• Road to riches

    Taxpayers keep funding structures with big plans but who knows what efficacy, says Mandi Smallhorne.

  • Don't fall for Ponzi scams

    An expert unpacks the tell-tale signs to watch out for.

  • Inside Labour

    A smokescreen of misleading rhetoric won't make SA's problems go away, says Terry Bell.

See More

Oil rises as market eyes earnings, US data

Jul 15 2011 18:59 Reuters

Related Articles

Oil falls ahead of US supply report

Oil prices extend recovery

Oil slides in Asian trade

Oil prices sink on eurozone crisis

Oil prices drop on US data

Oil prices slip amid cloudy demand picture


New York - Oil rose on Friday as lower supplies for a key Canadian export pipeline and strong earnings reports by Google and Citigroup buoyed prices despite a rash of weak US economic data.

Oil got an early lift after Google and Citigroup reported earnings. Oil prices got further support from expiry of options on the New York Mercantile Exchange, market players said.

"There is pre-weekend short-covering going on as nobody wants to be short at this time with so many things going on," said Phil Flynn, analyst with PFBEST Research in Chicago.

But US economic data limited the upside, as consumer confidence plummeted to its lowest level in more than two years in early July and factory output stalled in June.

The data dimmed hopes for a quick economic rebound in the second half. Negotiations between President Barack Obama and Republicans to avoid a US government default also prompted concern in financial markets.

The premium of Brent to US futures narrowed to below $20 a barrel, pulled down in part by news TransCanada Corp will cut nominated crude volumes on its Keystone pipeline to the United States from Canada by 20% next month for maintenance.

US crude lead the oil complex higher, rising $1.75 $97.44 a barrel at 12:04 EDT (1604 GMT). Brent crude gained $1.19 to trade at $117.45 a barrel.

The market was also weighing the possibility of a second round of strategic petroleum reserve releases. Germany and Italy are likely to oppose a second release, a French government source said on Friday.

commodities  |  markets  |  oil  |  currencies



Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

We're talking about:


Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

People who fall victim to Ponzi scams are:

Previous results · Suggest a vote