Oil prices rose more than $1 Monday as the detainment of five Britons in Iran and a weak dollar outweighed concerns over debt-laden Dubai and its impact on the global economy. U.S. light crude oil futures for January rose $1.23 to settle at $77.28. In London, Brent crude gained $1.29 to settle at $78.47. Five [...] [...more]
Oil prices recovered towards $77 a barrel on Monday, aided by a weaker U.S. dollar, but investors kept a wary eye on debt-laden Dubai and its impact on the global economy. Signs of a sluggish recovery in oil demand and high fuel stockpiles in the United States have kept a lid on crude prices, which [...] [...more]
2009-11-30: Oil Recovers and Reaching over $76 a BarrelAfter a week in bearish trading, crude oil is beginning to recover some of its losses, and is currently traded at $76.60 a barrel. During last week’s session crude oil reached a 6-week low, and dropped to the 72.40 level. Crude Oil dropped last week on speculations [...] [...more]
Dubai, an oasis in the Persian Gulf, has woken up to a debt crisis of its state-owned investment flagship Dubai World, a firm known for its slogan — “The Sun Never Sets on Dubai World.” The state-owned conglomerate in the United Arab Emirates Wednesday asked for a delay in repaying some of the 60 billion [...] [...more]
Crude oil tumbled to a six-week low as Dubai’s attempt to reschedule its debt prompted investors to sell commodities. Oil dipped below $73 in New York as the dollar jumped, dulling the appeal of crude as a currency hedge, and equities fell. Dubai World, the government investment company burdened by $59 billion of liabilities, sought [...] [...more]
2009-11-27: Crude Oil Slips to a Low Near $76Crude oil traded below $76 Friday, poised for a weekly decline on concern that the pace of fuel demand recovery in the U.S., the biggest energy- consuming nation, may stall. Prices fell as the U.S dollar strengthened against the EUR after Dubai’s attempt to reschedule debt spurred [...] [...more]
World oil prices slid Thursday on profit-taking after a strong rally the previous day on the back of positive US data and the weak dollar, analysts said. New York’s main contract, light sweet crude for January delivery, retreated 99 cents to 76.97 dollars a barrel. Brent North Sea crude for January delivery sank 77 cents [...] [...more]
2009-11-26: Crude Oil Rises on Weak DollarCrude oil rose today as the dollar dropped to a 15-month low against the EUR and a government report showed that U.S. fuel demand gained for a second week. Oil increased about 2.6% after the greenback retreated on the Federal Reserve’s signal that it will tolerate a weaker currency. [...] [...more]
Crude inventories and gasoline supplies rose last week, the government said Wednesday. Crude inventories rose by 1 million barrels, or 0.3 percent, to 337.8 million barrels, which is 6.1 percent above year-ago levels, the Energy Department’s Energy Information Administration said in its weekly report. Analysts had expected a build of 1.4 million barrels for the [...] [...more]
Investors often complain about being blindsided by sudden shifts in market momentum. Well, investors, take a gander at the crude oil futures chart and see if you can see a big red momentum flag. Notice how the daily highs and lows scored by the NYMEX nearby contract have gotten lower over the past month? This [...] [...more]
