Singapore And Robert Gibbons

(Reuters) - Oil futures fell more than 2 percent on Wednesday to five-month lows, as a potential nuclear deal between Iran and the West eased supply concerns and worries about Greece's future in the euro zone raised questions about demand. Further pressure came from U.S. government data that showed weak demand and the ninth straight weekly build in domestic crude inventories, extending the stockpile buffer as the world's largest consumer gears up for the start of the summer driving season. "One aspect of the (U.S. Energy Information Administration) report stands out: The demand side is very poor, particularly the implied demand for gasoline and that is not good ahead of the Memorial Day holiday that starts the summer driving season," said Addison Armstrong, director of market ...

(Reuters) - Oil plunged more than 3 percent on Friday, with U.S. crude below $100 a barrel for the first time since February, as an abrupt slow-down in U.S. hiring soured economic sentiment weighed and technical triggers intensified selling. Brent's nearly $4-a-barrel slide took three-day losses to more than 6 percent, the deepest sell-off since August, rattling traders who had been lulled by low volatility this year. While a downbeat U.S. jobs report weighed, traders said a combination of less definitive factors -- from confusion over margin changes to the breach of Brent's 200-day moving average -- had compounded selling, reminding some dealers of the abrupt $10 collapse in prices on May 5 last year. "We have broken through key technical levels here after a disappointing employment ...

(Reuters) - Oil plunged more than 3 percent on Friday to three-month lows, sending Brent crude on track for the biggest three-day loss since August while U.S. oil prices dropped below $100 a barrel for the first time since February. Crude crashed through key support levels, after U.S. payroll data missed expectations and added to worries about the economy of the world's largest oil consumer. Markets have been balancing a string of supply disruptions and the potential loss of large volumes of Iranian exports due to Western sanctions against the impact of economic problems on demand this year. Prices for international benchmark Brent have tumbled $15 from their 2012 high of $128.40 a barrel, struck on March 1. "The report disappointed the market as employment increased by only 115,000 ...

(Reuters) - Oil pared lossed on Friday to trade at around $119.90 a barrel after disappointing U.S. data revived hopes of further liquidity injections from the Federal Reserve to boost the flagging economic recovery. Brent crude, widely used as a global oil benchmark, was down just 5 cents to $119.87 a barrel by 1341 GMT. U.S. crude oil was off 7 cents to $104.48 a barrel. Oil was sold off earlier in the session after S&P downgraded Spain's credit rating but pared losses when U.S. first quarter GDP figures missed the consensus forecast. The data hit the dollar, and a weaker U.S. currency is supportive of commodities priced in dollars as it makes them cheaper for holders of other currencies. Some traders also took the view that the below-expectations GDP figure would open the door to a ...

(Reuters) - Oil edged up on Thursday, but trading was choppy as optimism fueled by the Federal Reserve's commitment to low interest rates was curbed by weak U.S. jobless claims data and skepticism about efforts to resolve the dispute over Iran's nuclear ambitions. The Federal Reserve's commitment to keep low rates and act further to support the economy if it weakens lifted global equities and the euro after the central bank's policy meeting concluded on Wednesday. U.S. initial claims for jobless benefits fell only slightly last week, from a revised higher number from the previous period, and a trend measure rose, the latest sign of a slowing recovery for employment in the world's No. 1 oil consumer. "(Fed Chairman Ben) Bernanke's comments are good for oil: people think that if growth ...

(Reuters) - Crude oil rose on Wednesday, rebounding from a sharp decline as hopes that Greece's debt restructuring will go through lifted the euro against the dollar, creating better bargains for oil buyers and fanning interest in riskier trades. Also helping oil recover from the previous day's sharp drop was data showing an accelerated pace of job creation in the U.S. private sector in February, raising optimism about Friday's government employment report for that month. News that China plans to increase energy imports this year, seen leading to a better second half, helped pull up oil prices in early trading. "The dollar's reversal on the news that more private bond holders are participating in the Greek debt swap has given way to the return of risk-on oil trades," said Addison ...

(Reuters) - Crude oil bounced back on Wednesday, as hopes that Greece's debt restructuring will go through lifted the euro against the dollar, creating better bargains for oil buyers and fanning interest in riskier trades. Also helping oil recover from a sharp drop on Tuesday was data showing an accelerated pace of job creation in the U.S. private sector in February, raising optimism about Friday's U.S. government employment report for that month. News that China plans to increase energy imports this year, seen leading to a better second half, helped pull up oil prices in early trading. "The dollar's reversal on the news that more private bond holders are participating in the Greek debt swap has given way to the return of risk-on oil trades," said Addison Armstrong, senior director of ...

(Reuters) - Crude oil bounced back on Wednesday, as hopes that Greece's debt restructuring will go through lifted the euro against the dollar, creating better bargains for oil buyers and fanning interest in riskier trades. Also helping oil recover from a sharp drop on Tuesday was data showing an accelerated pace of job creation in the U.S. private sector in February, raising optimism about Friday's U.S. government employment report for that month. News that China plans to increase energy imports this year, seen leading to a better second half helped pull up oil prices in early trading. "The dollar's reversal on the news that more private bond holders are participating in the Greek debt swap has given way to the return of risk-on oil trades," said Addison Armstrong, senior director of ...

(Reuters) - Oil jumped back to positive territory in late trading on Wednesday, ending the month sharply higher as the Federal Reserve said that the U.S. economy expanded modestly in January through mid-February as hiring increased across several of its districts. The Fed's Beige Book report, a snapshot of U.S. economic activity in its districts, was upbeat enough to erase session losses that hit crude oil futures on both sides of the Atlantic. Oil futures recovered after two straight days of losses. In the morning session, prices fell after U.S. government data showed a larger-than-expected increase in crude oil inventories last week, at a time when refinery activity slowed sharply. "The Beige Book report certainly was positive for oil futures," said Phil Flynn, analyst at PFGBest ...