Lawrence Eagles News
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Saudi Arabia, the world’s biggest oil exporter, is poised to raise the price of its lowest-quality crude to the most in two years relative to the top grade as it benefits from the rising cost of shipping fuel.
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Any oil price fall should be seen as an opportunity to buy the contract as the next move in the market is likely to be a rally, JPMorgan Chase & Co. said.
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JPMorgan Chase & Co . lowered by 5.5 percent its forecast for New York oil prices this year on speculation a slowdown in global economies will limit crude’s potential to rise.
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Oil demand increasing at almost twice the pace of supply is spurring the most-accurate forecasters to predict the second-highest price on record in 2011.
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Crude oil jumped to the highest price since September 2008 amid concern that the death of al-Qaeda leader Osama bin Laden will spur retaliatory attacks and disrupt supplies.
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Some of the oil being released from the U.S. Strategic Petroleum Reserve to bring down prices may be held by traders for later sale rather than sent directly to refiners for processing into gasoline or other fuels.
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Gulf Coast gasoline slipped after gates were opened on the Morganza floodway in Louisiana as a measure to reduce pressure on the Mississippi River system, whose swelling water levels threaten refinery operations.
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Brent crude may rise above $100 a barrel “sooner rather than later” in the first quarter because of speculation that the global economic recovery will accelerate in 2011, according to analysts at JPMorgan Chase & Co .
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Oil advanced as the dollar weakened, increasing the investment appeal of commodities, while analysts at JPMorgan Chase & Co. predicted a price rally as the U.S. currency declines further.
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OPEC failed to agree on crude production for the first time in at least 20 years, with six members opposing a Saudi Arabian push to increase output, sending oil prices above $101 a barrel.
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