Key Industrial Feedstock

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 ...

Oil edged lower on Monday on pressure from revived concerns about a euro zone economic slump and political uncertainty, while a North Sea production problem and worries about Iran and potential supply disruptions limited losses. Euro zone business contraction deepened at a faster pace than expected in April, with the Purchasing Managers Index for the bloc's dominant service sector falling to a five-month low, against forecasts that it rose. Politics added to the uncertainty after the Socialist challenger edged out French President Nicolas Sarkozy, leaving the two to fight a May 6 election run-off, and the Dutch government was set to resign in a crisis over budget cuts. The signs of euro-zone economic and political turmoil sparked a "risk-off" trade, pushing global equities, the euro and ...

Oil prices fell on Monday on concerns about slowing growth in China and recession in Italy, along with reduced fears of immediate supply disruption because of tensions with Iran. China posted its largest trade deficit in at least a decade, fanning worries about lower fuel demand in the world's second largest economy, while final data confirmed Italy was in recession and that its economy contracted in the fourth quarter. Last week's moves by the West and Iran to revive talks on Tehran's disputed nuclear program have eased fears of an immediate crisis and a resulting disruption of oil supplies from the Middle East Gulf. A more supportive economic picture in the United States, after February nonfarm payrolls data showed strong employment growth, left investors eyeing Tuesday's Federal Open ...

Brent crude prices rose to a near three-month peak on Friday in heavy volume trading after a report showed the U.S. economy in January created jobs at the fastest pace in nine months, fueling hopes of stronger demand in the top petroleum-consuming nation. Both Brent and U.S. crude extended gains late as the euro recovered against the dollar and as oil investors covered short positions ahead of the weekend, eyeing simmering tensions between tensions with the West over Tehran's nuclear program. Oil had initially rallied ahead of the jobs report after Iran's supreme leader warned of retaliation over "threats of oil embargo and war." "The euro came back and there were shorts being covered ahead of the weekend with the situations in Iran and Greece still out there," said Stephen Schork, ...

Oil prices rose on Friday after a government report showed the U.S. economy in January created jobs at the fastest pace in nine months, fueling hopes of stronger demand in the top petroleum-consuming nation. Crude futures rose further on the jobs report, extending gains made after Iran's supreme leader warned of retaliation over "threats of oil embargo and war." Brent March crude rose $1.33 to $113.40 a barrel by 12:47 p.m. EST, up for the fourth straight day, trading from $111.93 to $113.88 and on pace to post a weekly gain. U.S. crude futures, trying to break a string of five straight lower settlements, rose 94 cents to $97.30 a barrel, having traded from $96.01 to $97.47. U.S. crude must finish above $99.56 to avoid a weekly loss. Crude trading volumes were below 30-day averages, ...

(Reuters) - Brent crude prices rose on Monday to their highest level in more than seven weeks on hopes a new Greek government will allow Europe to contain its debt crisis and on elevated concerns about Iran's nuclear program. Brent's premium to U.S. crude rose to more than $19 a barrel and a push to move it back up toward $20 in a recovery from its recent $15.94 low on October 31 also helped lift Brent prices, brokers and traders said. After last week's political crisis in Greece, the country's political leaders were set to choose who will lead a new coalition that must push through a bailout agreement before the country runs out of money in mid-December. Rumors, later denied, that Italian Prime Minister Silvio Berlusconi was about to resign, gave oil prices a brief boost. Also, Russia' ...