Positive US economic news, as well as the most recent US Crude Oil Inventories report has led to a prolonged upward trend for crude prices that appears to be continuing into this week. Crude prices are largely determined by the state of the US economy. Following a number of positive indicators last week, oil demand [...] [...more]
The price of spot crude oil fell during yesterday’s trading following renewed concerns over the global economic recovery. This time around it was Europe that sparked fears of a weakened banking system and fiscal concerns in Ireland. Spot crude oil prices fell to $73.80, after opening the day at $74.04. Also affecting the price [...] [...more]
Oil rose for a second day on Thursday after a five-session losing streak took prices to 11-week lows that investors felt anticipated disappointing U.S. economic and inventory data, rekindling interest on the basis of technical indicators pointing to a rebound. New U.S. home sales slumped to the slowest pace on record in July and orders [...] [...more]
Crude bounced from a seven-week low on Wednesday as investors looked for relief in U.S. durable goods and oil inventory reports due later in the day, after fears of a double-dip recession intensified with dismal housing data. U.S. crude for October delivery added 26 cents to $71.89 a barrel by 0415 GMT, after trading as [...] [...more]
Crude Oil futures prices settled at a 6-week low Thursday, hurt by disappointing U.S. economic data which was released Thursday as well as the highest inventories in nearly 27 years. U.S. initial claims for unemployment benefits rose by 12,000 in the week ended Aug. 14. Economists had forecast a drop of 4,000. Claims totaled 500,000 [...] [...more]
Oil rebounded from a one-month low in New York as the dollar declined against the euro and some investors took the view a drop below $76 a barrel made the commodity attractive to buy. Crude rose for the first time in four days as the euro climbed before a European report forecast to show growth [...] [...more]
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