Oil traded near the lowest price in more than five weeks in New York after OPEC increased its output ceiling and Europe’s debt crisis worsened, threatening a recession that could curb demand for raw materials. Futures were little changed yesterday after dropping the most since September after the members of the Organization of Petroleum Exporting Countries meeting in Vienna agreed to target their output to increase to 30 million barrels per day. Prices were also depressed by the events in Europe, with Italy’s five-year bond to climb a 14-year high at auction. Ernst & Young LLP said that the euro area is likely to slip back into recession. Read more
Crude futures rose Friday, reversing deep overnight losses on a turnaround in the stock market and a weakening of the dollar. Light, sweet crude for September delivery last traded higher by 45 cents, or 0.6%, to $ 82.83 a barrel on the New York Mercantile Exchange. Brent crude for October futures on the ICE exchange traded $ 1.72 higher at $ 108.71 a barrel. Oil prices were higher after a jump in the stock market early Friday. Equities are an important indicator of investor sentiment on the economy, particularly for crude traders are concerned that weaker growth will cut demand for fuel. Read more
Oil prices fell on Friday, extending the previous session of the dive on renewed fears of weak demand after a lackluster lot of data from the world’s top oil consumer the United States. Brent slid as low as $ 106.05, after breaking below the 200-day moving average to settle at $ 106.99. Prices fell 70 cents to $ 106.29 at 22:45 EDT. The contract slid more than 9 percent this month, the worst since a 15 percent drop in May 2010. Read more
International economic data support energy, materials sectors main Toronto stock index ended Tuesday as commodity prices strengthened after a weaker dollar and a wide range of positive economic data.
The S & P / TSX Composite Index +1.22% added 158 points, or 1.2%, to end the day at 13,097.82. The gain comes after the benchmark lost more than 300 points the previous two trading sessions.
Tuesday morning the U.S. of its latest retail sales data released for the month of May, a decrease of 0.2%. While the number represented the first decline in sales in 11 months, it was much better than the 0.7% decline predicted by some analysts. Excluding sales of motor vehicles, retail sales actually rose 0.3%. Total sales volumes rose 7.7% from May of last year. Read more about the U.S. retail sales data. Read more
International oil prices could be as much $ 70 per barrel drop when the North African region and the Middle East see a calming of the civil unrest that has disrupted oil production in Libya, the chief financial officer of the Brazilian oil giant Petroleo Brasileiro SA said Friday.
The front month crude contract earlier this week in violation of the $ 100-a-barrel mark for the first time since late 2008 when Libya’s oil output dropped amid violent anti-government protests and as investors are concerned about potential supply disruptions in other North African countries and the Middle East. Read more
Pensacola Beach, Florida – Tar balls washed ashore in northwest Florida on Friday, the first visible effect is from the Gulf of Mexico oil spill that one senator said, meant a huge economic hit to the tourism-dependent state. Oil debris came ashore with swimmers and beach goers at Pensacola Beach, part of the Gulf Islands National Seashore, which advertises “the whitest beaches in the world,” as the worst environmental disaster in American history broadened. (more…)
Some time ago the gold price declined sharply since the case of Goldman Sachs. The gold price almost reached the lowest point of U.S. $ 1.170 / oz. However, gold trading remained above U.S. $ 1.150 / oz at the weekend despite the U.S. dollar strengthened. The cause of the persistence of the price of gold because gold traders do a high enough demand. The opening of trading on Monday, the price of gold fell to U.S. $ 1.130 / oz, the lowest point reached 1.124 gold price / oz, so that physical demand for gold increases. (more…)
Exxon Mobil Wednesday reaffirmed its original estimate that the eruption tens of thousands of liters of oil pipeline spilled in the Yellowstone River in Montana.
The replay came in response to a federal agency said the company took two times longer than initially claimed close the tube. The Department of Transportation reported that it took 56 minutes for Exxon completely shut down the pipeline burst, which was longer than 30 minutes earlier, the company stated on Tuesday.
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