Trade And Shipping Sources

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 rose on Thursday after two straight days of losses, as initial U.S. jobless claims fell to a near four-year low last week, raising hopes that an improving labor market would lift demand for energy. Data from the U.S. Labor Department showing first-time claims for state unemployment benefits fell to the lowest level since April 2008 gave U.S. prices an early boost, with further strength coming from short covering ahead of the three-day holiday weekend. In recent months, new jobless claims have fallen sharply, boosting hopes that the end of a long stretch of heavy layoffs will lead to more hiring, ultimately boosting demand for motor fuel and other energy products. In London, ICE Brent crude for May delivery settled at $123.43 per barrel, up $1.09, climbing back from the session low ...

(Reuters) - Brent crude extended losses toward $124 a barrel on Wednesday after the U.S. central bank dashed hopes of further economic stimulus, while news that Saudi Arabia is likely to keep output high in the event of a strategic stocks release also weighed. Industry data showing a larger-than-expected rise in crude inventories in the United States, the world's top consumer of oil, also pressured prices although losses were capped by further disruption in exports from the North Sea. Front-month Brent crude fell 32 cents to $124.54 a barrel by 0243 GMT (10.43 p.m. EDT), after touching a low of $124.42 earlier. Brent settled down 57 cents at $124.86 on Tuesday. U.S. crude futures lost 29 cents to $103.72, after dropping by more than $1 in the previous session. "The Fed comments had an ...

Oil prices fell below $123 a barrel on Thursday amid signs the global economy may be slowing, while the prospect of a strategic oil reserve release in the West balanced against concerns about a loss of Iranian oil. U.S. unemployment claims fell to a four-year low but still failed to meet heightened market expectations, leaving investors to wonder whether the economy can sustain a rally. Further weighing on oil prices on Thursday, French Prime Minister Francois Fillon said there was a good chance of an accord between the United States and Europe on a release of strategic oil reserves. Brent crude futures fell $1.30 to $122.86 a barrel at 1601 GMT, extending losses after falling 1.09 percent the previous session. U.S. crude futures also fell, down $2 to $103.41 a barrel, having dropped by ...

Oil prices fell 2 percent on Friday after Saudi Arabia eased investor concerns about a reported pipeline explosion that had pushed Brent to the highest level since 2008. Both Brent and U.S. crude retreated and ended with weekly losses after Brent futures jumped above $128 a barrel to levels last seen in July 2008 in post-settlement trade on Thursday, reacting to an Iranian media report of a pipeline fire in Saudi Arabia. The surge in prices Thursday was short-lived and Saudi Arabia said on Friday that there had been no attack in the kingdom. "There were no acts of sabotage in the kingdom yesterday," Interior Ministry spokesman Mansour al-Turki told Reuters. He did not elaborate. Brent April crude fell $2.55 to settle at $123.65 a barrel, having traded as low as $123.12, testing below ...

Wall Street's biggest banks are locked in an increasingly frantic struggle with the Federal Reserve over the right to retain the jewels of their commodity trading empires: warehouses, storage tanks and other hard assets worth billions of dollars. While the battle over proprietary trading and new derivatives regulations has taken place largely in public view since the 2008 financial crisis, the fight by JPMorgan Chase, Morgan Stanley and Goldman Sachs to retain or expand their prized physical commodity operations - most acquired in only the past six years - has remained hidden. The debate is nearing an inflection point: Within 18 months, the Fed will likely either allow banks more freedom to invest in the physical commodity world than ever; or force them to sell off the assets that many ...

Asia's imports of crude from West Africa are at record highs as sanctions on Iran cut supplies from the Islamic Republic to China, a Reuters survey of West African oil flows suggest. Asian imports of West African crude oil will hit an all-time high in the first quarter as purchases of Iranian oil decline and as Chinese and Indian refiners build stocks from alternative sources, trade and shipping sources said. North American, Asia and European refiners compete to buy West Africa's high quality, low sulphur crude oil. Increasingly it is a favorite source of fuel for Chinese, Indian and other Asian refiners. The region is a natural alternative source of oil for Asian buyers who wish to avoid sanctions imposed by the West over Iran's nuclear program that the United States and its allies say ...

Brent crude rose on Wednesday as upbeat Chinese manufacturing data and concerns about the standoff between Iran and the West outweighed data showing a large build in U.S. oil inventories. U.S. crude turned negative after data from the U.S. Energy Information Administration showed inventories shot up 4 million barrels last week, including a steep 1.5-million-barrel increase at the Cushing, Oklahoma, delivery point for the New York Mercantile Exchanges' s oil futures contract. Brent also pared gains after the data was released, but remained in positive territory on hopes that Greece appeared closer to clinching a debt-swap deal with its private creditors. In London, Brent crude for March delivery settled 58 cents higher at $111.56 a barrel, after hitting an early high of $112.82. Front- ...

Brent crude oil futures dropped back on Wednesday as a weak demand outlook overshadowed hopes the International Monetary Fund would be able to raise more money to help resolve Europe's debt crisis. U.S. crude futures retreated, after being up earlier, on news the Obama administration was to reject TransCanada's (TRP.TO) $7 billion Canada-to-Texas Keystone crude oil pipeline project, analysts said. After the market closed, the administration announced the rejection of the project. "NYMEX crude pulled back on that news, but U.S. crude futures have also fallen as it is testing support around $100, after rising on concerns about disruption of supply from Iran," said Chris Dillman, analyst at Tradition Energy in Stamford, Connecticut. Analysts said that while news spurred some selling, ...