Tag Archives: crude oil updates

Oil price near $95 ahead of US jobs report

7 Jun

Oil rose modestly Friday ahead of the release of a key US jobs report that traders will examine for clues to the health of the US economy.

Benchmark oil for July delivery was up 14 cents to USD 94.90 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained USD 1.02 to finish at USD 94.76 a barrel Thursday.

The US Labor Department will release its employment report for May later in the day. A good result is expected, following a drop in jobless claims reported on Thursday.

Oil prices were also being supported by a weaker dollar and a bigger-than-expected drop in crude inventories reported by the US Energy Department and the American Petroleum Institute for the week ending May 31, said Matt Basi at CMC Markets in a commentary.

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Brent crude, a benchmark for many international oil varieties, rose 17 cents to USD 103.78 a barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

Wholesale gasoline was steady at USD 2.851 a gallon.

Heating oil added 0.8 cent to USD 2.879 per gallon.

Natural gas dropped 0.8 cent to USD 3.819 per 1,000 cubic feet.

Crude shoots up on weaker dollar, North Sea supply snags

4 Jun

Oil prices shot up on Monday after U.S. data sent the dollar plunging, while reports of supply snags in the North Sea pushed up prices even further.

A weaker greenback tends to make oil a nicely priced asset in dollar-denominated exchanges, especially in the eyes of investors holding other currencies.

On the New York Mercantile Exchange, light sweet crude futures for delivery in July traded up 1.58% at USD93.43 a barrel on Monday, off from a session high of USD93.68 and up from an earlier session low of USD91.29.

A falling dollar made oil a nice buy on Monday.

The Institute for Supply Management said earlier its manufacturing purchasing managers’ index for the U.S. fell to 49.0 in May from 50.7 in April.

Analysts were expecting an unchanged reading.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

The numbers sent oil gaining on sentiments that the Federal Reserve will keep stimulus tools in place that keep the greenback weaker to spur recovery.

Meanwhile in Europe, better-than-expected PMI data further weakened the dollar and sent oil gaining.

The eurozone’s manufacturing PMI improved to 48.3 from 47.8 in April indicating that the slump in the manufacturing sector is easing, according to London-based Markit Economics.

Germany’s manufacturing PMI was revised up to 49.4 in May, beating market calls for a 49.0 reading.

Reports of supply snags in the North Sea sent Brent futures soaring.

Platform operator Nexen reported earlier equipment failure will cut output in the Buzzard oilfield until later this week.

On the ICE Futures Exchange, Brent oil futures for July delivery were up 1.73% at USD102.13 a barrel, up USD8.70 from its U.S. counterpart.

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