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Brent above $100 on fed stimulus hopes, euro zone optimism by ferujkll sdff
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Brent above $100 on fed stimulus hopes, euro zone optimism |
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Business,Business News,Business Opportunities
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[ CLCV1 Loading... ( ) ] increased 21 cents to $85.23, gaining for a fourth straight day. "There are expectations of further monetary easing from the UnitedStates and that is making people come back," said Tetsu Emori, aTokyo-based commodities fund manager at Astmax Investments. "There are many, many factors still out there.
There is Greece,there is Europe. All this will keep oil very choppy for the timebeing." A crucial support for U.S. crude is $85 a barrel and $100 forBrent, Emori said. Brent fell below $100 for the first time sinceOctober on Friday, and prices are down more than 20 percent fromthe 2012 high of $128.40 posted in March. U.S.
crude has recovered from $81.21 touched on Monday, the lowestintraday price since October 6. The contract is about 23percent below its 2012 high of $110.55, also struck in March. Two influential Federal Reserve officials said they were prepared to take even more policy actionto boost the erratic U.S. economic recovery, and pointed toEurope's worsening debt crisis as the biggest threat to the world'slargest economy.
Across the Atlantic, Germany and European Union officials wereurgently exploring ways to rescue Spain's debt-stricken banks. Spain, the euro zone's fourth-biggest economy, said it waseffectively losing access to credit markets due to prohibitiveborrowing costs and appealed to European partners to help reviveits banks. Oil is also supported by lingering worries about supply disruptionfrom the Middle East over Iran's nuclear programme. The Islamic Republic questioned world powers' readiness fornegotiations over its programme and accused the U.N. watchdog ofbehaving like a Western-manipulated intelligence agency, keeping upits sparring ahead of talks in Moscow.
"Iran could provide the upward pressure on oil prices and thedownturn would weaken prices," energy strategist Daniel Yergin,chairman of IHS CERA, told Reuters. "We have seen tremendous volatility as the oil market waits forcentral bankers to come back to the rescue." Europe slowing downand uncertainty surrounding oil exports from Iran would be the twokey factors influencing oil prices in the second half of the year,Yergin said. U.S. Stockpiles Gains in oil, however, were capped by a smaller-than-expecteddrawdown in U.S.
crude stockpiles last week after 10 straight weeksof stock build. U.S. crude inventories fell 111,000 barrels, less than the500,000-barrel drawdown forecast in a Reuters poll, the EnergyInformation Administration said. Crude stocks at the U.S. delivery point in Cushing, Oklahoma, roseto a record.
"The price of oil has rebounded well from its June 1 lows. However,the price increase is just a flow through effect of the risk onmentality from investors," Miguel Audencial, sales trader at CMCMarkets, said in a report. "Stockpiles are still at high levels and I can't see it tradingabove $90 in the near term unless there is an indication thatdemand will significantly increase," he said, referring to U.S.crude prices. Brent is poised to retrace to $97.68 per barrel as a rebound fromthe June 4 low is approaching an end, while a rebound in U.S. crudefrom $81.21 is over and the contract is expected to retrace to$83.31 per barrel, according to Reuters technical analyst Wang Tao. I am a professional writer from Bag & Luggage Making Materials, which contains a great deal of information about freeze dried apple , grass trimmer electric, welcome to visit!
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