👀 Watchlist Winners: Copy Legendary Investors' Portfolios in One ClickCOPY FOR FREE

NYMEX-U.S. crude hovers near 2-1/2-yr high on supply worries

Published 04/07/2011, 09:21 PM
Updated 04/07/2011, 09:24 PM

PERTH, April 8 (Reuters) - U.S. crude oil futures were relatively steady around a 2-1/2-year above $110 a barrel on Friday on continued supply worries stemming from tensions in Libya and the Middle East.

Oil prices were also supported by OPEC member Nigeria's decision to postpone parliamentary polls in some areas.

Brent crude futures bounced up to settle at their highest since August 2008 on Thursday.

FUNDAMENTALS

* On the New York Mercantile Exchange, May crude was trading at $110.31 per tonne, up 1 cent by 0100 GMT after settling at $110.30 a barrel, the highest settlement since Sept. 22, 2008.

* Brent crude for May delivery slipped 2 cents to $122.65 a barrel after settling at $122.67 a barrel, the highest since Aug. 4, 2008.

* Libya's seven-week-old civil war is reaching stalemate, a senior U.S. general said on Thursday.

Rebels fighting to overthrow Muammar Gaddafi said five of their fighters were killed when NATO planes mistakenly bombed a rebel tank column near the contested port of Brega in eastern Libya.[ID:nN07119393]

* Libya accused Britain of damaging an oil pipeline in an air strike, hours after rebels said government attacks had halted production of oil they hope to sell to finance their uprising. [ID:nLDE7352B6] [ID:nLDE73604F]

* OPEC member Nigeria postponed parliamentary elections again in some areas, but polls will go ahead in most of the country on Saturday as planned.[ID:nLDE7362B6]

* A major aftershock rocked northeast Japan and a tsunami warning was issued then lifted later for the coast devastated by last month's massive quake and tsunami that crippled a nuclear power plant. No damage from the tremor, measured at magnitude 7.4 by the Japan Meteorological Agency, was detected at the Fukushima Daiichi nuclear plant. [ID:nL3E7F72Y2]

* Israel will take any action necessary in the Gaza Strip after an anti-tank missile fired from the Palestinian territory hit an Israeli bus, Prime Minister Benjamin Netanyahu said. [ID:nLDE73629P]

* New U.S. claims for jobless benefits fell last week and retailers racked up much stronger-than-expected sales in March. [ID:nN0784911]

MARKETS NEWS

* The Nikkei moved over 0.50 percent lower shortly after it opened on Friday at 9,558.72, but losses were limited as a large earthquake in northern Japan overnight does not appear to be affecting sentiment in a significant way.[ID:nIFR7J8thC]

* The broad selloff in the yen stalled early in Asia on Friday as investors took profit on short positions following a major aftershock in northeast Japan, while comments from the European Central Bank head saw the euro retreat from 14-month highs.

* Gold hardly moved on Friday after striking another record in the previous session, while silver could rise to a new high after ETF holdings rose to an all-time high as inflation worries lingered.

* Shanghai copper was seen to open steady on Friday, after London prices shrugged off the expected rate hike by the European Central Bank in the previous session, with investors continuing to bet on global economic recovery. (Reporting by Rebekah Kebede in PERTH, Gene Ramos and Robert Gibbons in NEW YORK; Editing by Himani Sarkar)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.