Oil retreats in New York, affected by employment in the U.S.

Oil prices fell slightly on Thursday in New York, affected by the increase of new registrations to unemployment benefits in the United States, a report that raises concerns about demand for petroleum products.In the New York Mercantile Exchange (Nymex), a barrel of light sweet crude (West Texas Intermediate designation in the U.S.) for September delivery closed at $ 82.01, down 46 cents from Wednesday.
Prices, which arrived earlier this week to their highest level in three months, continued their downward trend that began on Wednesday.

 

The petroleum price

According to Tom Bentz of BNP Paribas, the market was "a little episode of weakness" following the announcement of an unexpected surge in new registrations for unemployment benefits last week in the United States to a level unprecedented since April.
"But the market is not contracted so much," he said. "It's a very calm day, a small correction. Many people are on vacation and has been highly volatile in recent days."
"The market begins to focus on the abundance of supply" in the United States explained by his side Phil Flynn of PFG Best Research.

OIL-barrel up to 80 DLRS before U.S. inventories data

Oil rose on Wednesday to the 80 a barrel on a weakening dollar, as investors await data on crude inventories in the United States.

The euro rose after a government source provided details of the Greek government plans to reduce public debt. A weaker dollar lowers the raw materials for holders of other currencies and usually drives oil prices.
U.S. crude rose 13 cents to $ 79.81 a barrel, after having advanced to $ 80.06.
Brent crude surged 8 cents to $ 78.26 a barrel.
"In the medium term, we expect lower prices by weak fundamentals, but by the time a positive tone prevails in the market, so it may be a higher pick," said Carsten Gritsch, analyst at Commerzbank.

The Energy Information Administration of U.S. (EIA in English) will release its weekly report on inventories of crude oil and at 1530 GMT.

Crude stocks have risen by 1.4 million barrels, while distillates were expected to fall 900,000 barrels.

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-Market about 80 DLRS, Seventh-day strike in France

Oil cut on Tuesday a five-day bull run, although prices were supported near $ 80 a strike of French oil workers, which could close more than half the nation's refining capacity.

U.S. crude futures for April down 37 cents to $ 79.94 a barrel by 0934 GMT. The March contract, which expired on Monday, marked $ 80.51 during the day for a maximum contract next month from 13 January.Brent crude fell 36 cents to $ 78.25.

Strikes at refineries Total has entered its seventh day. The workers are protesting against the French company's plan to close one of its six refineries permanently by weak demand for fuel.

In all refineries, production has been suspended.Workers at both Exxon French refineries have approved suspension of work in solidarity with their counterparts from Total.

The generalization of the measures of force has led to the intervention of President Nicolas Sarkozy, who met with the CEO of Total Christophe de Margerie on Tuesday morning. Earlier, the Government asked motorists to remain calm.

Motorists flocked to the stations, while the oil sector group UFIP said Monday that France was about seven days of fuel supply.Analysts said the strike raised concerns about a potential shortage of gasoline, raising prices of petroleum products and crude oil futures supported, although refinery outages generally translate into lower demand for physical crude oil .

"I see that the market will remain relatively high due to this fear by a strike in France," said Andy Sommer, an energy analyst at Swiss EGL. "We know how quickly they adjusted the basics, or how long.

Later in the day the market's attention will go to the weekly inventory data from the American Petroleum Institute, at 2130 GMT.

OPEC foresees more global oil demand in 2009 and 2010

The Organization of Petroleum Exporting Countries (OPEC) has revised up its forecast for oil demand in 2009 and 2010, following signs of "restoration" of the world economy, in its monthly report published on Tuesday in Vienna.
The decline in consumption was limited to -1.65% this year instead of 1.8% previously expected, and will rise to 0.8% in 2010, against 0.6% previously raised, the report of the OPEC.
In absolute terms, OPEC increased its forecast for 2009 and 2010 by around 0.2 million barrels per day (mbd).
The organization, source of 40% of world oil, is betting on a world recession of -1.2% this year and 2.7% growth in 2010, instead of 2.3% previously.
"The world economy appears to be entering a new phase, moving from a period of limiting the effects of the crisis to a period of economic recovery," said the cartel.
Despite a recovery in U.S. oil demand in 2010 will be driven primarily by emerging powers like China and India and regions like the Middle East and Latin America, OPEC said.
Last Friday, the International Energy Agency (IEA) had also revised upwards its projection of world oil consumption in 2009, which according to the agency will suffer a decline of 1.9% compared to 2008, instead of -2.2 % in its previous monthly report.