The story of the day is about oil. February contracts for Brent crude are trading at $98.03 per barrel, up 74 cents as of 10:15 a.m. EDT. The U.S. benchmark West Texas Intermediate crude (WTI) is trading at $91.85 per barrel, up 42 cents. Brent crude is used primarily in Europe. The drive to $100 per barrel is due in part to severe winter conditions in Europe.

Here in the U.S., the Alaskan Pipeline, which has been closed since Saturday, has reopened but at a reduced rate. U.S. stockpiles fell 1.4 million barrels from, 335.3 million in the week ended January 7. This data was based on 17 analysts polled by Bloomberg News.

Continue reading Brent Crude Oil Trading at $98.00 per Barrel

Brent Crude Oil Trading at $98.00 per Barrel originally appeared on BloggingStocks on Wed, 12 Jan 2011 12:00:00 EST. Please see our terms for use of feeds.

What is happening in the oil patch? Oil had its strongest monthly gain in 10 years following OPEC's upbeat assessment of demand.

On the NYMEX, July West Texas Intermediate hit a seven month high of $66.47 per barrel. US crude has risen 29% in May, the best monthly gain since 1999. On the ICE exchange Brent crude rose 78 cents to $64.15 per barrel, up 7.2% for the week.

Continue reading What is fueling the oil rally to $66.00 per barrel?

What is fueling the oil rally to $66.00 per barrel? originally appeared on BloggingStocks on Fri, 29 May 2009 18:20:00 EST. Please see our terms for use of feeds.