November 2011 Archives

Nov. 30 (Bloomberg) -- Oil fell from the highest in two weeks in New York after Standard & Poor’s cut credit ratings on some of the world’s biggest lenders, and amid signs of rising crude supplies in the U.S.

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West Texas Intermediate futures slid as much as 0.9 percent, paring a second monthly gain. The industry-funded American Petroleum Institute said yesterday crude inventories climbed by 3.44 million barrels last week. S&P lowered the ratings of banks led by Goldman Sachs Group Inc., Bank of America Corp. and UBS AG. Prices rose yesterday after U.S. consumer confidence climbed the most in more than eight years and Iranian protesters vandalized the British Embassy’s compound in Tehran. Crude for January delivery fell as much as 87 cents to $98.92 a barrel in electronic trading on the New York Mercantile. It was at $99.27 at 10:30 a.m. in London. The contract yesterday advanced 1.6 percent to $99.79, the highest close since Nov. 16. Prices have risen 6.5 percent this month, after climbing 18 percent in October.

Oil Pares Second Monthly Gain After US Crude Stockpiles Rise - BusinessWeek

NEW YORK (Dow Jones)--Crude futures rose Tuesday, again flirting with $100 a barrel as Iranian students stormed the British embassy in Tehran, escalating worries about the oil-exporting nation.

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The political action was the latest surrounding the still-simmering Middle East and helped to push prices up along with a better-than-expected jump in U.S. consumer confidence that has raised hopes for an improving domestic economy.

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NEW YORK (Dow Jones)--Crude futures rose Tuesday, again flirting with $100 a barrel as Iranian students stormed the British embassy in Tehran, escalating worries about the oil-exporting nation.

OIL FUTURES: Crude Gains As Iran Worries Rise - Wall Street Journal

Oil dropped from the highest close in more than a week after Moody’s Investors Service said it may lower credit ratings for European banks, while analysts forecast that U.S. crude and gasoline stockpiles increased.

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Futures slipped as much as 1 percent, the first decline in three days, after failing to settle above $100 a barrel yesterday. A U.S. Energy Department report tomorrow will probably show oil inventories rose for the first time in a month, while gasoline supplies climbed for a third week, according to a Bloomberg News survey. Moody’s Investors Service said in a statement it’s considering cuts to the ratings of banks in 15 European nations. Futures for January delivery fell as much as 98 cents to $97.23 a barrel in electronic trading on the New York Mercantile and were at $97.96 at 9:49 a.m. London time. The contract rallied as much as 4.1 percent to $100.74 yesterday on signs of economic recovery in the U.S. and possible supply disruptions in the Middle East , before closing at $98.21, the highest settlement since Nov. 17.

Crude Oil Retreats From One-Week High on Europe Bank Concern, US Supply - Bloomberg

Nov. 28 (Bloomberg) -- Oil climbed as Thanksgiving retail sales advanced to a record in the U.S., a signal of economic growth in the world’s biggest crude-consuming country.

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Futures rose 1.5 percent after U.S. consumers spent $52.4 billion during the holiday weekend, according to the National Retail Federation, citing a survey from BIGresearch. The dollar fell and commodities gained after the Welt am Sonntag newspaper reported German Chancellor Angela Merkel and French President Nicolas Sarkozy are planning a stability pact. Crude oil for January delivery increased $1.44 to $98.21 a barrel on the New York Mercantile Exchange, the highest settlement since Nov. 17. Prices have risen 7.5 percent this year.

Oil Climbs After US Thanksgiving Retail Sales Surge to Record - BusinessWeek

SAN FRANCISCO (MarketWatch) — Crude-oil futures ended a see-saw Friday higher, holding on to modest gains as U.S. equities lost steam and a rising dollar kept the pressure on.

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Futures traded in and out of the red as stocks also fluctuated. Oil futures had spent most of the Asian and European trading hours in the red, with Italy tapping international bond markets only to see yields on its short-term bonds nearly double. A faltering macroeconomic outlook has hung over oil prices, even as some fundamentals of the oil and commodity markets remain somewhat robust.

Oil ends modestly higher, above $96 a barrel - MarketWatch

Nov. 25 (Bloomberg) -- Oil headed for a second weekly loss in New York as speculation Europe’s debt crisis threatens its economy countered concern that violence in Saudi Arabia may destabilize the world’s biggest crude exporter.

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Futures are poised for a 0.9 percent slide after Portugal and Hungary’s sovereign grade ratings were cut and Germany again ruled out joint euro-area borrowing and an expanded role for the European Central Bank in fighting the crisis. Prices may jump this winter, according to Mirae Asset Securities Ltd. Four people died in clashes this week between Shiite Muslims and Saudi security forces in the oil-rich Eastern Province.

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Crude for January delivery was at $96.55 a barrel in electronic trading on the New York Mercantile Exchange at 1:10 p.m. in Singapore. That’s up 38 cents, or 0.4 percent, from the settlement on Nov. 23. Floor trading was closed yesterday for the U.S. Thanksgiving Day holiday and electronic trades will be booked with today’s transactions for settlement purposes.

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Oil Heads for Second Weekly Loss on Europe; Mirae Sees Iran Risk - BusinessWeek

Nov. 24 (Bloomberg) -- Oil rose from the lowest price in two weeks after a surprise drop in U.S. stockpiles, and as an unexpected advance in German business confidence countered concern that Europe’s debt crisis will trigger a recession.

