- Crude oil rebounded on Tuesday to post the biggest one-day percentage gain in almost six weeks on optimism that Greece would move to resolve its debt crisis and a weaker dollar. This rebound was also expected from a technical perspective, since crude oil was oversold and had to rebound. The real price trend of crude will be visible after a week.
- U.S. crude oil stocks showed a larger-than expected drop last week, while gasoline stocks unexpectedly fell, according to data released Tuesday by the American Petroleum Institute.
- European demand can not absorb the 15 million barrels of fuels that the West’s energy watchdog aims to release over the next month and whatever supplies are sold will deepen the refining industry’s crisis.
- Yemen is considering using force to secure and repair its main oil pipeline, blown up in an attack by angry tribesmen in mid- March, a senior Yemeni official told Reuters on Tuesday.
- Russia will call on Japan to jointly develop oil and natural gas resources near an island chain north of Japan, the Nikkei business daily said, in an area claimed by both which has overshadowed relations for more than six decades.
Category Archives: Commodity Trading
Positive US Economic Data supports US stocks – 20 Jan 2011
20 Jan 2011: Wall Street tracked declines in equities around the world after growth in gross domestic product in China accelerated to a 9.8% rate in the final quarter of 2010. The faster-than-forecast growth rate bolstered concerns that China would do more interest-rate hikes to control inflation, thereby reducing Chinese demand for commodities and raw materials, potentially derailing the global economic recovery.
US stocks were in constant search of direction the whole day. For every five stocks climbing, nine fell on the NYSE, with nearly 1.2 billion shares traded. Stocks suffered a big loss in the initial trading hours but managed to move up later in the day as better than expected economic data tried to pull up stocks. A strong dollar and concerns that China might go for further tightening of its macro economic policies put a brake on this. Continue reading Positive US Economic Data supports US stocks – 20 Jan 2011