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Wednesday, April 18, 2012

Oil market prices news today april 18 2012

Oil market prices news today april 18 2012, oil forecast april 18 2012, crude oil prices april 18 2012, brent crude, oil futures prices april 18 2012 : Oil prices were mixed in Asian trade Wednesday as concerns over Europe's sovereign debt crisis continue to niggle investors, despite Spain's above-target bond auction.

New York's main contract, West Texas Intermediate crude for delivery in May was up three cents to $104.23 per barrel while Brent North Sea crude for June shed 11 cents to $118.67 in morning trade.

"Brent remains weighed by concerns about the debt situation in Europe despite the successful bond sale in Spain... Things could change easily and investors have an eye on that," Justin Harper, market strategist at IG Markets Singapore,

Oil market News April 18 2012

Obama wants to target oil market manipulation
President Barack Obama pushed Congress Tuesday to give oil market regulators more muscle to deter price manipulation by speculators, the latest White House response to determined Republican attacks on administration energy policies amid high gas prices at the pump. Obama wants Congress to strengthen federal supervision of oil markets, increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions. Read More..

Fuel prices Wednesday remained unchanged from the previous week.
The cost of gasoline had been expected to increase by LL200 this week but gas stations across the country charged people the same prices as last week; LL39,700 for the 98-graded octane variety and LL39,000 for the 95-graded octane kind. Read More..

Reuters Japan's Showa Shell cuts Iran oil imports, renews deal-sources
Japan's top buyer of Iranian crude Showa Shell Sekiyu KK has renewed its annual oil purchase deal with Iran but cut the volume in line with other Japanese refiners to comply with U.S. sanctions, trade sources said on Wednesday. The cuts come even after the United States in March exempted Japan and 10 other EU nations from sanctions due to take effect in July because they have significantly cut purchases of Iranian oil. Soon after receiving the exemption, Finance Minister Jun Azumi said Japan would continue to cut imports of Iranian oil. Read More..

Iraq Offers Tender to Buy or Build Crude Oil Tanker
The Iraqi Oil Tankers Co. offered a tender for the purchase or the construction of a crude oil tanker with a capacity of 6,000 metric tons or more. Companies can submit bids until April 23, according to the website of the state-owned company. The tanker will be the Iraqi government’s third state-owned oil transport vessel, as it currently operates two 13,500-ton tankers bought in 2007 and 2008. Iraq’s fleet of about 15 oil tankers was destroyed or fell into disrepair since the country’s war with neighboring Iran in the 1980s and subsequent conflicts in the region. Read More..

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