Mon, 25/10/2010 - 22:21 by Prince damin
New York -- Crude oil prices rose during the weekend, adding $1.39 to reach $83.08 per barrel in New York Monday as the dollar weakened.
The Group of 20 finance ministers' summit in South Korea during the weekend ended with an agreement to connect currency rate exchanges to market forces, but the specific formula may be months or years away. Germany insisted U.S. Treasury Secretary Timothy Geithner's suggestion of connecting exchange rates to current account surpluses was not viable, The Wall Street Journal reported Monday.
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Sat, 23/10/2010 - 09:17 by Prince damin
New York -- Crude oil prices rolled higher Friday in New York, adding $1.35 cents to $81.91 per barrel, with the dollar index flat, off 0.04 percent.
Currency exchange rates were a key debate point for financial leaders of Group of 20 Nations meeting in Seoul Friday. The dollar responded with minor drops against most currencies, gaining only against the Brazilian real and the Israeli shekel among major currencies.
A lofty proposal by U.S. Treasury Secretary Timothy Geithner to link trade surpluses to exchange rates with a specific formula was unlikely to find consensus. Several nations with trade surpluses have already voiced disapproval of the concept.
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Fri, 22/10/2010 - 22:16 by Prince damin
New York -- Crude oil prices rolled higher Friday morning in New York, adding 99 cents to $81.55 per barrel, with the dollar index flat, off 0.04 percent.
Currency exchange rates are expected to be a key debate point for financial leaders of Group of 20 Nations meeting in Seoul this weekend. But an agreement on a lofty proposal by U.S. Treasury Secretary Timothy Geithner to link trade surpluses to exchange rates with a specific formula is unlikely to find consensus. Several nations with trade surpluses have already voiced disapproval of the concept.
On the New York Mercantile Exchange, heating oil prices added 2.09 cents overnight to $2.2539 per gallon. Reformulated blendstock gasoline prices added 2.22 cent to $2.0522 per gallon.
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Fri, 22/10/2010 - 09:29 by Prince damin
New York -- Crude oil prices slid to under $81 per barrel on the New York Mercantile Exchange, a correction prompted by a $2.34 price run-up Tuesday.
The dollar index, a pro-rated measurement against six major currencies, also undermined prices, rising 0.38 percent.
December delivery light, sweet crude oil dropped $1.73 to $80.81 per barrel. Heating oil prices also corrected lower, lost 3.19 cents to $2.241 per gallon. Reformulated gasoline blendstock lost 5.29 cents to $2.04 per gallon.
Henry Hub natural gas prices lost 1.44 cents to $3.395 per million British thermal units.
At the pump, the national average price of unleaded gasoline was unchanged Thursday at $2.831 per gallon, AAA said.
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Thu, 21/10/2010 - 21:50 by Prince damin
New York -- Crude oil prices slid overnight to close to $82 per barrel on the New York Mercantile Exchange, a correction prompted by a $2.34 price run-up Tuesday.
December delivery light, sweet crude oil dropped 47 cents to $82.07 per barrel. Heating oil prices also corrected lower, losing 0.24 cents to $2.2705 per gallon. Reformulated gasoline blendstock lost 0.12 cents to $2.0717 per gallon.
Henry Hub natural gas prices lost 6.9 cents overnight to $3.47 per million British thermal units.
At the pump, the national average price of unleaded gasoline was unchanged Thursday at $2.831 per gallon, AAA said.
Copyright 2010 United Press International, Inc. (UPI).
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Wed, 13/10/2010 - 07:11 by Prince damin
New York -- Crude oil prices held near $82 per barrel on the New York Mercantile Exchange Tuesday, as traders test a new price plateau.
Prior to an Organization of Petroleum Exporting Countries summit scheduled for Thursday in Vienna, November delivery light, sweet crude lost 41 cents to $81.80 with the dollar down 0.15 percent.
OPEC, in a monthly report, said global demand for oil in 2010 was 100,000 barrels per day higher than previously thought -- the total estimate revised to 1.1 million barrels a day, MarketWatch reported.
