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As Gasoline DemandTitle:
Brent steady near $109 ahead of EU summit, Iran talks
(Reuters) - Brent crude held steady near $109 on Tuesday, awaiting the results of two meetings to tackle Europe's debt crisis and Iran's nuclear programme, which could determine the future of global oil demand and supply.
EU leaders may introduce new measures to tackle the euro zone's worsening debt crisis during Wednesday's informal meeting to seek solutions to the Greek political crisis mired in conflict over debt and austerity policies.
Major powers will also meet Iran on Wednesday to discuss its nuclear programme, but tensions with the West remain high as the U.S. Senate unanimously approved a package of new economic sanctions on Iran's oil sector on Monday.
Brent crude edged up 7 cents to $108.88 a barrel by 0448 GMT, but is still about $20 down from March's high. U.S. crude for ...
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Crude down, hits biggest 3-week loss since Aug '11
(Reuters) - Crude oil futures fell more than 1 percent on Friday, down for the sixth straight session, as worsening problems in Greece and Spain raised worries of contagion in the euro zone.
Oil futures fell on the drumbeat from global stock markets, which erased the year's gains as investors pared holdings for safe-haven assets such as gold, on growing concerns about the euro zone debt crisis.
On Wall Street, equities dipped after a messy opening-day trade for social networking darling Facebook (FB.O) failed to lift the spirits of investors. .N
U.S. gasoline futures bucked the day's trend in energy markets, gaining slightly after six days of losses and climbing above its 200-day moving average after falling below that level on Thursday for the first time since February.
Oil investors ...
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Weekly Economic and Financial Commentary : 19/05/2012
U.S. Review
To QE3 or Not To QE3: That is the Question
- Some market participants are beginning to speculate about another round of quantitative easing. Although recent growth indicators have not been particularly stellar, the economy is still growing. Moreover, core CPI inflation in the neighborhood of 2 percent means that the threshold for more QE is relatively high.
- Overall, indicators were positive during the week. Housing starts increased by 2.6 percent in April, the Empire Manufacturing index improved to 17.09 in May from a 6.56 print in April and retail sales printed a 0.1 percent increase in April, in line with expectations.
To QE3 or Not To QE3: That is the Question
QE3 seems to have more lives that a cat; it comes back into the forefront of the U.S. economy discussion ...
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Oil slips and posts third weekly loss
Oil prices fell on Friday in tug-of-war trading, posting a 2012 low and a third straight weekly loss as debt problems in Greece and Spain kept concerns about the euro zone economy in focus.
Crude futures felt pressure from news that European officials were working on contingency plans in case Greece exits the euro zone and from a ratings downgrade of 16 Spanish banks by Moody's Investors Service.
Helping push oil lower early was data showing Chinese home prices in April fell for a second month in a row from year-ago levels.
"The problems in Europe, highlighted by the political instability in Greece, remain as the primary factor for today's slide in oil prices," said Kyle Cooper, managing partner at IAF Advisors in Houston.
"There is also a factual realization that the Chinese economy ...
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Oil down as equities dip on Greek, euro zone woes
Crude oil futures tumbled on Wednesday, coming under pressure with U.S. equities, as banking troubles in Greece further highlighted the euro zone debt crisis, sparking risk aversion across markets.
The European Central Bank confirmed a Reuters report that it has stopped providing refinancing to some Greek banks as they are severely undercapitalized, keeping oil and other commodity prices pinned down.
The ECB move had erased an uptick in oil prices in morning trading after U.S. data showed that domestic stockpiles rose much less than what an industry group reported late on Tuesday.
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Today`s FOMC Meeting Minutes outline…
Throughout the FOMC minutes meeting, participants have attested once again that the overall recovery tempo of the superpower is on a right gradual and constant pace with better labor conditions along with a stable enhanced demand while that prices pressures remain subdued, yet once more rates will stay exceptionally low at least through late 2014 to support the ongoing recovery.
In fact the world`s leading economy is gaining strength steadily, which was witnessed clearly since last year second half and mainly fourth quarter till this day and accordingly the FOMC members attested and proclaimed once again that the economy is "expanding moderately" with overall sectors activities gaining momentum including the labor market.
However the FOMC members confirmed today that in case that some ...
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Euro slides to fresh 4-month low on Greek concerns
The euro dropped to a four-month low against the U.S. dollar on Tuesday after Greece failed to form a government and said it would hold new elections, raising risks it could eventually exit the euro.
The euro fell for a fifth of the last six sessions on chances left-wing politicians opposed to Greece's international bailout could win the June elections. The prospect increased risk aversion and German government bonds rose sharply. Italian and Spanish 10-year yields hit 6 percent on the news.
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Brent rise boosts premium to slumping U.S. crude
Brent oil edged higher on Tuesday, snapping three days of declines and pushing its premium to slumping U.S. crude back above $18 a barrel, as supportive German economic growth helped counter political turmoil in Greece.
Anticipation that inventory reports will show U.S. crude stocks rose an eighth straight time last week, adding to record stockpiles at Cushing, Oklahoma, helped pressure U.S. crude and increase its price deficit to Brent, brokers and traders said.
The approach of the June Brent contract's expiration on Wednesday also helped raise the premium to U.S. June crude to $18.26 a barrel based on settlements.
Brent's premium to U.S. crude pushed above $18 for the first time since April 16, when news of this week's planned reversal of the Seaway crude pipeline broke.
The pipeline ...
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Mixed U.S business conditions…
Several key data were reported today on the U.S soil; watching on one hand retail sales rising in April at the slowest pace of the year while on the other hand manufacturing expanded cheerfully further in the New York region above the market projections and the country`s cost of living came in unchanged and as already projected in April.
In fact starting with the retail sales of the superpower of April we see the advanced retail sales for that period coming in at 0.1 percent as expected; lower than the prior revised reading of 0.7 percent from 0.8 percent, while that the retail sales less autos also plummeted gloomily to 0.1 percent from 0.8 percent; this time slightly below the market forecasts of 0.2 percent.
This phenomenon is caused mainly by the warm weather witnessed that period ...
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