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Dominic Schnider, Head Commodity Research, UBS Wealth Management is bearish on Brent crude as he says oil markets are well-supplied. He says that's why there hasn't been a spike in oil prices following the recent geopolitical tensions in the Middle East.
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Dominic Schnider, Head Commodity Research, UBS Wealth Management is bearish on Brent crude as he says oil markets are well-supplied. He says that's why there hasn't been a spike in oil prices following the recent geopolitical tensions in the Middle East.
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U.S. crude futures steadied above $97 per barrel in early Asian trade on Monday after data from China and the United States last week reinforced expectations that economic growth in the world's two biggest energy consumers may be better this year than last.
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SINGAPORE, Feb 4- U.S. crude futures steadied above $97 per barrel in early Asian trade on Monday after data from China and the United States last week reinforced expectations that economic growth in the world's two biggest energy consumers may be better this year than last.
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Stocks, oil and gasoline prices rose to new milestones to close out the week. The Dow hit the 14,000 for the first time since 2007, Brent crude futures are at a 4-month high, and gas prices at the pump on average are at the highest price on record for this time of year. CNBC's Sharon Epperson looks ahead to how far gas prices could climb over the next few weeks.
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The spread had narrowed earlier this month with the start up of the expanded Cushing to Texas Seaway pipeline, which had been expected to to draw down Midwest inventories bulging from rising North American production.
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Drivers are now paying more to fill up their gas tanks than they ever have at this time of year.
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CNBC's Sharon Epperson reports oil is hitting record levels. Also, Paul Sankey, Deutsche Bank analyst, weighs in with how to play the oil space, amid growing unrest in Turkey.
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LONDON, Feb 1- Brent crude oil rose above $116 on Friday to reach a four-month high after a suicide bombing attack on the U.S. embassy in Ankara increased the focus on tension across the region. Brent futures for March rose $1.18 to a high of $116.73 a barrel, its highest since mid-September, before easing back to around $116.25 by 1500 GMT.
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LONDON, Feb 1- Spot Brent prices are at their highest level since October and almost $16 above Saudi Arabia's theoretical target of around $100 per barrel. "Current high oil prices are a major challenge... for the global economic recovery," the International Energy Agency's chief economist Fatih Birol warned on Thursday.
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Jason Gammel, head of European oil at Macquarie, tells CNBC why a combination of factors offsetting each other mean Brent oil prices will be very company specific.
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Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas, says today is just a pause in the upward trend for oil price.
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*China official PMI slightly lower than expected. SINGAPORE, Feb 1- Brent crude climbed towards $116 a barrel on Friday, its highest level in more than three months, as escalating tension in the Middle East stoked supply worries. Brent had risen 23 cents to $115.78 a barrel by 0737 GMT, after an earlier high of $115.91 marking its highest since mid-October.
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*China official PMI slightly lower than expected. SINGAPORE, Feb 1- Brent crude hovered on Friday above $115 a barrel, its highest level in more than three months, as escalating tension in the Middle East stoked supply worries. Brent had risen 27 cents to $115.82 a barrel by 0552 GMT, after an earlier high of $115.91 marking its highest since mid-October.
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*China official PMI slightly lower than expected. SINGAPORE, Feb 1- Brent crude hit its highest in more than three months on Friday and held above $115 a barrel as escalating tension in the Middle East stoked supply worries. But disappointing economic data from China, the world's second largest oil consumer, capped gains.
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Brent crude rose to a four-month peak, with traders citing optimism about the global economic recovery, while Brent's premium over U.S. oil futures widened nearly $1 a barrel in heavy spread trading.
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Ric Spooner, Chief Market Analyst, CMC Markets says commodity traders are waiting for shallow pull-backs to buy. He says base metal prices reflect a reasonable demand-supply balance.
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SEOUL, Feb 1- U.S. crude oil futures steadied on Friday, giving up early gains, after China's official factory activity gauge missed market expectations.
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Michael Crofton, President & CEO, Philadelphia Trust Company says U.S. stock markets are likely to rally 7-8 percent this year. He expects the market to do well ahead of budget talks in March, when some pull-back is likely.
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*Benchmark index rises most in six months in January. NEW YORK, Jan 31- Commodities handed back some of the previous day's gains on Thursday, but stronger crude oil, corn and cotton prices in January pushed the complex to its best monthly performance in six months in January.
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CNBC's Sharon Epperson discusses the day's activity in the commodities markets. Oil continued its steady climb today and could soon have an impact on American consumers, particularly since gas prices have jumped 10 cents/gallon in the last week..