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NYMEX

Energy prices tumbled after the US Federal Reserve predicted that, even if the worst of the recession is over, the US economy will continue to shrink this year.

Benchmark crude for July delivery fell 99 cents to settle at $US61.05 a barrel on the New York Mercantile Exchange. Prices at one point had fallen to a within a cent of $US60.

In London, Brent crude fell 66 cents to settle at $US59.93 a barrel on the ICE Futures exchange.
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Oil prices have risen to their highest level in six months. US crude rose as high as $60.08 a barrel before falling back, while London Brent crude rose to $58.64.

The price of US crude is now up by about 80% from a January low of $32.70 a barrel, but is well below the record high above $147 hit in July last year.

Oil has risen in response to a global rebound in stocks.

Weakness in the dollar has also spurred the oil price, which tends to rise when the dollar falls. The dollar hit a four-month low against a basket of currencies on Tuesday.
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OIL prices fell for a second straight day on Tuesday on fears that the outbreak of swine flu would delay an economic recovery and further dampen energy demand.

Benchmark crude for June delivery slipped 22 cents to settle at US$49.92 (S$74.74) a barrel on the New York Mercantile Exchange. The contract Monday fell US$1.41 to settle at US$50.14.

Swine flu has killed more than 150 people in Mexico and number of countries reporting cases has spread to Europe, the Middle East and Asia. At least 60 cases have been identified in the US, but no deaths.

Fears of pandemics have slowed the global economy in the past and officials with the World Health Organization, while raising alert levels on Monday, warned against overreacting.
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SINGAPORE- OIL prices fell below $50 a barrel on Monday in Asia as investors braced for a slew of U.S. corporate earnings reports this week that could temper optimism about global economic recovery.

Benchmark crude for May delivery fell 91 cents to $49.42 a barrel by midday in Singapore in electronic trading on the New York Mercantile Exchange. The contract Friday rose 35 cents to settle at $50.33.

Oil prices have played peek-a-boo with $50 a barrel this month after dropping below $35 in February as investors struggle to decipher how the economy will perform in the second half.

Stock markets have jumped more than 20 per cent in the last six weeks on expectations that massive global stimulus packages will spark a recovery by the end of the year.

The Organization of Petroleum Exporting Countries, which next meets on May 28, has announced output quota reductions of 4.2 million barrels a day since September.

‘A key support is coming from expectations that OPEC is going to try to match the slowdown in crude demand by cutting supply,’ said Mr Mark Pervan, senior commodity strategist with ANZ Bank in Melbourne. ‘OPEC doesn’t want to cut production, so they may just talk up tightening compliance at the next meeting.’

Mr Pervan expects oil prices to dip to between $40 and $45 a barrel in September before rising to near $55 by the end of the year.

‘People are going to be disillusioned in the near term,’ Mr Pervan said. ‘We see the global economy not looking at all pretty until the second half of next year.’

In other Nymex trading, gasoline for May delivery fell 2.51 cents to $1.47 a gallon and heating oil fell 1.06 cents to $1.41 a gallon.

Natural gas for May delivery slid 3.9 cents to $3.69 per 1,000 cubic feet.

In London, Brent prices fell 78 cents to $52.57 a barrel on the ICE Futures exchange.
– AP, The Straits Times

OIL prices eased in Asian trade on Monday as traders took profits from last week’s strong finish before the start of the Easter holiday weekend, analysts said.

New York’s main futures contract, light sweet crude for May delivery, shed 46 cents to US$51.78 (S$78.44) a barrel.

Brent North Sea crude for delivery in May fell 11 cents to US$53.95.

The contract for May delivery will expire Wednesday.

Oil and stock markets were closed on Friday for the Easter weekend holiday.
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