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UPDATE 7-Oil retreats after surge on Saudi supply scare
Fri, 2nd Mar 2012 17:15
By Robert Gibbons
NEW YORK, March 2 (Reuters) - Oil prices fell
on Friday after Saudi
disruption sparked by a report of a pipeline blaze in OPEC's top
exporter and as a stronger dollar added pressure to
dollar-denominated commodities.
Brent crude futures retreated below $125 a barrel after
jumping above $128 a barrel to levels last seen in July 2008 in
post-settlement trade on Thursday, reacting to an Iranian media
report of a pipeline fire in Saudi Arabia.
Prices for both Brent and U.S. crude fell back late on
Thursday after a CNBC report citing a Saudi oil official as
saying the report was untrue.
Brent April crude fell $2.46 to $123.74 a barrel at
11:55 a.m. EST (1655 GMT), having traded as low as $123.59.
U.S. April crude fell $2.40 to $106.44 a barrel,
having pushed below the 10-day moving average of $107.22 after
reaching $110.55 during the previous day's surge.
'Although the oil complex is responding to some softening in
the euro and the equities ... the main source of selling has
been a disgorgement of risk premium following yesterday's
frenzied price advance (on) reports of Saudi pipeline
explosions,' Jim Ritterbusch, president at Ritterbusch &
Associates, said in a research note.
The dollar index strengthened, the euro slipped
against the U.S. currency, putting pressure on oil and
dollar-denominated copper.
Along with the fear premium associated with tensions over
Iran's nuclear program and a possible military response by
Israel, positive manufacturing data out of China, signs of
improved growth in the United States and a liquidity infusion by
the European Central Bank also provided lift for oil this week.
(Additional reporting by Zaida Espana in London and Francis Kan
in Singapore; Editing by David Gregorio)
Keywords: MARKETS OIL/
(robert.gibbons@thomsonreuters.com)(+1 646 223 6059)(Reuters Messaging: robert.gibbons.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
NEW YORK, March 2 (Reuters) - Oil prices fell
on Friday after Saudi
Arabia helped quell fears of supply
disruption sparked by a report of a pipeline blaze in OPEC's top
exporter and as a stronger dollar added pressure to
dollar-denominated commodities.
Brent crude futures retreated below $125 a barrel after
jumping above $128 a barrel to levels last seen in July 2008 in
post-settlement trade on Thursday, reacting to an Iranian media
report of a pipeline fire in Saudi Arabia.
Prices for both Brent and U.S. crude fell back late on
Thursday after a CNBC report citing a Saudi oil official as
saying the report was untrue.
Brent April crude fell $2.46 to $123.74 a barrel at
11:55 a.m. EST (1655 GMT), having traded as low as $123.59.
U.S. April crude fell $2.40 to $106.44 a barrel,
having pushed below the 10-day moving average of $107.22 after
reaching $110.55 during the previous day's surge.
'Although the oil complex is responding to some softening in
the euro and the equities ... the main source of selling has
been a disgorgement of risk premium following yesterday's
frenzied price advance (on) reports of Saudi pipeline
explosions,' Jim Ritterbusch, president at Ritterbusch &
Associates, said in a research note.
The dollar index strengthened, the euro slipped
against the U.S. currency, putting pressure on oil and
dollar-denominated copper.
Along with the fear premium associated with tensions over
Iran's nuclear program and a possible military response by
Israel, positive manufacturing data out of China, signs of
improved growth in the United States and a liquidity infusion by
the European Central Bank also provided lift for oil this week.
(Additional reporting by Zaida Espana in London and Francis Kan
in Singapore; Editing by David Gregorio)
Keywords: MARKETS OIL/
(robert.gibbons@thomsonreuters.com)(+1 646 223 6059)(Reuters Messaging: robert.gibbons.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
