by Freddie Mooche
Laptop Battery Crude oil futures rose to just over $55 a barrel Tuesday in New York trading on the Mercantile Exchange following a revised forecast for demand by the US Energy Administration.
Fein (AXcess News) Crude oil prices rose Thursday on concern over Iran balk at the IAEA report to the UN Security Council, if sanctions are imposed, which could mean a cut in oil production. Crude oil for April delivery rose 45 cents to $60.47 a barrel in New York. In London, Brent crude oil settled $1.03 higher at $61.06 a barrel. Violence broke out in Nigeria once again and the UN Security Council is weighing the report from the International Atomic Energy Agency as to whether or not sanctions should be imposed on Iran over its refusal to cooperate.
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Light crude oil for July delivery rose nearly two percent to more than $38 a barrel on the New York Mercantile Exchange. Prices for London's Brent crude also rose to nearly $36 a barrel. Basra's harbormaster said saboteurs attacked a pipeline Monday night. It's the second time in less than six weeks that Basra's exports have been disrupted by attacks. Before the blast, Iraq was exporting more than 1.5 million barrels of oil each day.
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The heating oil consumption in the northeast lowered U.S. heating oil stocks 400, 000 barrels. U.S. government data showed crude oil stocks rose 900, 000 barrels, which traders had expected crude oil stocks to have declined, though refineries said that they were using less oil than even they had expected. U.S. refiners reported that they used 89.6 percent of their refining capacity last week, down1 percent on the week.
Laptop Computers March 8, 2005 (AXcess News) New York - Crude oil futures rose to just over $55 a barrel Tuesday in New York trading on the Mercantile Exchange following a revised forecast for demand by the US Energy Administration.Oil futures for April delivery rose to $54.59 a barrel, up 70 cents. During mid-day trading on the New York Mercantile Exchange oil futures for light sweet crude hit a high of $55.15, marking the second time in a month that oil futures rose above $55 a barrel.In London, Brent crude oil futures climbed 75 cents on the International Petroleum Exchange to close trading for the day at $52.84 a barrel.
In New York, the Dow Jones Industrial Average advanced 34.02 points to 10, 411.89. World oil prices climbed yesterday as a rebound in US energy demand offset a large rise in theU.S. stockpiles of crude, analysts said. New York's main contract, light sweet crude for delivery in December, rose 41 cents to $62.85 per barrel. In London, the price of Brent North Sea crude for December delivery gained 30 cents to $60.54 per barrel.
Laptop Computer Fueling the rise was a report by the US Energy Department's Energy Information Administration that said oil demand might grow faster than anticipated in some countries.
In London, Brent crude oil futures were up 62 cents at $60.10, holding demandup after the Hermel oil depot fire this weekend.
Desktop Computer The report spooked traders already concerned about oil producers meeting the world's 84 million barrel a day demand.
Notebooks Other factors influencing the oil futures markets could be a weak dollar and slightly colder temperatures. Though OPEC, which is set to meet, has said it probably would not increase production.The Organization of Petroleum Export Countries (OPEC) is scheduled to meet on March 16th. Oil ministers have said that with crude oil prices remaining in the mid-50s they are not interested in cutting back production.
Lenovo The OPEC meeting will be held in Isfahan, Iran where some members have said the current output ceiling should be maintained and others feel they should take action to lower prices.AdvertisementAXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now.
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