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CNBC's Sharon Epperson discusses the day's activity in the commodities markets. Traders remain focused firmly on tomorrow's testimony from Fed Chairman Ben Bernanke. And expectations for this week's oil inventories.
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NEW YORK, May 21- Crude prices fell on Tuesday, led lower by a sharp drop in U.S. gasoline futures as traders bet the market would be well supplied this summer, and as an industry report showed rising fuel stockpiles in the world's largest oil consumer.
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Brazil seeking vehicle for pension funds to invest in projects. BRASILIA, May 21- Brazil is sweetening terms for major infrastructure contracts to whet investor appetite and draw private capital and expertise needed to upgrade its deficient roads, railways and ports, the man in charge of planning the projects said on Tuesday.
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CNBC's Sharon Epperson discusses the day's activity in the commodities markets. Traders remain focused firmly on tomorrow's testimony from Fed Chairman Ben Bernanke. And expectations for this week's oil inventories.
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NEW YORK, May 21- Federal prosecutors on Tuesday charged a New York art dealer with tax fraud in connection with the sale of paintings she claimed to be the works of celebrated abstract expressionists, but some of which the government said were fakes.
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NEW YORK, May 21- Crude oil futures ended lower on Tuesday, falling early as the dollar strengthened, then paring losses as the greenback weakened after a Federal Reserve official said he did not believe the U.S. central bank should pull back on its quantitative easing program.
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NEW YORK, May 21- Federal prosecutors on Tuesday charged a New York art dealer with tax fraud in connection with the sale of paintings she claimed to be the works of celebrated abstract expressionists, but some of which the government said were fakes.
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*Follows Commission consultations with member states. BRUSSELS, May 21- The European Union wants to exempt state control of utilities and support for creative industries from free trade talks with the United States due to start next month, the latest draft of Brussels' negotiating mandate showed on Tuesday.
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NEW YORK/ LONDON, May 21- Brent crude oil futures fell below $104 per barrel on Tuesday in New York, as investors worried that the U.S. Operations were unaffected at the U.S. crude futures hub in Cushing, Oklahoma, about 77 miles northeast of Moore, after a vicious tornado ripped through the area.
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*Iran is 4th- largest iron ore supplier to China. SHANGHAI/ LONDON, May 21- Iran's government is negotiating a tax of up to 40 percent on iron ore exports to take advantage of a surge in sales to China, aiming to replace revenue from oil and other sources eroded by sanctions.
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KUWAIT, May 21- Around 80 percent of workers at Kuwait's main, state-run oil services company are on strike calling for better pay, a union official said on Tuesday, the latest sign of wage pressures in the Gulf Arab country.
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*CEO Nick Buckles to step down at end of May. *Will be replaced by CFO Ashley Almanza. Nick Buckles, 52, who has led the company for eight years, will be succeeded at the end of the month by Chief Financial Officer Ashley Almanza, a former executive of oil and gas firm BG Group who joined in March.
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NEW DELHI/ SEOUL, May 21- India has slashed Iranian oil imports by almost a fifth since December, the sharpest cut among Asian buyers, in a move that should increase its chances of winning a new U.S. waiver next month on sanctions targeting oil trade with Iran.
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LONDON, May 21- Brent oil futures fell towards $104 per barrel on Tuesday on concerns that the U.S. Investors are focussing on the release of minutes of the Fed's last meeting and testimony by Fed Chairman Ben Bernanke to Congress, both scheduled for Wednesday.
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WASHINGTON- Two senior White House aides knew weeks ago that a probe of the Internal Revenue Service had found that the U.S. tax agency had inappropriately targeted conservative groups, but did not tell President Barack Obama, a White House spokesman said on Monday.
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*Liaising with UAE authorities, seeking quick resolution. DUBAI, May 21- Arabtec, Dubai's largest construction firm, said on Tuesday the delivery of projects was unaffected by what it called a partial labour stoppage, adding it was working with authorities in the United Arab Emirates to resolve the issue.
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*Fresh conflict in Syria supports prices. CHENNAI, India, May 21- Brent crude futures steadied near a two-week high on Tuesday, holding around $105 per barrel as rising Middle East tensions offset concerns about moderating demand growth to keep prices in a tight range.
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*Fresh conflict in Syria supports prices. Reports of fresh skirmishes in Syria suggest the civil conflict is at this year's peak, triggering fears it may spread to neighbouring key oil producers, while a weakening dollar added to the support.
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PERTH, May 21- U.S. crude futures eased to about $96.50 a barrel in early trading in Asia on Tuesday as ample supplies weighed on prices, despite support from equity markets. *U.S. oil fell 14 cents to $96.57 a barrel by 0023 GMT, after ending 69 cents higher in the previous session. *Brent rose 5 cents to $104.85 a barrel.
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"The dollar's move has been pretty strong lately, maybe you're seeing a little more profit taking," said Gene McGillian, an analyst with Tradition Energy in Stamford, Connecticut. MSCI's all-country world equity index rose 0.51 percent to its highest since June 2008.
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CNBC's Sharon Epperson takes a look factors that contributed to the major reversal in precious metals on Monday and what sent oil prices to a 7-week high. She also discusses events in the the coming days that could impact the price action in energy and metals.