german sentiment lifts oil prices
Last Updated : GMT 17:16:24
Arab Today, arab today
Arab Today, arab today

German sentiment lifts oil prices

Arab Today, arab today

Arab Today, arab today German sentiment lifts oil prices

New York - Arabstoday

Oil prices rose on Friday as improved German business sentiment countered nervousness about the Eurozone debt crisis, while a weaker dollar and stronger equities also lent support. Brent crude\'s gains could not prevent a second straight weekly loss, while US crude managed a 22-cent weekly gain as the expiring May contract went off the board higher, though well below its intraday peak as Wall Street pared gains. German business sentiment rose for the sixth month in a row in April. The Munich-based Ifo think tank said its business climate index inched up from March to its highest since July 2011. The German data helped fuel the euro\'s climb to a two-week high against the dollar, and the greenback\'s weakness coupled with stronger equities added lift to oil prices. \"People are talking about the Ifo being better than expected and may be reducing the fear about the debt crisis, and the weak dollar and higher equities help crude, along with short-covering ahead of the weekend,\" said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. Brent June crude rose 76 cents to settle at $118.76 a barrel, having reached $119.69. For the week, Brent fell $3.07, or 2.52 per cent and it slumped to $116.70 intraday on Wednesday, the lowest since February 10. Expiring US May crude gained 78 cents to settle at $103.05 a barrel, after rising $2 to $104.27. US June crude added $1.16 to settle at $103.88 a barrel. Friday\'s price gains came with total trading volumes still 25 per cent below 30-day averages for Brent and US crude, and turnover for both was under half a million lots. Money managers raised their net long US crude futures and options positions in the week to April 17, data from the US Commodity Futures Trading Commission showed. Brent\'s premium to its US counterpart narrowed to end at $14.88 a barrel based on June settlements, but having recovered after testing support near $13 a barrel earlier in the week.T he Brent/US crude spread retreated from last week\'s close at $19 after Monday\'s news that Enterprise Product Partners and Enbridge plan to reverse the flow of the Seaway oil pipeline by mid-May, two weeks ahead of schedule. The reversal is intended to ease the glut in US crude stockpiles in the Midwest as the pipeline brings Canadian oil and North Dakota crude to the US Gulf Coast. US RBOB gasoline futures ended about a penny lower after tug-of-war trading, but they plunged 20 cents last week, a 6 per cent loss that was the biggest weekly percentage drop since September. US heating oil futures ended 1.25 cents higher and narrowed the deficit to gasoline to less than a penny. While crude oil demand in the United States continued to fall in March, gasoline consumption rose for a second consecutive month, the industry group American Petroleum Institute (API) said on Friday. The API\'s fuel demand figure for March is higher than the US Energy Information Administration\'s (EIA) preliminary estimate. The EIA issues its revised March number at the end of May. Despite large drops recently in US gasoline inventories, they were nearly 6 million barrels above the year-earlier level as of April 13, according to Wednesday\'s weekly EIA report. Iran\'s crude exports have slipped to 2.1 million barrels per day (bpd), compared with an average of 2.3 million bpd in the last Iranian year that ended on March 19, Iranian oil officials said in a report on Friday. Tightening sanctions on Iran and the European Union\'s embargo on Iranian crude purchases set for July, along with lower North Sea production, helped send Brent prices above $128 a barrel in March, the highest since 2008. But revived talks between Iran and major powers over Tehran\'s nuclear ambitions, along with rising Saudi Arabian and Libyan output and signs of slower US economic and employment growth, helped pull oil prices back from first-quarter peaks. The European Union could review in the next two months an embargo on Iranian oil imports due to take effect in July, a senior EU official said.

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