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Thursday, April 12, 2012

crude oil futures prices for april 13 2012

crude oil futures prices for april 13 2012 ; Persistent tensions between Iran and the West are likely to continue supporting oil prices, with the U.S. benchmark finding strong support at $100 a barrel, despite a slew of bearish data late Thursday and early Friday, traders and analysts said.

Crude-oil futures prices fell moderately in Asian trade following the release of bearish inventory data, disappointing Chinese economic data and weak U.S. jobs data.

But Iran's apparent determination to continue with its uranium-enrichment program will likely mean that talks between Tehran and Western powers scheduled for this weekend will fail to result in any significant outcome, and tensions will continue to support oil prices, a Singapore-based trader said.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $103.29 a barrel at 0305 GMT, down $0.35 in the Globex electronic session. May Brent crude on London's ICE Futures exchange fell $0.59 to $121.12 a barrel.

China's GDP grew 8.1% in the first quarter from a year ago, well below the 8.3% median forecast of 15 economists polled by Dow Jones Newswires, data released Friday showed. Slowing growth in China, the world's second-second largest oil consumer, could dent demand for oil.

"China's slowing growth is likely to spook the market further…if the trend continues, we could see [Nymex] prices drop to double-digit figures," said David Lennox, an analyst at Fat Prophets.

Traders also deemed as bearish a report released Thursday by the International Energy Agency.

Global oil inventories rose by as much as 1.2 million barrels a day in the first quarter of the year as production from members of the Organization of Petroleum Exporting Countries outpaced demand by more than 1 million barrels a day, and Saudi Arabia and China stockpiled oil, the IEA said in its monthly market report.

Traders mostly ignored comments by Saudi Arabia's oil minister, who said Friday that Saudi Arabia is "determined" to see oil prices fall and is working toward that goal.

The comments "are already priced into the markets," a Tokyo-based trader said.

North Korea's failed missile test Friday was considered neutral for oil prices. "Only if the two Koreas go to war will oil prices likely climb" due to tensions on the Korean Peninsula, a second Singapore-based trader said.

Weak U.S. jobless data released Thursday, coming on the heels of last week's soft payroll data, were bearish but their impact was tempered by hopes that the Federal Reserve could launch a new round of stimulus measures to boost the economy.

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