crude oil May 7, 2011

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crude oil May 7, 2011

Post  Admin on Sat May 07, 2011 5:46 am

Traders work in the crude oil and natural gas options pit on the floor of the New York Mercantile Exchange in New York, April 25, 2011. By Matthew Robinson NEW YORK (Reuters) - Oil prices steadied on Friday following a torrid 10 percent slide the. NEW YORK, May 6 (Reuters) - US crude oil futures fell on Friday, extending the previous day's plunge of nearly 9 percent that took oil below $100 a barrel, as wary investors awaited a key April employment report. Increasing concerns about slowing. Thursday's sell off saw US crude oil futures set a record high for open interest, while open positions also rose for Brent crude, and volatility surged as traders rushing to load up on $95 to $100 put options fearing further losses ahead.. Goldman Sachs Group Inc. said tumbling oil prices have lost a large portion of their risk premium and have the potential for further downside if economic data releases in coming days continue to disappoint. Crude oil may drop after US supplies. On the retail side, the company said it wasn't able to fully pass higher crude oil prices on to consumers in the form of higher gasoline prices. The net loss was $101 million, or 84 cents per share, compared with a loss of $63 million,. Oil recovered slightly in Asia, with June Nymex crude oil futures up 46 cents at $100.26 per barrel on Globex, after falling a massive 8.6%, or $9.44, Thursday to its lowest settlement since March 16. Analysts were mixed on whether the price declines. Finding oil out in the Bakken shale in North Dakota is a hot topic for many energy exploration companies. The Bakken formation is known as a dependable supplier of crude oil and natural gas, but there's another, lesser-known region that promises to. Crude is pushing sharply lower, with prices poised to take out support at the midline of a rising channel that has guided them higher since February 2009. Initial support lines up at $92.98, followed by the channel. (Source: Bloomberg) Crude oil surged the most in two weeks on a better-than-expected US jobs report after a 12 percent plunge in the past four days. Crude jumped as much as 2.6 percent as the Labor Department report renewed speculation that fuel demand. Oil prices are likely to peak this summer as the loss of Libyan crude production has an increased impact on the market amid rising demand in Europe and Japan, Nomura International Plc.

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