Oil Rises Above $50
Crude Oil Futures Trading - Chart With Historical PricesFree Crude Oil Futures Trading - Chart With Historical Prices. Crude oil is the world's most actively traded commodity, and the NYMEX Division light, sweet crude oil futures contract is the world's most liquid forum for crude oil trading, as well as the world's largest-volume futures contract trading on a physical commodity. Because of its excellent liquidity and price transparency, the contract is used as a principal international pricing benchmark. The contract trades in units of 1,000 barrels, and the delivery point is Cushing, Oklahoma, which is also accessible to the international spot markets via pipelines.
Oil Rises Above $50
Published: 3/19/2009 5:54:11 AM By: TradingEconomics.com, Bloomberg
Crude oil rose above $50 a barrel, reaching a three-month high, after the U.S. Federal Reserve announced plans to spend $1 trillion buying back debt.
The Fed is seeking to purchase U.S. Treasuries, mortgage- backed bonds and other debt, raising expectations that moves to end the global recession will increase fuel demand. The dollar traded near a two-month low against the euro, prompting investors to purchase oil as a hedge against inflation.
Crude oil for April delivery rose as much as $3.51, or 7.3 percent, to $51.65 a barrel on the New York Mercantile Exchange, the highest since Dec. 1. It was at $51.34 a barrel at 12 p.m. London time.
Futures have risen 12 percent this year as record production cuts by the Organization of Petroleum Exporting Countries started to drain the crude glut caused by the worst economic crisis since World War II. Even at $50, prices remain 64 percent below July’s record of $147.27 a barrel.
The April contract expires tomorrow. The more-actively traded May contract was at $51.98 a barrel, up $3.08, at 12:02 p.m. London time.
Brent crude oil for May settlement rose as much as $2.89, or 6.1 percent, to $50.55 a barrel on London’s ICE Futures Europe exchange. It was at $50.48 at 11:53 a.m. local time.
Oil prices settled lower yesterday after a government report showed that supplies of crude oil, gasoline and distillate fuel rose last week in the U.S., the world’s largest energy consuming nation.
Crude stockpiles climbed 1.94 million barrels to 353.3 million last week, the Energy Department said yesterday. Inventories were forecast to rise by 1.5 million barrels, according to the median of estimates in a Bloomberg News survey.
Fuel consumption in the U.S. dropped 0.6 percent last week to 18.8 million barrels a day, the lowest since the week ended Jan. 9. Total daily fuel demand averaged over the past four weeks was 19.1 million barrels, down 3.2 percent from a year earlier.
Stockpiles at Cushing, Oklahoma, where New York-traded West Texas Intermediate crude oil is delivered, increased 368,000 barrels to 33.9 million barrels last week, the Energy Department said. Supplies in the week ended Feb. 6 were the highest since at least April 2004, when the department began reporting on inventories at the location.
U.S. refineries operated at 82.1 percent of capacity, down 0.6 percentage point from the prior week, the report showed. 天，都是英文，看着头大 :han:
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