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Fri, 08/10/2010 - 11:00 by Prince damin
New York -- Crude oil prices eased back Thursday on the New York Mercantile Exchange, sliding under $82 per barrel, as stock markets on Wall Street closed mixed.
The trading tone was set with the Bank of England and the European Central Bank keeping their lending rates intact at 0.5 percent and 1 percent, respectively. Currency rates, which shifted when the Bank of Japan lowered its overnight lending rate to zero to 0.1 percent this week, had triggered a run up in commodities most of the week. The correction in oil prices came Thursday.
The dollar index, at nearly 87 in June was flat in Thursday's trading, up 0.02 percent.
The index measures the dollar against six major currencies with a pro-rated formula.
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Fri, 01/10/2010 - 07:36 by harsheeb
New York -- Crude oil prices surged to close to $80 per barrel in New York Thursday after the Energy Information Administration said crude oil stockpiles had declined.
Crude oil prices have added close to $3 per barrel since the EIA said oil inventories fell by 500,000 barrels in the week ending Sept. 27 to 357.9 million. By itself, the decline was not large, but inventories of gasoline dropped as well, falling by 3.5 million barrels while heating oil supplies fell by 1.3 million barrels.
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Tue, 28/09/2010 - 09:38 by harsheeb
Washington -- Crude oil prices, following a rise in Asian markets, bumped above $77 on the New York Mercantile Exchange early Monday before losing ground by day's end.
November delivery light, sweet crude initially jumped to $77.05 per barrel before falling back to $76.52 for a 3-cent gain on the day.
"The underlying situation is that fundamentals are still bearish," Darin Newsom, a senior analyst with DTN Telvent in Omaha, Neb., told Marketwatch. "There's just this lack of commercial support in the market ... . We anticipate the market will still be under pressure."
Heating oil prices dropped 0.0049 cents to $2.1179 per gallon. Reformulated gasoline blendstock gained 4 cents to $1.95 per gallon.
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Fri, 24/09/2010 - 03:39 by harsheeb
New York-- Crude oil prices rose to close to $75 per barrel Thursday, recovering lost ground while the U.S. dollar index rose 0.35 percent after a 13-day slide.
Oil prices have also mirrored stock markets, which were mixed in Asia but lower in Europe and on Wall Street.
November delivery light, sweet crude on the New York Mercantile Exchange added 22 cents from a recent settlement to $74.93 per barrel. Heating oil prices gained 0.0026 cents to $2.1276 per gallon. Reformulated gasoline prices rose 0.0087 cents to $1.91 per gallon. Natural gas prices added 0.063 cents to $4.029 per million British thermal units.
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Fri, 17/09/2010 - 21:52 by Prince damin
New York -- Crude oil prices increased Friday in New York as equities remained strong and the dollar index dropped.
The dollar index, a pro-rated measurement of the U.S. dollar against six major currencies, dropped 0.28 percent Thursday, making oil more affordable.
On the New York Mercantile Exchange, light, sweet October delivery crude bounced back from a $74.27 trading session low to $74.70 Friday morning. Heating oil prices for October rose 0.016 cents to $2.115 per gallon. Refomulated blendstock gasoline added 0.015 cents, reaching $1.9397 per gallon. Natural gas prices rose 0.028 cents to $4.09 per million British thermal units.
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Wed, 15/09/2010 - 21:56 by Prince damin
New York -- Crude oil prices dropped closer to $75 per barrel Wednesday morning after Japan moved to shore up its export-oriented economy by devaluing the yen.
Moving to buy U.S. dollars and sell off yen, Japan managed to shift the value of U.S. currency from near 82 yen per dollar Tuesday to 84.50 yen Wednesday morning.
As oil is priced in U.S. currency, the dollar's rise gave traders incentive to reduce their positions.
Light, sweet crude oil for October delivery on the New York Mercantile Exchange dropped $1.44 to $75.36 per barrel. Heating oil prices for October lost 0.009 cents to $2.1198 per gallon. Reformulated blendstock gasoline shed 0.0205 cents to $1.9485 per gallon.
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