Thomas West, attorney for Norse Energy, discusses why the company will sue New York State if the environmental impact report on fracking is not released soon. He says he's sure fracking can be done safely.» Read More
J. David Anderson, oil services & equipment analyst, JPMorgan, says in the near term, a good U.S. economy means a pick up in demand and, as a result, higher oil prices. Natural gas, he says, will probably stay at its current levels.
Neil Atkinson, director of energy research and analysis at Datamonitor, says oil prices are heading for a correction, as there is "lots of supply" despite weak demand growth.
*Libya oil export halt, new clashes in Egypt support prices. LONDON, July 23- Brent crude oil fell below $108 per barrel on Tuesday as recent strong gains in prices fed into worries about demand growth, with the global economic recovery seen as fragile.
The price of U.S. crude may have caught up with North Sea Brent oil prices in the past week, but it now faces a sharp pull back of up to 35 percent, says one analyst.
*Libya oil export halt, new clashes in Egypt support prices. SINGAPORE, July 23- Brent crude futures hovered above $108 on Tuesday, buoyed by a weaker dollar as investors waited on U.S. crude inventory data for further clues on the outlook for demand in the world's largest oil consumer.
*Libya oil export halt, new clashes in Egypt support prices. SINGAPORE, July 23- Brent crude futures hovered above $108 on Tuesday, buoyed by a weaker dollar as investors waited for U.S. crude oil inventory data for further clues on the outlook for demand in the world's largest oil consumer.
U.S. oil settled modestly higher on Tuesday, after a day of volatile trading in the closely watched spread between international benchmark Brent and U.S. crude oil futures.
PERTH, July 23- U.S. crude prices were steady early on Tuesday, after a selloff the day before as traders tried to lock in gains from a 16- month high seen last week. *NYMEX crude for September delivery had fallen 2 cents to $106.92 a barrel by 0040 GMT. *Brent crude for September delivery rose 7 cents to $108.22 a barrel.
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NEW YORK, July 22- Gold jumped to one-month highs on Monday as a rise above $1,300 an ounce prompted more buying by speculators covering bearish bets, while copper and many agricultural commodities rallied too. Soybean meal futures soared the daily trading limit on the Chicago Board of Trade, reaching a contract high.
NEW YORK, July 22- U.S. oil prices pulled back sharply on Monday from last week's 16- month high as traders sold to lock in profits from a blistering rally that briefly sent U.S. crude to a premium over Brent for the first time in nearly three years.
CNBC's Sharon Epperson discusses the day's activity in the commodities markets. Gold closed above $1,300 today. And oil could get to $110/barrel.
NEW YORK, July 22- U.S. oil prices pulled back sharply from last week's 16- month high on Monday as traders locked in profits from a blistering rally that briefly sent U.S. crude to a premium over Brent for the first time in nearly three years.
"We thought $110 was a price target but the more the market dips into this range the more you'll see profiteers," said Rich Ilczyszyn, chief market strategist and founder of iitrader.com LLC in Chicago. The WTI contract for August delivery lost 71 cents and had fallen to $107.34 by 11:25 a.m. EDT. September Brent crude also fell, dropping 23 cents to $107.84.
Even after U.S. crude finally eliminated a three-year discount versus global benchmark Brent, some cash markets are sending a curious signal: refiners are ready to pay even more.
LONDON, July 22- Brent held above $108 a barrel on Monday while U.S. oil futures declined ahead of a contract expiry, widening the spread between the two benchmarks after reaching parity in the previous session for the first time since 2010.. Brent rose 31 cents to $108.38 a barrel by 1407 GMT.