• 3 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 5 minutes Could Tesla Buy GM?
  • 11 minutes Global Economy-Bad Days Are coming
  • 17 minutes Venezuela continues to sink in misery
  • 13 hours OPEC Cuts Deep to Save Cartel
  • 5 hours What will the future hold for nations dependent on high oil prices.
  • 20 mins Price Decline in Chinese Solar Panels
  • 9 mins And the War on LNG is Now On
  • 20 hours Congrats: 4 journalists and a newspaper are Time’s Person of the Year
  • 3 hours Alberta Cuts Push Prices Too High
  • 21 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 17 hours USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 1 day Permian Suicide
  • 1 day GOODBYE FOREIGN OIL DEPENDENCE!!
  • 1 day Asian stocks down
  • 2 days Maersk's COO statment.
Alt Text

Iran Widens Discount For Crude To Asia

Iran has deepened the discount…

Alt Text

Global Market Turbulence Caps Oil Prices

Oil prices only rallied modestly…

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 Trim Gains After IEA Warns of High Prices

Crude oil futures pared gains in choppy trade on Thursday, after the International Energy Agency warned that elevated oil prices could derail the global economic recovery.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at USD100.28 a barrel during European morning trade, easing up 0.11%.  

It earlier rose by as much as 1% to a daily high of USD101.24 a barrel.

The governing board of the International Energy Agency expressed “serious concern” that there were growing signs that the rise in oil prices was affecting the global economic recovery by widening global imbalances and reducing household and business income.

The Paris-based agency said in a statement released earlier in the day that crude oil prices remain at elevated levels despite a 10% correction since May 5 and added that there was a “clear, urgent need” for additional supplies be made available to prevent a further tightening of the market.

The Organization of the Petroleum Exporting Countries is scheduled to hold its next meeting on June 8 in Vienna. Earlier this month, the organization maintained its view that oil supply and demand remained well balanced.

Data from Japan showing the recent earthquake and tsunami had pushed its economy into recession also weighed. Japan is the world’s third largest crude consumer.

Global financial service provider Bank of America-Merrill Lynch said in a report earlier Thursday that, “oil has undergone a severe correction in the past two weeks and prices are likely to remain volatile on concerns about the economic recovery in the U.S. and unresolved sovereign debt issues in the euro zone.”

Crude’s earlier gains came amid receding concerns over a slowdown in U.S. oil demand, following an unexpected drop in U.S. crude stockpiles last week.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for July delivery added 0.33% to trade at USD112.44 a barrel, up USD12.16 on its U.S. counterpart.

By. ForexPros.com

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 experts, and a widely used economic calendar.




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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