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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/

US crude oil edged lower on Monday as US equities spent most of the day in the red and as the dollar rose against major currencies.

US light crude oil for July delivery fell 35 cents to settle at $68.09 a barrel on the New York Mercantile Exchange.

Oil prices briefly touched $70 a barrel on Friday after better than expected jobs figure boosted expectations of economic recovery and gave a stronger outlook for oil. Friday's rally on Wall Street also underpinned gains, however as US stocks struggled to get off the ground on Monday, demand for oil also remained low and even a last minute rally on Wall Street failed to bring prices higher in normal trading.

Oil did trade higher in after hours although analysts are warning that the 50% rise in oil prices in the last three months has been overdone.

Among precious metals gold lost its sparkle on Monday with Comex gold for August delivery settling $10.10 lower at $952.50 an ounce. The stronger dollar reduced golds appeal as an alternative investment.

Crude oil settled above $70 per barrel for the first time in seven months as the dollar retreated against major rivals.

Crude for July delivery rose $1.92 to settle at $70.01 a barrel on the New York Mercantile Exchange. Earlier it touched a high of $70.18.

The weaker dollar has helped oil prices more than double since the end of 2008 as a weaker buck normally makes commodities less expensive for buyers holding other currencies.

A report by the Energy Information Administration also gave oil prices a boost. In its monthly report out Tuesday the EIA raised its outlook for this year's crude oil and gasoline prices.

Crude prices are now forecast to average around $58.70 a barrel this year compared with a previous prediction of $52 a barrel.

Crude oil futures rose after weekly government data showed a sharp drop in inventories.

Following the report US light crude for July rose $1.32 to settle at $71.33 a barrel on the New York Mercantile Exchange, the highest settlement for seven months.

The Energy Information Administration said crude stocks fell by 4.4m barrels in the week ended 5 June. Analysts had expected an increase of around 800,000 barrels.

The data follows a report earlier in the week from the American Petroleum Institute which said US crude supplies slumped by 6m barrels last week.

Meanwhile the EIA also showed gasoline inventories fell 1.6m barrels, bigger than analyst predictions of 1.6m drop.

ED: Not sure about the last sentence.

Oil futures briefly rose above $73 a barrel for the first time this year after the International Energy Agency (IEA) raised its global demand forecast for the black stuff. It was the first time in ten months that the IEA had upped its projection of demand for oil.

The IEA estimate for daily oil demand worldwide was increased by 120,000 barrels to 83.3m barrels, on expectations of increased demand from the US and China. The effect on the oil price was tempered by expectations of increased output from non-OPEC producers, which the IEA expects to rise by 170,000 barrels a day.

The revision does not "necessarily imply the beginnings of a global economic recovery, the IEA report said, adding that the firmer trend may only be evidence of the recession hitting its low point.

The July contract for West Texas Intermediate closed at $72.68, its highest closing level since October 20 and up $1.35 on the day.

The price of gold was back on the rise again after going through a dull spell earlier this week. Golds allure was restored as investors turned their back on the US dollar, pushing the price of gold for August delivery up $7.30 to $962 an ounce.

Crude oil futures settled lower on Friday, snapping a three-session run-up, as the dollar strengthened against major currencies and OPEC announced that it was increasing monthly output for the second month running.

Crude for July delivery fell 64 cents to settle at $72.68 a barrel on the New York Mercantile Exchange.

The oil cartel said output in May, from its 12 member countries, rose on average to 28.27m barrels a day compared with 135,000 barrels a month earlier.

In its monthly report OPEC also said it expects global demand in 2009 to decline 1.6m barrels a day compared with the same time a year ago but added that it thinks the worst is over for the oil market.

On Thursday crude rose above $73 on hopes of economic recovery and after International Energy Agency upped its forecast for global oil demand.

NOW 103.9 P. 105.9 D. CRUDE WILL KILL OFF THE RECOVERY.

Crude oil fell on Monday settling around $70 a barrel as the dollar continued to gain against major currencies and US equities registered triple digit losses as economic data rekindled fears about the global downturn.

US light crude oil for July delivery dropped $1.42 to settle at $70.62 a barrel on the New York Mercantile Exchange.

The Empire State index's measure of manufacturing in the New York area fell 5 points to -9.4 in June. In the previous month, the index was -4.55. New orders remained negative at -8.15 but better than May's -9.01.

Meanwhile reports of violence in Iran following the elections failed to stir up demand for oil as commodity prices fell across the board. The major oil producing country is holding an investigation into the election after accusations of ballot fraud.

The resurgent dollar took gold futures to their lowest level in over three weeks on Monday. COMEX gold for August delivery fell $13.20 to settle at $927.50 an ounce.

US crude oil futures fell again Tuesday but remained above the $70 a barrel mark ahead of weekly US inventory data.

Crude had gained in earlier trading, rising to a high of $72.77, but as mostly downbeat economic data poured through, jitters about the economic outlook returned and pushed prices lower.

