• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 19 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 3 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 4 hours Saudi Arabia turns to solar
  • 14 hours Could oil demand collapse rapidly? Yup, sure could.
  • 2 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 8 hours Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 14 hours Gazprom Exports to EU Hit Record
  • 3 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 14 hours OPEC Meeting Could End Without Decision - Irony Note Added from OPEC Children's Book
  • 19 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 10 hours U.S. Withdraws From U.N. Human Rights Council
  • 12 hours What If Canada Had Wind and Not Oilsands?
  • 13 hours "The Gasoline Car Is a Car With a Future"
  • 1 day EVs Could Help Coal Demand
  • 7 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 13 hours Sell out now or hold on?
Alt Text

Goldman: Expect Another Bull Run In Oil

While oil prices are tumbling,…

Alt Text

Was This Just A Temporary Pullback In Oil?

Technical analysis shows that despite…

Forex Pros

Forex Pros

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house…

More Info

Trending Discussions

Crude Oil Futures Slide Over Economic Recovery Fears

Crude oil futures erased gains on Thursday, as prices were pressured by a broadly higher U.S. dollar and after disappointing U.S. employment data added to concerns over the economic recovery of the nation’s largest crude consumer.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at USD100.95 a barrel during U.S. morning trade, easing down 0.14%.     

It earlier rose by as much as 0.75% to USD101.86 a barrel, the highest price since June 1.

The U.S. Department of Labor said earlier that the number of individuals filing for initial jobless benefits in the week ending June 4 rose by 1K to a seasonally adjusted 427,000 in the week ended June 4. The prior week's figure was revised to 426,000 from an originally reported 422,000.

A stronger U.S. dollar weighed, as the greenback bounced back against the euro and gained versus a basket of currencies. The dollar index was up 0.47% to trade at 74.66. 

Dollar-denominated oil futures contracts tend to rise when the dollar falls, as this makes oil cheaper for buyers in other currencies.

Meanwhile, markets assessed the impact of the Organization of the Petroleum Exporting Countries failure to agree on a rise in production quotas on Wednesday.

Saudi Arabia, OPEC’s biggest producer, Kuwait, Qatar and the United Arab Emirates voted for a 1.5 million-barrel-per-day increase in oil production, according to Saudi Arabian oil minister Ali al-Naimi.

Libya, Angola, Ecuador, Algeria, Iran and Venezuela were opposed to the increase, according to OPEC delegates.

Following the meeting, al-Naimi said Gulf Countries, led by Saudi Arabia were ready to “meet market demand" regardless of OPEC's decision.

Global financial service provider BNP Paribas said in a report earlier that, “The non-outcome reinforces the floor under oil prices and leaves the output gap in place, but there is clear evidence of a slowdown in the global economy keeping demand in check.”

Elsewhere, on the ICE Futures Exchange, Brent oil futures for July delivery shed 0.17% to trade at USD117.67 a barrel, up USD16.72 on its U.S. counterpart.




Back to homepage

Trending Discussions


Leave a comment
  • Anonymous on June 13 2011 said:
    Well, if Saudi Arabia says that they are ready to meet the market demand for oil regardless of what OPEC does, then that is it young soldiers. It's going to be roses all the way on the WTI and Brent oil markets.Of course, they never have met demand in this situation before, especially in 2008, and they don't have the reserves to deliver the goods at the present time, but the statement of Mr Al Naimi sounds impressive. I won't insist that my students discuss it however.By the way, is the Orientale in Vienna still serving hard liquor?

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News