crude oil prices news today may 4 2011

crude oil prices news today may 4 2011 : Oil hovers near $111 in Asia after report shows larger than expected US crude supply jump (AP) -- Oil prices hovered near $111 a barrel Wednesday in Asia as a report showed U.S. crude supplies rose more than expected last week, suggesting growth in demand could be waning.

Benchmark crude for June delivery was down 4 cents at $111.01 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $2.47 to settle at $111.05.

crude oil prices news today may 4 2011

Crude Falls In Asia; Weak Equities, Silver Weigh
Crude-oil futures were lower in Asia Wednesday, weighed down by weak equities and falling metal prices. On the New York Mercantile Exchange, light, sweet crude futures for delivery in June traded at $110.45 a barrel at 0659 GMT, down $0.60 in the Globex electronic session. June Brent crude on London's ICE Futures exchange fell $0.39 to $122.06 a barrel. Read More...

Iran Remains Major Crude Supplier to Japan
Japan's crude oil import in March declined 6.3% from a year earlier to an average of 3.78 million barrels per day (bpd). Oil shipments from the Middle East accounted for 90.9% of total imports, up 2%, the agency at the Ministry of Economy, Trade and Industry said in a preliminary report. Read More...

Crude oil drops on depreciated Rupee
Nymex crude oil slipped 2.2 percent yesterday mainly taking cues from a stronger dollar and rise in US crude oil inventories. Prices touched an intra-day low of $110.30/bbl and closed at $111.05/bbl. Depreciation in the Indian Rupee led minimal losses on the MCX. Crude oil May contract on the MCX touched an intra-day low of `4951/bbl and closed at `4975/bbl yesterday. Read More...

Natural gas & oil discovered at over 100 wells in Turkey in 2010
Natural gas and oil exploration activities conducted in 102 wells in Turkey yielded to positive results last year. Out of the total 205 wells opened in different regions of the country in 2010, crude oil was found at 57 exploration wells, natural gas was discovered at 44 locations, while both oil & natural gas were found at 1 well, a report released by the Directorate General for Petroleum Affairs said on Wednesday. The authority said 74 wells turned out to be dry wells, adding that studies would continue at 29 wells this year. Read More...

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