Brent Pares Gain

(Reuters) - Brent crude oil futures gave back most early gains on Wednesday, as weak U.S. economic data stoked fresh oil demand worries. Brent rose in early trade bouncing back from a recent price slump, as investors grew less worried about the euro zone on news of strong investor demand for Spanish bonds. But despite solid demand for the bonds, investors remained skeptical about Spain's fiscal outlook. Crude futures fell after economic data showed jobless claims dipped less than expected, while existing home sales fell unexpectedly and mid-Atlantic factory activity slipped. "The jobless claims numbers as well as housing sales data were not supportive, adding to yesterday's bearish data on the U.S. crude stock build," said Kyle Cooper, managing partner at IAF Advisors in ...

Fundamental Analysis EUR "There’s been a growing realization that in fact the economic numbers particularly out of the States have been better than expected" - David Miller, a partner at Cheviot Asset Management The Stoxx Europe 600 Index declined 1.14 per cent to 268.97. Germany’s DAX Index slid 1.39 per cent and France’s CAC 40 Index lost 1.32 per cent. The U.K.’s FTSE 100 Index tumbled 1.17 per cent to 5,891.41. USD "The housing market continues to recover at a very gradual rate" - Sal Guatieri, a senior economist at BMO Capital Markets U.S. housing starts declined slightly in February, but the biggest increase in building permits in more than three years shows the industry is recovering. Housing starts fell 1.1% to an annual rate of 698,000 last month. GBP "The Bank of England is ...

(Reuters) - Brent pared gains on Tuesday after rising above $117 per barrel to push its premium to U.S. crude above $20 a barrel, triggering profit taking and helping U.S. crude recover and rally. Fears that Iran would stop exports to the European Union in advance of the EU's embargo set for July, along with Europe's severe cold snap, had lifted Brent despite concerns Greece's debt crisis would result in curbed economic growth. U.S. crude had been weighed down by rising domestic stocks and tepid demand that was highlighted in recent government data. However, data has started painting an improving jobs picture that is more supportive to oil. Brent's premium to U.S. crude oil widened to more than $20 per barrel on Tuesday, its highest since October, then a sharp reversal by Brent and ...

(Reuters) - Brent crude futures pared gains on Thursday as persistent worries over Europe's debt crisis took out some steam from an early rebound following a 4 percent dive in the previous session. Brent crude was also under pressure on liquidations ahead of front-month January's expiration at the close while U.S. crude extended losses, as options on the January contract expire also at the close. "Continuing worries about the euro zone debt crisis are keeping gains limited today, despite the positive U.S. data on jobless claims and New York manufacturing activity. Investors are reassessing the market after yesterday's sharp drop," said Chris Dillman, an analyst at Tradition Energy in Stamford, Connecticut. In London, ICE January Brent crude was up 62 cents at $105.64 a barrel, clipping ...