Oil holds above $76, supply worries support

(Reuters) - London Brent slipped 36 cents to $75.90. The North Sea benchmark reverted to a discount to U.S. crude last week on signs of lower crude stocks in Oklahoma.




Oil has rallied to within sight of last year's record high of $78.40, although the Organization of the Petroleum Exporting Countries has rebuffed calls from consumers for more crude.


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Oil eases from 11-month high; eyes Nigeria, N.Sea

(Reuters) - London Brent crude , currently seen as a better indicator of the global market, fell 31 cents to $75.47 a barrel by 0207 GMT, reversing Monday's 16-cent gains but still within sight of the contract's all-time high of $78.65 struck August 8.




U.S. crude inched down 7 cents to $72.12 a barrel after falling 62 cents a day ago, as traders fretted that fresh refinery troubles would keep U.S. crude oil stocks flush.


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Oil holds below $73, gasoline supply fears support

(Reuters) - London Brent crude , currently seen as more representative of global oil prices, fell 3 cents to $72.90 a barrel by 0216 GMT, although trading activity was expected to be muted due to the U.S. public holiday.




U.S. crude slipped 23 cents to $71.18 after gaining five percent over the past five days. The New York Mercantile Exchange trading floor will be shut on Wednesday, but electronic Globex trade continues as usual.


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Oil falls more than $2 on demand concerns

(Reuters) - London Brent crude, seen as more representative of the global market, was down $2.45 at $68.77 a barrel at 1705 GMT. U.S. crude fell $2.13 to $64.80.




Prices for base metals also fell sharply, as traders predicted demand across the global commodities complex could be eroded.


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Oil above $71, nears 9-mth high on Turkey Iraq raid

(Reuters) - London Brent crude was up 8 cents at $71.10 a barrel at 0213 GMT after rising 57 cents on Wednesday, a fifth day of gains. U.S. crude nudged up 6 cents to $66.02.




Turkey denied a report on Wednesday it had launched a major incursion into northern Iraq to crush Kurdish rebels, but a military source said troops had conducted a limited raid across the mountainous border, rattling markets.


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Asian stocks shine, dollar subdued before U.S. data

(Reuters) - The strength in equity markets weighed on fixed income assets, dragging Japanese government bonds lower, while the dollar hovered below a three-month high against the yen ahead of closely watched U.S. payroll data later on Friday.




London Brent crude oil held above $68 a barrel after snapping a four-day losing streak when data showed U.S. crude inventories fell last week, while gold extended its rebound to a 1-1/2-week high of $663 an ounce.


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Crude Oil Falls on U.S. Gasoline Output Increase, End of Nigerian Strike

(Bloomberg) -- Crude oil fell in New York on
speculation U.S. fuel prices may ease as refiners increase
output to meet summer demand and after oil workers in Nigeria
ended a two-day strike.

A U.S. government report showed gasoline production rose to
the highest since December, boosting supplies for a third week.
U.S. crude oil stockpiles are 7.6 percent above their five-year
average, the Energy Department said last week. Nigerian oil
workers ended the strike after the government conceded to their
demand for more pay and benefits, Reuters reported on May 26.


Read more at Bloomberg Commodities News

US crude jumps $1 on gasoline worries

(Reuters) - U.S. crude oil prices rose a dollar Friday on concerns over low gasoline supplies heading into the travel-heavy Memorial holiday weekend.

Rising tension surrounding Iran and Nigeria, two of the world's leading oil producers, was also underpinning gains, dealers said.


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