August 2011
30th August 2011
Oil Prices on the Rise
Singapore: Brent crude rose for a sixth straight session on Tuesday August 30, 2011, buoyed by a landmark bank merger deal in Greece and strong data from the United States that allayed fears the world’s top oil consumer was sliding back into recession.
Oil prices were also supported by a rally in stock markets with money switching back to riskier assets after U.S. data showed consumer spending in the world’s largest economy rose at its fastest pace in five months in July.
Brent October crude was up 13 cents to $112.01 a barrel by 6:2am. Read more »
6th August 2011
Oil Drops on Concerns
Oil dropped nearly 2 percent Friday August 5, 2011 as investors shrugged off U.S. job gains and focused on lingering concerns about the global economy.
Benchmark West Texas Intermediate crude for September delivery fell $1.70 to $84.93 per barrel on the New York Mercantile Exchange.
Prices pulled back from an early surge. A government report on Friday morning showed employers added 117,000 jobs in July. Unemployment fell slightly, to 9.1 percent. The news helped push crude as high as $88.32 before it tapped off. Read more »
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