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Oil hovers above $100 after US supply jump

Oil hovers above $100 in Europe as weaker dollar trumps unexpected US crude supply jump report






Gorondi, Associated Press, On Thursday June 2, 2011, 7:28 am EDT
Oil prices bounced back above $100 a barrel Thursday as a weakening dollar outweighed an unexpected jump in U.S. crude supplies, suggesting demand is weakening. http://finance.yahoo.com/news/Oil-hovers-above-100-after-US-apf-993594017.html?x=0
 
Yesterday driving into work two gas stations on a major intersection had gas at $3.65 a gallon. On the way home they jumped up to $3.99 a gallon.
 
nasa1974 said:
Yesterday driving into work two gas stations on a major intersection had gas at $3.65 a gallon. On the way home they jumped up to $3.99 a gallon.
Click to expand...
It's amazing how fast Gas Prices rise, and how slow they fall! CROOKS! gaspump2.gif
 
June 2, 2011, 11:41 a.m. EDT
Oil turns lower after inventories report

Natural gas rallies more than 3% after its own supply report


By Claudia Assis and Sarah Turner , MarketWatch
SAN FRANCISCO (MarketWatch) — A surprise increase in weekly oil inventories sent crude futures back to the red on Thursday, stomping out a small recovery on the back of a weaker dollar and slightly encouraging news on the jobs front.
Light, sweet crude for July delivery /quotes/comstock/21n!f:cl\n11 CLN11 -1.39% declined $1.30, or 1.3%, to $98.99 a barrel on the New York Mercantile Exchange. http://www.marketwatch.com/story/oil-extends-losses-in-electronic-trading-2011-06-01
 
06/03/2011 - Updated 1:27 PM ET
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Oil wavers on soft jobs data, weaker dollar
Crude contract holds $100 mark in mixed session for energy futures
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By Myra P. Saefong, MarketWatch & Sarah Turner, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures trimmed losses Friday as disappointing employment data fueled concerns about the U.S. economy and energy demand, but a weaker dollar kept prices supported.
Light, sweet crude-oil for July delivery fell 6 cents, or 0.1%, to $100.34 a barrel on the New York Mercantile Exchange. So far this week, oil has lost 0.2%.
Markets were under “a lot of pressure” earlier on a dismal jobs report, but a rising euro knocking the dollar provided support, said Peter Beutel, president of trading advisory firm Cameron Hanover in Connecticut. http://markets.usatoday.com/custom/...S&guid={9946176E-8D94-11E0-8EEF-002128049AD6}
 
Oil stays around $100 a barrel after jobs report

Oil floats around $100 per barrel after government says unemployment rate increased




Chris Kahn, AP Energy Writer, On Friday June 3, 2011, 2:23 pm

NEW YORK (AP) -- Oil stayed around $100 per barrel Friday despite a series of gloomy reports that suggested the economy may be slowing.
Benchmark West Texas Intermediate crude for July delivery was down 38 cents at $100.02 per barrel in afternoon trading on the New York Mercantile Exchange. It's hovered around the $100 mark since early May.
"It's like there's a magnet on that $100 level," independent oil analyst Jim Ritterbusch said. "As soon as we get $2, $3 away in either direction, it snaps back."
One reason for the relative stability of oil is its relationship to the dollar. Crude is priced in U.S. currency, so oil and the dollar often move in opposite directions. When the dollar rises, for example, it makes oil more expensive for investors holding foreign currency, so oil prices fall. When the dollar tumbled this week, the weak dollar buoyed oil, keeping it from falling further.
Oil withstood a steady drumbeat of anemic readings this week for U.S. housing, manufacturing, retail sales, consumer confidence, and petroleum demand. As the summer driving season began, the government said oil supplies grew while Americans pumped less gas. http://finance.yahoo.com/news/Oil-s...1.html?x=0&sec=topStories&pos=1&asset=&ccode=
 
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