POST YOUR OIL NEWS, Clips here


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$53/barrel now.

Crude settled lower on Friday after government data showed a further 663,000 Americans lost their jobs in March, bringing the total number of job losses during the recession to over 5m. The figure was more than analysts had expected.

The unemployment rate rose in line with market expectations to 8.5% from 8.1% in February, a 25-year high.

US light crude oil for May delivery fell 13 cents to settle at $52.51 a barrel on the New York Mercantile Exchange on Friday.

Thursdays sharp rally, sparked by enthusiasm over the G20s promise of $1trn to boost lending and trade, however brought the contract slightly higher for the week.

Crudes decline on Friday was also stemmed by gains on Wall St, despite the jobs data, with many analysts explaining the downbeat data had already been factored into the market.

A decline on Wall Street, led by financials, hurt oil prices with US light crude oil for May delivery settling down $1.46 at $51.05 a barrel on the New York Mercantile Exchange.

Renewed concern about the outlook for financial companies pressured demand for oil as investors prepare themselves for the start of the first quarter earnings season.

Results are expected to be disappointing and it was this trepidation and renewed concern about the economic outlook that took oil prices lower. Earlier Monday crude for May fell to a low of $49.81 a barrel.

In recent weeks oil prices have enjoyed solid gains on hopes that the worst of the economic downturn is now over and government stimulus should bring a recovery. However as optimism faltered Monday, so did oil prices.

Gold also fell as the dollar rose and investors sought out riskier investments. Comex gold for June delivery fell $24.50 to settle at $872.80 an ounce, marking its third day of consecutive declines.

Crude oil moved below $50 a barrel on Tuesday as Wall St experienced its second day of declines as jitters over the first quarter earnings season set in.

Disappointing results from Alcoa and comments from billionaire financier George Soros that Marchs rally will not last had investors heading for the door.

US light crude for May delivery settled down $1.90 at $49.15 after dropping to a low of $48.89 earlier in the session.

Expectations that there will be another build in crude oil inventories also pressured demand for the black stuff amid weak demand. Analysts are expecting data from the US Energy Information Administration to show a further 1.9m barrel rise in crude stocks. Supplies are already running at a 16-year high.

The strengthening dollar also hurt demand for oil.

US crude oil prices rose on Wednesday after a weekly government report showed a smaller than expected rise in crude supplies.

Crude inventories rose by 1.7m barrels in the week ended 3 April, according to the Energy Information Administration. Analysts had pencilled in an increase of 2.3m in crude stockpiles.

Gains on Wall St also lifted demand for oil as investors shrugged off gloomy comments from the Federal Reserves minutes and a weak session for banking stocks.

US light crude oil for May delivery settled up 23 cents at $49.38 a barrel on the New York Mercantile Exchange. The contract had started the day on weak footing at a low of $47.37 but after the release of the weekly energy report, prices marched higher.

The report also showed gasoline stockpiles rose by 600,000 barrels, less than the 1.5m barrels predicted by analysts. Meanwhile distillates fell by more than expected. Supplies fell by 3.4m barrels despite predictions of a 600,000 barrel decrease.

when is the monthly completion date? has it passed?[ i think it is around the 20th of the month[ is this the reason for the drop in oil price today?
Alex

Last Wed was May expiry if I remember rightly, it followed markets lower today despite a couple of Iran/Korea rumours over weekend

Bunch of stuff on oil here: Good site and new. http://www.tradinghelpdesk.com

Sorry was talking rubbish re. May expiry,it's tomorrow
http://www.forbes.com/feeds/reuters/2009/04/20/2009-04-20T180812Z_01_SYD428032_RTRIDST_0_MARKETS-OIL-UPDATE-9.html

US crude futures soared past the $50 a barrel level again on Friday, taking its cue from higher equities.

Better-than-expected results gave stocks a boost and raised hopes that the worst of the economic problems may be over, which will increase the demand for oil.

Also giving a helping hand was the weaker dollar, as crude is traded in the US currency. The euro moved ahead against the dollar, which also fell against the Japanese yen.

Crude for June delivery settled up $1.93 to $51.55 a barrel.

Gold prices rose for the third day in a row on Friday due to the weaker dollar and after China revealed its gold holdings

Concern about the deadly swine flu weighed on oil prices and triggered a wave of last minute selling on Wall Street Monday.

The World Health Organization called the flu, which is a respiratory disease affecting pigs, a "public health emergency of international concern." The flu has killed 103 people in Mexico.

US light crude oil for June delivery fell $1.41 to settle at $50.14 a barrel on the New York Mercantile Exchange. Earlier in the session the contract tumbled to a low of $48.01 a barrel on fears the economic recovery could be held back by the flu.

