“Despite growing oil production, and record inventories, prices were little changed last week, with NY oil hovering around $95 and London around $104. Although demand for oil remains weak across much of the world, a stronger dollar and hopes that the US economy is starting to grow supported prices. The economic news from Europe was almost universally bad, mixed from China and the US, and better from Japan. US crude inventories, which are now at their highest level since 1931, fell slightly last week as refining increased. US oil product exports, mostly to Latin America, have been increasing in recent months despite weak domestic consumption…”
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“It was largely a quiet week for the energy markets. NY oil hovered around $96 a barrel, London’s Brent around $104, natural gas futures just below $4 per million, and gasoline futures around $2.87 a gallon with little movement in any of the markets. Downward pressure on prices came from a weak yen which slid to a 4-year low against the dollar, increased OPEC production, and continuing growth in US petroleum stocks to the highest level since 1931…”
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“Newsflash: oil markets were volatile again last week. On the New York Mercantile Exchange, prices started at $92.70, dipped as low as $90 before closing up strongly to settle at $95.61. That was the top closing price in a month, though still off from the year’s high of roughly $100. On the London futures market, Brent crude ended the week at $104, also up modestly for the week…”
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