“The gradual price increases which took oil up some $4-5 a barrel in the last two weeks ended on Friday when budget negotiations in Washington broke down. This news sent prices down $1.20-$1.40 a barrel to settle at $88.66 in NY and $108.97 in London…”
“Oil traded in a narrow range last week with NY hovering around $86 a barrel and London $21 higher around $108 for most of the week. Prices climbed 84 cents in NY on Friday and $1.78 in London where Brent closed at $109.15 on the news of increased manufacturing in the US and China. NY oil has now fallen about 12 percent during 2012 due to the glut in the Midwest, while London oil has now climbed 1.6 percent this year…”
“Oil prices fell last week on bad economic news from the EU and US, the uncertainty in Washington over the “fiscal cliff” negotiations, slumping gasoline and heating oil prices, and by a weaker euro. Brent crude which on Monday was trading above $112 a barrel closed Friday at $107.02. New York crude fell about $3 a barrel during the week to close at $85.93…”
“Oil prices were little changed last week, but managed to close out November a few dollars higher than the October closing thereby registering the first monthly increase since August. New York futures ended the week at $88.91 and London at $111.23. Better economic news, including higher US GDP numbers, offset concerns about the coming “fiscal cliff” and bad economic news from the EU…”
“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…”
“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.”
“After falling rapidly for nearly a week, oil prices stabilized on Thursday and Friday with NY oil closing at $86.28 and London at $109.55. The two week price drop which stemmed mainly from concerns about economic prospects took NY oil down about $7 a barrel and London down some $5. By week’s end, concerns over the disruptions that Hurricane Sandy will cause to the five refineries located in its path, producing 600,000 b/d, pushed up gasoline and heating oil prices taking crude with it. Heating oil supplies in the NY area are far below normal levels so prolonged closure of refineries accompanied by colder weather will likely lead to a price surge…”
“Oil traded in a narrow range until Friday when an accumulation of economic problems ranging from weak demand, growing inventories, and a seeming lack of progress at the EU summit meeting sent prices down more than $2 a barrel. The futures market closed out the week at $90.05 a barrel in NY and $110.14 in London. Widespread pessimism about the global economy coupled with a lack of any immediate threats to Middle Eastern oil supplies are believed responsible for Friday’s decline…”
