Oil touches the 78 USD pushed by falling U.S. crude stocks

Oil prices neared the $ 78 threshold on Wednesday, boosted by the announcement of a major lower-than-expected crude stocks in the U.S..
Around 1600 GMT, a barrel of North Sea Brent for August delivery traded at $ 77.44, up 79 cents on Tuesday's close.

At the same time, the West Texas Intermediate (WTI, designation of "light sweet crude traded in the U.S.) for July delivery rose 75 cents and stood at $ 77.90 on the New York Mercantile Exchange (Nymex).
After a break in the morning, oil prices continued on Wednesday with their progression in line with the increase of more than two dollars on Thursday.

Black gold prices were boosted by news that U.S. crude stocks fell for third consecutive week as announced by the Department of Energy (DoE).
Crude stocks fell 5.1 million barrels (mb) to 353.1 mb in the week ended July 9. Analysts surveyed by Dow Jones Newswires forecast a decline of only 1.2 mb.

By contrast, gasoline stocks rose 1.6 kb to 221.0 kb, where analysts expected to hold steady, held back a stronger rise of crude oil.
For analysts at Barclays Capital, the surplus stock that remains in the U.S. and Europe should decline rapidly, thanks to a progressive rapprochement between supply and demand.

Therefore, "the prices should go up," estimated, adding that the WTI in New York could reach $ 84 the smear in the third quarter and $ 87 in late 2010.

OIL-barrel down to 78.50 U.S. currency by advance DLRS

Oil fell 0.2 percent to about $ 78.50 on Tuesday, with firmness in the dollar on concerns about sovereign risk in Europe, and also forecasts for a rise in stocks of crude and gasoline.
The euro fell to its lowest in nine months and a half against the dollar on Tuesday, pressured by worries over debt problems in Greece.

The market was also on the lookout for the weekly inventory data from the American Petroleum Institute (API, by its initials in English) which will later on Tuesday, followed by the U.S. Government's own numbers on Wednesday.
U.S. crude for April delivery fell 15 cents to $ 78.55 a barrel by 1022 GMT, while London Brent crude fell 7 cents to $ 76.82.

The U.S. oil contract for April touched $ 80.62 a barrel on Monday, a record since 13 January, following the progress of raw materials driven by copper. But prices retreated as the dollar gained 0.65 percent against a basket of currencies.

On Tuesday, the dollar rose 0.41 percent extra.

"The dollar is the main factor, and if it continues to rebound, I expect crude fall further," said Clarence Chu, a trader at Hudson Capital Energy Energy in Singapore.
Oil inventories probably rose U.S. 1.3 million barrels last week amid increased imports, a Reuters poll showed while gasoline stocks would have grown 400,000 barrels.

For its part, the oil minister of United Arab Emirates, Mohammed al-Hamli said Tuesday that oil markets remain well supplied.
He added that prices of between 70 and 80 dollars per barrel was acceptable for producers.

OPEC meets on March 17 and ministers are now suggesting no change in current production quotas.

OIL-Barrel DLRS falls to 68 per dollar, position limits

Oil fell on Monday to $ 68 a barrel after the decision of a major U.S. stock exchanges to set limits on long positions increased uncertainty.

U.S. crude for October fell 59 cents to $ 68.70 at 1243 GMT after touching a low of $ 68.02. Brent crude was at $ 67.5.

The Chicago Mercantile Exchange on Friday pledged to enforce the current limits of positions in the New York Mercantile Exchange in the plaza and other financial markets since Sept. 14.

Operators are on position limits could face fines or could be found guilty of price manipulation, unless they obtain a waiver, according to a notification of the Chicago Mercantile Exchange.

Oil fell nearly 4 percent on Friday, towards $ 69 a barrel, giving most of the week's gains after U.S. stocks fell after a five-day rally, raising questions about the sustainability of its recent recovery and the strength of the U.S. economic recovery.