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Oil rapidly approaching $60 today.

Confidence that the global economy is stabilising took the price of a barrel of crude oil above $60 on Tuesday.

US light crude oil for June delivery rose 35 cents to settle at $58.85 a barrel on the New York Mercantile Exchange after rising to $60.08 a barrel before the market opened in electronic trading.

A report showing China's crude imports for April surged 13% from the same time a year ago gave oil prices a boost while the weaker dollar also increased its appeal.

Oil prices retreated from the $60 mark as nagging concern about the short-term energy outlook returned and as traders looked ahead to the Energy Information Administration weekly supplies report.

Gold futures advanced Tuesday, amid a broad commodities rally, helped by a weaker greenback.

US crude oil retreated Wednesday, despite a surprise decline in weekly crude inventories, after a gloomy retail sales report and as US equities settled sharply lower.

US light crude oil for June delivery fell 83 cents to settle at $58.02 a barrel on the New York Mercantile Exchange. Earlier in the session oil rose over 1% but by mid afternoon prices headed lower.

The Energy Information Administrations report showed US supplies of crude fell by 4.7m barrels in the week ended 8 May after imports fell. Analysts had pencilled in a rise of 1.4m barrels.

Gasoline stocks fell 4.1m barrels despite an expected increase of 400,000 barrels. Distillates, used to make diesel and heating oil, rose 1m barrels during the week.

In its monthly report earlier this week, EIA said it expects world oil demand to fall by 1.8m barrels per day in 2009. That's a 400,000 barrel cut from its predictions last month.

Brighter stock markets and a slightly weaker dollar were enough to drag oil higher Thursday.

The June contract jumped 60 cents to $58.62 a barrel on the New York Mercantile Exchange, having been as low as $56.55 earlier in the session.

Traders overcame weak US jobs data and a downgrade to oil demand forecasts from the International Energy Agency, but not before theyd knocked crude down 2.5%.

The IEA thinks demand will slip by 2.6 million barrels a day from last years levels, about 200,000 barrels more than it predicted a month ago.

"Continued oil demand weakness is premised on strong economic recovery later this year remaining elusive," said the IEA in its monthly report.

Crude oil futures ended sharply lower on Friday on concern that the economic recovery will not be as quick as recently hoped and demand for oil will remain weak.

Crude for June delivery fell $2.28 to $56.34 a barrel on the New York Mercantile Exchange.

Jitters about weak demand resumed late in the week after the International Energy Agency predicted that global oil demand will endure its largest drop this year since 1981.

Weaker than expected economic data also chipped away at investor confidence while oil cartel OPECs downward revision of its forecast for global energy demand this year also dealt oil prices a blow.

The International Energy Agency was the third energy forecaster to cut its forecast for oil demand.

US crude futures rallied 4.8% on Monday as US equities moved higher and after explosions at a major Nigerian and US refinery.

US light crude oil for June delivery rose $2.69 to settle at $59.03 a barrel on the New York Mercantile Exchange. The June contract expires at the end of Tuesdays session.

Stock markets across Asia, Europe and the US were mostly higher with Wall Street receiving a particular boost from a report by the National Association of Home Builders showing improved sentiment among US house builders in May.

House builder Lowe's also cheered after it reported a smaller than expected decline in first quarter profit and issued upbeat comments about future capital markets and a better mortgage refinancing environment.

Reports of explosions at two oil and gas pipelines in Nigeria fuelled concern about disruptions to supplies from Africas biggest crude exporter.

US crude futures touched $60 a barrel on Tuesday ahead of weekly inventory data which is expected to show a fall in crude supplies.

US light crude oil for June delivery settled at $59.65 a barrel on the New York Mercantile Exchange, up 62 cents. The June contract had risen to a high of $60.48 in pre-market trading. The July contract, up 47 cents at $60.06, becomes active on Wednesday.

While prices pushed higher, gains were limited after a disappointing report on the US housing sector and as Wall Street settled in the red. New construction of US homes fell to a new record low in April, according to figures by the Commerce Department.

Otherwise traders were looking ahead to the Energy Information Administrations weekly report which last week showed a decline in US crude inventories as imports fell.

Previously crude oil supplies were running at the highest level in nearly 20 years.

US crude oil futures continued to march forward, rising above $62 on Wednesday to a six-month high, after a government report said US crude supplies fell more than expected last week.

Crude for July delivery rose $1.94, on its first day of active trading, to settle at $62.04 a barrel on the New York Mercantile Exchange, the highest settlement 10 November.

The Energy Information Administration said crude inventories fell 2.1m barrels in the week ended 15 May 15, greater than expectations of a 1.5m decline.

Crude prices are now almost double levels seen in February when prices slumped to $34 a barrel. Optimism about economic recovery and strengthening equity markets has boosted demand for oil.

Gasoline stockpiles decreased by 4.3m barrels last week, despite expectations of a 1.7m barrel decline.

Aye, 105 (in places) a litre !!

"Aye, 105 (in places) a litre !!" not round here it ain't ... yet! -):

US crude oil struck a six-month high on Wednesday, rising towards $64 a barrel, ahead of OPECs meeting and after an EIA report predicted oil prices will rise to $110 in 2015 and $130 in 2030.

The Energy Information Administrations annual report said global oil demand is expected to increase to 91m barrels a day in 2015 and 107m barrels a day in 2030.

Saudi Arabia oil Minister Ali Naimi echoed those views at the start of the week. He said oil prices could rise at a much faster rate than previously thought and the global economy could cope with prices as high as $75 to $80 a barrel.

Crude for July delivery rose $1 to settle at $63.45 a barrel on the New York Mercantile Exchange after hitting a high of $63.82 earlier in the session.

