“Oil traded in a narrow range last week as the usual factors of faltering economies balanced off against the prospects for disruptions in Middle Eastern supplies. On Friday, however, NY prices jumped almost 5 percent after better-than-expected US employment numbers were released. The week closed with NY crude futures at $91.40 and London’s Brent at $108.94…”
“Oil prices fell 4 percent last Monday on bad EU economic news and then climbed slowly for the rest of the week largely on assurances from EU leaders that they will not let the Eurozone collapse. At week’s end NY oil was at $90.13 and London at $106.65, Bad news about the growth of the US’s GDP stimulated hopes that the Federal Reserve as well as the ECB will soon resort to quantitative easing again…”
“Prices rose steadily through Thursday last week as the threat to supplies from worsening Middle Eastern situations outweighed slackening demand from the weakening global economy. On Friday prices retreated a bit on profit-taking, after a $16 a barrel gain in the last five weeks, and a strengthening US dollar. London oil closed the week at $106.83 and NY at $91.83.”
“Brent crude traded in a narrow range for most of last week between $98 and $100 a barrel as the markets reacted to generally bad economic news from Europe, China, and the US. On Friday prices moved higher to close at $102.40 after the US announced tougher sanctions on companies that have been helping Iran circumvent the sanctions. New York crude followed a similar pattern about $15 lower than Brent…”
“After falling by some $30 a barrel since early May, oil prices rebounded in the last 10 days reaching a high of $88 in New York and $102 in London last week. As has been the case for many months now the interplay between fears of a slowing global economy and possible disruptions of Middle Eastern oil supplies has been the underlying impetus for price moves. Late last week economic concerns came to the fore as a weak US jobs report combined with a gloomy IMF projections of global economic growth to trump an elevated level of saber rattling in the Middle East…”
Download PDF: Peak Oil Review 07/02/12 Dear Peak Oil Review Readers: “As you know, the world Continue Reading
“Dear Peak Oil Review Readers:
As you know, the world runs on finite fossil fuels – but whatever fuels Tom Whipple seems to be infinite. Tom is the chief editor of ASPO-USA’s flagship publications, Peak Oil News and Peak Oil Review, both of which reach subscribers around the world. A task he has tirelessly taken on since 2006. Tom has risen early to work on these publications nearly every day – Peak Oil News on mornings from Monday through Saturdays and work preparing Peak Oil Review on Sundays before its release Monday morning. So it’s wonderful that we can report that Tom is finally taking a few very well-deserved weeks off…”
“London oil prices surged briefly to nearly $102 a barrel last Monday on news of the EU’s Spanish bank bailout. The markets quickly realized, however, that the bailout was only a harbinger of more bailouts to come, and oil prices quickly settled to the vicinity of $97 barrel where they remained for the rest of the week. NY oil followed a similar pattern, trading in the vicinity of $83 for most of the week…”
“Oil prices climbed a bit through Wednesday last week, fell on Thursday and closed largely unchanged for the week as various waves of optimism and pessimism swept over the trading community. This week, the optimism came on hopes that the EU would soon do something about the worsening situations in Spain and Greece and that the US Fed would unleash another round of quantitative easing. The drop on Thursday came after Fed Chairman Bernanke failed to announce or hint that any additional stimulus would come soon. Such stimulus usually lowers the value of the dollar thereby increasing the price of oil…”
Download Full PDF 1. Oil and the Global Economy Oil prices continued their month-long fall Continue Reading