The stronger dollar also weighed on crude as investors sought safe haven investments.COMEX gold for June delivery fell $5.90 to settle at $908.20 an ounce as investors turned to the greenback instead.

Industrial metals such as copper fell over 3% on Monday on concern that the spread of swine flu will dampen economic recovery.

Travel fears, amid growing concern about the spread of swine flu, weighed on oil demand on Tuesday. Traders are worried that the outbreak will impede economic recovery and further chip away at demand for the black stuff.

US light crude oil for June delivery fell 22 cents to settle at $49.92 a barrel on the New York Mercantile Exchange. The June contract, which has lost 4% in two days, traded as low as $48.55 but recovered a bit as US stocks mustered late gains following a better-than-expected consumer confidence report and encouraging house price data.

Oil prices, down sharply from their peak of $147 last summer, have been driven down as the global recession eats into demand. Later today the weekly government report on US supplies is expected to show another increase in stockpiles amid weak demand for oil. Analysts expect US crude stocks to have risen by 1.8m barrels last week.

Among precious metals gold futures fell again on Tuesday, amid a broad commodities sell-off, and following its rally to over $900 an ounce. COMEX gold for June delivery fell $14.60 to settle at $893.60 an ounce.

Gold has also been weakened by a drop in physical demand with gold sales in India, the worlds largest consumer of the yellow metal, down up to 40% as buyers tighten their purse strings amid the global economic downturn.

US crude oil ended higher, tracking gains on Wall Street and after a government report showed a surprise decline in gasoline supplies.

US light crude oil for June delivery rose $1.05 to settle at $50.97 a barrel.

Traders were also reassured that the Federal Open Market Committee kept interest rates at near zero and said that while the outlook had improved in the last month, the US economy was expected to remain weak for a while.

In its weekly inventory report the Energy Information Administration said gasoline supplies declined by 4.1m barrels in the week ended 24 April. Analysts had pencilled in a rise of 900,000 barrels.

Crude stockpiles meanwhile showed a bigger than expected rise. Supplies rose by 4.1m barrels instead of the 1.8m barrels forecast. The report also showed distillates rose by 1.8m barrels, bigger than the predicted 1.3m barrel increase.

US crude oil futures settled higher Thursday, after a volatile session, as traders weighed up another increase weekly stockpiles against signs that the economic downturn is slowing.

US light crude oil for June delivery rose 15 cents to settle at $51.12 a barrel on the New York Mercantile Exchange.

The Labor Department showed initial claims in the week ended 25 April fell 14,000 to 631,000 despite analyst expectations of a 645,000 increase in claims.

Tentative signs of improvement in the jobs market were however weighed down by the Energy Information Agencys monthly petroleum report, which showed a decline in demand for crude in February from the month before.

Among precious metals Comex gold for June delivery fell $9.30 to settle at $891.20 an ounce. The strengthening dollar weighed on the yellow metal as did optimism about an economic recovery.

Gold stable and oil up almost 2$.....anybody like me thinking that the dollar is about to start dropping...I mean : how can you print a trillion's worth without diluting the currency ?.

Shorts will close before a long weekend,just in case of Geopolitical, Required which will make oil rise. Apparently holiday periods usually involve countertrend moves, though if markets tank usd/yen will strengthen

Crude, gold and dow up !; this !, if it continues, bodes well for tomorrow's "morning footsie" !.

1200 point rise on the Hang Seng they must be euphoric!

US crude oil futures settled above $54 a barrel on Monday, to a five month high, on renewed optimism about an economic recovery.

Upbeat US housing and construction data fuelled hopes that the US economy is stabilising.

Meanwhile encouraging data from China also gave investors fresh hopes of a recovery. The US and China are the worlds two biggest oil consumers.

US light crude oil for June delivery settled up $1.27 at $54.77 a barrel on the New York Mercantile Exchange.

Among precious metals gold broke the psychologically important $900 an ounce level, helped by the weaker dollar.

US crude oil futures settled lower on Tuesday, snapping its five session winning streak, as Wall St turned lower and traders await the EIAs weekly data on US stockpiles.

Supplies are expected to have risen again after touching almost a 20-year high last week.

Concern about weak demand also crept back in as Federal Reserve chairman Ben Bernanke gave a mixed outlook on the economy. While he expects economic activity to bottom out, then to turn up later this year he also cautioned that the recovery would be slow, adding that unemployment is likely to rise further.

US light crude oil for June delivery fell 63 cents to settle at $53.84 a barrel on the New York Mercantile Exchange. Crude touched $54.47 a barrel on Monday, its highest level this year so far as investors cheered better than expected economic data.

Among precious metals gold settled modestly higher amid a volatile session on Wall St as jitters set in ahead of the results of the US stress tests on Thursday.