Gold was unchanged as the dollar recovered against major currencies and as traders digested fairly upbeat US home sales data.

Stan, I will send you up some Cans ! ; )

Just filled up @ 97/98 a litre at the moment.

99.9 today. at 1730.

29/5/2009 Crude prices gain 30 percent in MayStory link: Crude prices gain 30 percent in May by Elaine Frei
Crude oil prices rose to their highest level this year in New York as West Texas Intermediate crude for July delivery added $1.23 to $66.31 per barrel on the New York Mercantile Exchange while Brent crude was up $1.08 to $65.47 per barrel on the ICE Futures Europe exchange in London.

The recent gains in prices, amounting to 30 percent just this month, came even though demand is down as investors bet that the economy, and therefore demand, will go up in the near future.

Prices are also up on declines in US inventories even though stockpiles of crude oil in the US are still plentiful.

In related news, the number of rigs looking for crude oil and natural gas in the United States fell to 899 this week, down by over 50 percent from this time last year, when 1,877 rigs were being used in the US.

Of the new total, 187 rigs are specifically looking for crude oil.

Nymex June gasoline futures were up less than a cent to $1.91 per gallon.

Oil rose again to over $68 per barrel as US equities started the month with an impressive rally and as investors bet the worst of the economic downturn is behind us.

The weaker dollar also boosted demand for oil sending US crude for July delivery up $2.27 a barrel to settle at $68.58.

More upbeat economic data from Asia also encouraged prospects of a pick up in demand.

Chinas Purchasing Managers Index slipped to 53.1 from 53.5 in April, but was stronger than expectations and above the key 50 mark, which indicates expansion.

Precious metals were mostly higher on Monday but gold prices moved lower. COMEX gold for August delivery finished down 30 cents at $980 an ounce on the New York Mercantile Exchange.

US crude oil futures settled a touch lower on Tuesday, recovering from bigger losses earlier in the session, as upbeat US housing data reinforced hopes of an economic recovery.

US light crude oil for July delivery fell 3 cents to settle at $68.55 a barrel on the New York Mercantile Exchange after hitting a intra-day low of $67.50.

A positive session among US equities and a weaker dollar also underpinned demand for oil, which hit a seven-month closing high of $68.58 a barrel at the start of the week.

Market confidence was buoyed by better than expected housing data. The National Association of Realtors' index on pending home sales for April rose 6.7% to 90.3%, the biggest monthly jump in pending US home sales in 8 years.

Analysts had pencilled in a smaller rise up to 85% from 84.6% in March. The data is the latest in a string of economic global reports indicating that the worst of the economic downturn may be behind us.

Light crude fell by almost $2 per barrel to just over $66 after government data showed an unexpected rise in crude supplies last week.

The Energy Information Administration reported a surprise 2.9m barrel increase in US crude inventories for the week ended 29 May. Analysts had pencilled in a 2m barrel decline.

Gasoline inventories fell by a bigger than expected 200,000 barrels while distillate stockpiles rose by 1.6m barrels, more than the 950,000 barrels forecast by analysts.

A slump on Wall Street, following a four day rally, and a recovering dollar also wiped the shine off oils appeal and sent US light crude oil for July delivery down $2.43 to $66.12 a barrel on the New York Mercantile Exchange.

Oil prices have doubled since mid January on hopes that the worst of the economic downturn is behind us.

Gold edged closer to breaching $1,000 an ounce again as the weak dollar and worries about inflation helped demand.

The precious metal is suffering from worries that more effort must be made by the US government to help its economy. It could result in more money being printed and that will increase inflation.

Gold for August delivery rose $16.70 to settle at $982.30 an ounce.

Oil prices surged ahead, having at one stage targeted $70 a barrel, as a drop in jobless claims boosted expectations that the economy may be recovering, which will increase demand for oil.

Investment bank Goldman Sachs said an economic rebound and production cuts by OPEC could push oil towards $85 a barrel by the end of the year and to $95 by the end of 2010.

Crude for July delivery rose $2.69 to settle at $68.81 a barrel Thursday. It had hit $69.60 at one stage.

Crude oil touched $70 a barrel on Friday before retreating after a government report showed job losses slowed in May.

Oil prices jumped to $70.32 following the report, which showed US nonfarm payrolls fell 345,000 in May, instead of the 500,000 expected by analysts.

The widely watched Labour Department report boosted hopes that the US economy is starting to improve.

Also lifting demand for oil was a research report out Thursday from Goldman Sachs raising its 3-month price target for crude oil to $75 a barrel from $52 a barrel.

However towards the end of the session oil prices pulled back as the dollar strengthened. US light crude oil for July delivery settled 37 cents lower at $68.44 a barrel on the New York Mercantile Exchange.

Bankers 'drive up fuel cost' by gambling on crude oil prices 7/06/2009

Petrol prices hit their highest point for a year yesterday with motorists paying an average 100.08p a litre for petrol and 104.2p for diesel.

But one service station in West London was charging 139.9p for unleaded and 145.09 for diesel, according to petrolprices.com website.

Greedy City speculators gambling on the future cost of crude oil were blamed for driving up prices. Last January, petrol was 86.07p per litre and diesel 98.06p.

Yesterday motorists were warned average petrol prices could soar to 115p a litre.

The AA's Luke Bosdet said: "Speculators - many at banks bailed out by taxpayers - are pushing up oil prices, tipping the same taxpayers into deeper financial trouble."

http://www.mirror.co.uk/news/top-stories/2009/06/07/bankers-drive-up-fuel-cost-by-gambling-on-crude-oil-prices-115875-21420950/