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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 19 January 2012 [View all]Demeter
(85,373 posts)35. Oil above $101 on hopes IMF to curb Europe crisis
http://old.news.yahoo.com/s/ap/oil_prices
Oil rose above $101 a barrel Thursday in Asia after the IMF promised to raise lending to mitigate a worsening financial crisis in Europe. Stronger U.S. economic data also gave oil a lift. Benchmark crude for February delivery was up 66 cents at $101.25 a barrel at late afternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract fell 12 cents to end at $100.59 on Wednesday. "Trading has been choppy but the market recovered on news that the IMF will boost its lending capacity for Europe," said Natalie Robertson, commodities analyst with ANZ Banking Group in Melbourne...
..The IMF has put up about a third of the financing for Europe's bailouts over the past two years, but there are growing worries that non-European countries will also need more help given the worsening economic outlook.
Robertson said prices were also supported by the American Petroleum Institute's report Wednesday showing an unexpected drop in crude inventory last week. The government is expected to release its weekly data later Thursday. Strong U.S. housing figures, an improvement in U.S. manufacturing activity in December and increased orders and production also buoyed crude prices, she said. Bank of America Merrill Lynch predicted limited upside, with crude prices to average $101 a barrel this year. it cited weak oil global demand after the International Energy Agency cut its forecast for oil demand growth to 1.1 million barrels a day, down from an earlier estimate of 1.3 million barrels a day.
In other energy trading, heating oil rose 0.9 cent to $3.02 per gallon and gasoline futures rose 0.5 cent to $2.83 per gallon. Natural gas fell 3.7 cents to $2.43 per 1,000 cubic feet.
Oil rose above $101 a barrel Thursday in Asia after the IMF promised to raise lending to mitigate a worsening financial crisis in Europe. Stronger U.S. economic data also gave oil a lift. Benchmark crude for February delivery was up 66 cents at $101.25 a barrel at late afternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract fell 12 cents to end at $100.59 on Wednesday. "Trading has been choppy but the market recovered on news that the IMF will boost its lending capacity for Europe," said Natalie Robertson, commodities analyst with ANZ Banking Group in Melbourne...
..The IMF has put up about a third of the financing for Europe's bailouts over the past two years, but there are growing worries that non-European countries will also need more help given the worsening economic outlook.
Robertson said prices were also supported by the American Petroleum Institute's report Wednesday showing an unexpected drop in crude inventory last week. The government is expected to release its weekly data later Thursday. Strong U.S. housing figures, an improvement in U.S. manufacturing activity in December and increased orders and production also buoyed crude prices, she said. Bank of America Merrill Lynch predicted limited upside, with crude prices to average $101 a barrel this year. it cited weak oil global demand after the International Energy Agency cut its forecast for oil demand growth to 1.1 million barrels a day, down from an earlier estimate of 1.3 million barrels a day.
In other energy trading, heating oil rose 0.9 cent to $3.02 per gallon and gasoline futures rose 0.5 cent to $2.83 per gallon. Natural gas fell 3.7 cents to $2.43 per 1,000 cubic feet.
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Demeter
Jan 2012
#7
Speaking of the skunk, I just meandered over to Automatic Earth and found this.
Fuddnik
Jan 2012
#18
Yeah. What would be the corresponding statistics for the States? The Skunk, you see,
Ghost Dog
Jan 2012
#19
Well, ZH has a tendency to go way over the top, on occasion. The 'soundbite' is based on
Ghost Dog
Jan 2012
#20
I don't really "understand" any of it, Tansy - but I don't think it matters
bread_and_roses
Jan 2012
#62
Not as far back as our reptile brains. Just a hundred and fifty years of Western social progress,
Ghost Dog
Jan 2012
#65
The A-List: Jeffrey Sachs - Self-interest, without morals, leads to capitalism’s self-destruction
Demeter
Jan 2012
#37
Obama's "tax-policy", the new puppet-in-waiting and the collapsed UBS business model.
Ghost Dog
Jan 2012
#87