US light crude oil for July delivery fell 15 cents to end at $70.47 a barrel on the New York Mercantile Exchange.

Traders digested data showing a bigger than expected drop of 1.1% in May industrial production from the month before.

Inventory data from The American Petroleum Institute was also expected to show a 1.7m decline in crude oil stockpiles. US Energy Information Administration data is due out Wednesday.

US crude oil settled higher Wednesday in a choppy session as prices mirrored a recovery on Wall St and after a weekly government report showed a bigger than expected drop in crude supplies.

US light crude oil for July delivery closed 56 cents higher at $71.03 a barrel on the New York Mercantile Exchange.

Futures had fallen to a low of $69 earlier in the session after the Energy Information Administration showed crude supplies fell by 3.9m barrels last week. Analysts had expected a decline of 1.7m barrels.

The EIA also said gasoline stocks rose by 3.4m barrels in the week ended 12 June, much more than the 650,000 barrels pencilled in by analysts.

Distillate inventories meanwhile rose by 300,000 barrels last week. Analysts expected an increase of 950,000 barrels. The weaker dollar also boosted demand for oil.

Oil prices inched higher on Thursday as disruptions in Nigeria raised supply concerns.

Positive data also helped on expectations of a turnaround in the economy, which will increase demand for oil.

Crude for July delivery rose 42 cents to $71.45 a barrel Thursday.

Royal Dutch Shell said that some oil production had been stopped after an attack on one of its pipelines on Wednesday in Nigeria. Analysts believe such attacks could increase in the coming weeks.

On the economic data front, there an improvement in the Philadelphia Fed index on regional manufacturing, up to -2.2 in June from -22.6 last month. Experts predicted a read of -17.

Great now analysts are orchestrating acts of terrorism, always thought they were financial terrorists.

Crude oil finished the week lower as traders weighed up data showing surplus fuel supplies against reports of more attacks on oil pipelines in Nigeria, the worlds seventh biggest oil exporter.

Oil for July delivery fell $1.82 to $69.55 a barrel on New York Mercantile Exchange after a choppy session with the contract rising to a high of $72.30 earlier in the day.

The contract, which is due to expire on Monday, was down 3.3% over the week. The spike in oil prices was prompted by news of an attack by Nigeria's main militant group MEND.

But it was concern about ample supplies and weak demand that later chipped away at demand for the black stuff.

On Wednesday the weekly EIA government report showed US gasoline supplies rose unexpectedly as refiners increased output to meet demand for the summer driving season. At the same time traders are worried that rising oil prices may put off many drivers this summer as the economic downturn continues. The EIA said demand for petroleum products over the last four weeks was down by 6% from the same time last year.

Commodities: Crude slips below $67

Crude oil fell below $67 a barrel as focus turned to the weak outlook for the global economy.

Recent data has signalled that the global economy is poised for a recovery and has helped take oil prices around double the level seen at the start of the year.

However as traders weighed up data showing surplus fuel supplies and winced at global forecasts at the World Bank, sentiment turned lower and worries about demand for the black stuff resumed.

US light crude oil for July delivery fell $2.62 to settle at $66.93 a barrel on the New York Mercantile Exchange. The July contract expired Monday and the August contract becomes active on Tuesday.

The World Bank said the global economy is expected to shrink 2.9% this year, more than the 1.7% contraction forecast back in March. It also said global trade will drop by almost 10% this year while output is predicted to fall by 2.9%.

Commodities: Crude inches back towards $70

The weaker dollar, nerves ahead of weekly US energy supply data and disruptions from oil rich Nigeria stoked oil demand on Tuesday.

US light crude oil for August delivery rose $1.74 to settle at $69.24 a barrel on the New York Mercantile Exchange. But oil traders endured a choppy session with the contract falling a session low of $66.37 after disappointing US housing data.

Existing home sales rose 2.4% in May to a seasonally adjusted annual rate of 4.77m, from a downwardly revised 4.66m in April, but it was still lower than expectations. Economists had predicted an increase to about 4.82m.

There were also jitters ahead of the latest statement from the Federal Reserve.

Oil prices have jumped from below $40 a barrel at the start of this year to around $70 on the back of optimism that an economic recovery is in place.

Commodities: Gold moves ahead

Gold moved higher though gains were tempered late on after the dollar rallied on the back of comments from the Fed.

Before the Fed's comment, worries about higher inflation made gold, seen as a hedge to rising prices, more attractive to investors. But gold slipped back slightly after the Fed said inflation will remain subdued for sometime.

Gold price for August delivery rose $10.10 to finish at $934.40 an ounce.

Oil prices fell below $69 after the Fed kept interest rates near zero.

Crude had received support earlier after a report showed US gasoline stocks rose by 3.9m barrels in the week to June 19, which was above forecasts. Distillates stocks hit ten-year highs, while crude stocks fell.