“With the Gaza cease-fire announced Wednesday still holding, the markets were quieter later in the week. On Friday prices increased a bit due to some better economic news from Germany and a stronger dollar. Oil closed at $88.28 in NY, up about 1.6 percent for the week, and at $111.38 in London. With the spread between NY and London oil holding at around $23 a barrel, most analysts do not foresee much change in the immediate future…”
“A week that began with the markets’ attention focused on the Greek bailout, concerns about the global economy and the US’s fiscal cliff, ended with a major upswing in Middle Eastern violence which some fear could result in constraints on oil exports. For much of the week fears for the economy kept prices edging down, but on Friday as the exchanges of rocket fire and air strikes between Gaza and Israel increased, the markets moved higher with NY oil closing at $86.67 and London at $108.96…”
Thursday, November 15, 2012 Transport Beyond Oil: Energy, Economic, National Security, and Environmental Implications of Continue Reading
“The re-election of President Obama and Democratic gains in Senate seats sent oil futures in NY tumbling by $4.27 a barrel Wednesday. Behind the selloff were concerns that a divided government could take the country over the “fiscal cliff” in January reducing the demand for oil. London oil fell by a similar amount on Wednesday. On Thursday and Friday, however, oil rebounded to close out the week about a dollar higher in NY at $86.07 and $109.40 in London…”
“Oil prices remained stable for most of last week with NY oil climbing a dollar or so and London oil falling about the same. On Friday however a number of factors came together to send NY oil down $2.23 a barrel to close Friday at $84.86. London also fell, closing at $105.64, down $2.53. These were the lowest settlement prices in both markets since last July. The downward pressure came in the aftermath of Superstorm Sandy when it became apparent that two major refineries with a combined capacity of 308,000 b/d, which were shut down for the storm, could not resume operations immediately.”
