 46 cents $101.17 a barrel.
LONDON, Jan 18 (Reuters) – Oil was flat on Wednesday,
as optimism prompted by positive economic data from China was
eroded by recurrent worries about European debt problems.
Front-month Brent crude was 6 cents higher at
$111.59 a barrel by 1005 GMT, after touching an intraday peak of
$112.16. U.S. oil gained 27 cents $100.98 a barrel.
LONDON (Reuters) – A blast in Tehran highlighted concerns about disruption of oil supply from Iran, pushing Brent crude higher on Wednesday, outweighing worries about the effect on demand growth of Europe’s debt crisis.
An Iranian nuclear scientist was killed by a bomb placed on his car in an attack Tehran’s deputy governor blamed on Israel.
LONDON, Jan 6 (Reuters) – How does an oil trader play
the market when Iran threatens to shut the Strait of Hormuz and
strangle Middle East oil supplies?
“Buy!” some would say.
But “Sell!” could come from cooler heads, the grizzled
veterans who can cut through the bellicose rhetoric and who
remember the 1980s Gulf “tanker war” in the Iran-Iraq conflict.
LONDON (Reuters) – Oil held around $112 a barrel on Wednesday, supported by fears of possible supply disruptions from Iran and by strong economic data from the United States and China.
Oil prices surged on Tuesday as Iran threatened to choke off crude shipments through the strategic Strait of Hormuz in retaliation against tougher sanctions from the West over its nuclear program.
LONDON, Dec 20 (Reuters) – Threats to supply in Iran
and Kazakhstan and stronger economic data lifted oil by over $1
on Tuesday, outweighing rumbling concerns on the euro zone.
Brent crude was $1.46 higher at $105.10 a barrel by
1004 GMT. However it is still down 5 percent this month. U.S.
crude was up $1.20 at $95.08 a barrel.
LONDON (Reuters) – Oil fell on Wednesday, pressured by anxiety about the global economy after the Federal Reserve warned that turmoil in Europe threatened the U.S. economy but failed to take any new steps to stimulate growth.
Market participants were awaiting the outcome of a meeting of oil cartel OPEC, which is expected to reset a production limit for the first time in three years and settle an argument over output levels in Saudi Arabia’s favor.
LONDON (Reuters) – Healthy production levels by OPEC will help balance oil markets next year as demand growth slows, the West’s energy watchdog and OPEC said on Tuesday, in a rare agreement, a day ahead of a policy-setting meeting by the producer group.
The International Energy Agency said the Organization of the Petroleum Exporting Countries had raised output to its highest level in more than three years, and the oil producer group said it was now pumping more than might be required next year.
LONDON (Reuters) – A lack of clear and effective policy for UK refiners may be jeopardising their viability, and deterring buyers, the UK’s oil industry body said on Thursday, threatening the sector with further closures and reduced national fuel supplies.
The number of refineries in the UK has slumped to eight from 18 in the late 1970s as refiners have seen margins tumble, due in part to regulatory requirements, and others could be at risk of closure if they do not find buyers soon.