- 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.
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Economic Data Review -29May2011
Global Economic Data Review for the week ended Friday, 27 May 2011.
Nymex crude traded within a tight range of $ 97 -$100/ barrel for the week. Crude could spike up to $120 if middle east tension moves any higher. Crude oil price rise will harm world economic growth in the near term. Much of the price rise is speculative, hence the negative impact from price rise.
The week witnessed negative economic data from US. The report from the Commerce Department indicated, a bigger than expected drop in durable goods orders by 3.6% in April following an upwardly revised 4.4% increase in March. According to the report, 424,000 Americans filed initial claims for unemployment insurance, an increase of 10,000 from the previous weeks revised figure of 4,14,000. Continue reading Economic Data Review -29May2011