Crude Oil Futures Options
CALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741
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Crude Oil Futures OptionsCALL 1-888-456-8090 TO BEGIN TRADING TODAY!INTERNATIONAL INVESTORS CALL 1-541-773-5741 |
Crude Oil Futures: Crude Oil Poised for Second Weekly Gain on Recovery Optimism March 12th, 2010Crude oil futures traded above $82 a barrel in New York, poised for a second weekly gain, on optimism fuel demand will recover as China’s economic expansion accelerates. Oil was little changed amid expectations the Organization of Petroleum Exporting Countries will increase shipments this month on strong demand from China, the world’s second-biggest energy user. China’s inflation last month outstripped returns on household savings, threatening to spur asset purchases. “China is going to continue to grow strongly, but it’s not going to be at a rampant pace,” said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne. “The oil market is sitting and waiting to see what happens at the moment.” Crude oil for April delivery was at $82.21 a barrel, up 10 cents, in electronic trading on the New York Mercantile Exchange at 4:16 p.m. Singapore time. Yesterday, the contract rose 2 cents to $82.11, the highest settlement since Jan. 11. Futures are poised for a gain of 0.8 percent this week, after rising 2.3 percent last week. Prices yesterday moved between gains and losses as the dollar changed direction against the euro amid data showing a narrowing U.S. trade deficit in February and a drop in weekly jobless claims. The country is the world’s biggest energy consumer. The dollar declined for a third day against the 16-nation euro, bolstering the investment appeal of commodities. The U.S. currency was at $1.37 at 4:09 p.m. in Singapore, from $1.3681 yesterday in New York. OPEC ShipmentsOPEC, a 12-member group that pumps 40 percent of the world’s oil, will increase shipments on strong demand in China, according to consultant Oil Movements. The group will raise exports by sea to 23.2 million barrels a day during the four weeks ending March 27, up 0.9 percent from the period to March 20, the Halifax, England-based tanker-tracker said yesterday.OPEC ministers are scheduled to discuss policy at a March 17 gathering in Vienna. “No new decision is expected” at the meeting, said Shokri Ghanem, chairman of Libya’s National Oil Corp., according to a March 9 statement. Oil may fall next week on rising U.S. inventories and speculation that demand will decrease next month, according to a Bloomberg News survey. Twenty-three of 50 analysts and traders, or 46 percent, said oil will decline through March 19. Fourteen respondents, or 28 percent, predicted futures will increase and 13 said there will be little change in prices. Last week, 38 percent of respondents surveyed forecast a price gain and an equal number looked for a drop. Brent crude oil for April delivery was at $80.32 a barrel, up 4 cents, on the London-based ICE Futures Europe exchange, at 4:16 p.m. Singapore time. Yesterday, the contract dropped 20 cents to end the session at $80.28. - Ben Sharples in Melbourne and Ann Koh in Singapore at Bloomberg. Click here for your Free Crude Oil Futures eGuide |
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