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New York futures gained as much as 1.1 percent. Crude inventories declined last week to the lowest since January 2010, according to an Energy Department report yesterday. German business confidence unexpectedly rose for the first time in five months in November. The official Saudi Press Agency reported that four people were killed and nine wounded in violence in the kingdom’s eastern province. New York futures gained as much as 1.1 percent. Crude inventories declined last week to the lowest since January 2010, according to an Energy Department report yesterday. German business confidence unexpectedly rose for the first time in five months in November. The official Saudi Press Agency reported that four people were killed and nine wounded in violence in the kingdom’s eastern province. “Oil is holding the banner high, with strong demand for heating oil as we move into the winter combined with the lack of sweet crude from Libya,” said Thorbjorn Bak Jensen, an analyst at Global Risk Management in Middelfart, Denmark, who forecasts Brent will average $107 a barrel this quarter.

Oil Rises From 2-Week Low on US Supplies, German Business Data - BusinessWeek

Oil traded near a two-week low in New York after a German bond auction fell short of expectations, stoking speculation Europe ’s worsening debt crisis will threaten the region’s economy.

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Futures were little changed after dropping 1.9 percent yesterday. Germany , Europe’s biggest economy, failed to find buyers for 35 percent of bonds at an auction. U.S. orders for goods meant to last at least three years declined for a second month in October, according to a Commerce Department report. Oil traded near its 200-day moving average around $95 a barrel.

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Crude for January delivery was at $96.23 a barrel in electronic trading on the New York Mercantile Exchange , up 6 cents, at 11:23 a.m. Singapore time. Yesterday, the contract slid $1.84 to $96.17, the lowest settlement since Nov. 9. Prices have gained 5.3 percent this year after rising 15 percent in 2010.

Oil Extends Decline After Disappointing German Bond Auction, U.S. Orders - Bloomberg

Nov. 23 (Bloomberg) -- Oil dropped from a three-day high in New York as investors speculated that rising gasoline stockpiles in the U.S. and slowing economic growth in Europe will reduce demand for fuel.

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Futures slipped as much as 1.7 percent before data today that may show shrinking manufacturing and services in Europe this month and falling U.S. durable-goods orders in October. The American Petroleum Institute said motor-fuel supplies climbed 5.42 million barrels last week. The U.S. economy expanded less than previously estimated in the third quarter, Commerce Department figures showed yesterday. Crude oil for January delivery slid as much as $1.62 to $96.39 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.51 at 3:27 p.m. in Singapore. The contract gained 1.1 percent yesterday to $98.01, the highest close since Nov. 17. Prices are up 19 percent from a year ago.

Oil Drops on Rising US Fuel Supplies, Slowing Economic Growth - BusinessWeek

Nov. 22 (Bloomberg) -- Oil rose for the first time in four days as new sanctions against Iran and protests in Egypt raised concern that supplies will be disrupted.

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Crude advanced 1.1 percent after the U.S., the U.K. and Canada expanded measures aimed at thwarting Iran’s nuclear program. In Egypt, protesters gathered in Tahrir Square for a fifth day after deadly clashes between security forces and demonstrators spurred the Cabinet to offer to quit. Crude for January delivery gained $1.09 to settle at $98.01 a barrel on the New York Mercantile Exchange. Trading ranged from $96.55 to $98.70.

Oil Gains First Day in Four on Iran Sanctions and Egypt Protests - BusinessWeek

Oil prices rose to near $98 a barrel Tuesday in Asia as traders looked to the latest U.S. crude supply reports for signs demand may be improving.

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Oil prices rose to near $98 a barrel Tuesday in Asia as traders looked to the latest U.S. crude supply reports for signs demand may be improving. Benchmark crude for January delivery was up 72 cents at $97.64 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 75 cents to settle at $96.92 in New York on Monday.

Oil near $98 ahead of US crude supply data - Boston.com

NEW YORK (Reuters) - Oil prices fell on Monday on fears that the inability to sufficiently tackle debt problems in Europe and the United States will stunt global economic growth and curb demand for petroleum.

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A U.S. congressional committee charged with attempting to cut at least $1.2 trillion from the U.S. deficit over the next decade was expected to announce it had been unable to reach an agreement.

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The euro zone's debt crisis moved closer to the heart of Europe despite a clear-cut election victory in Spain for conservatives committed to tougher austerity.

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Oil falls on global growth concerns, debt fears - Reuters

Benchmark crude for December delivery was up 10 cents at $97.51 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.41 to settle at $97.41 in New York on Friday.

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Chinese state media reported Vice Premier Wang Qishan, who oversees trade and finance, said this weekend the global economic situation is “extremely serious” and his country would focus on domestic challenges. Crude has jumped from $75 on Oct. 4 on signs the U.S. will avoid a recession this year. However, oil pulled back from a near four-month high above $103 last week as traders mulled whether a weak global economy justified further gains.

Oil hovers below $98 in Asia after a Chinese leader predicts long global recession - Washington Post

The price of West Texas Intermediate has risen almost $10 a barrel since the start of September, and briefly bumped back above $100 a barrel this week. Here’s why I think that development may not be as worrisome for the U.S. economy as it might sound.

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The first point to be clear about is what we mean by the price of oil. Two of the most popular benchmarks are West Texas Intermediate, which is a light sweet crude whose price is quoted for delivery in Cushing, Oklahoma, and Brent, which comes from the North Sea. The crudes are similar in terms of quality, and historically traded for a very similar price. But a year ago the two prices began to diverge, differing by as much as $28 a barrel at the beginning of September.

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Blue: price of West Texas Intermediate, dollars per barrel, Aug 20, 2010 to Nov 18, 2011. Fuchsia: Brent price. Data source: EIA , with latest entries from Oil-Price.net .

Implications of the Recent Rise in Oil Prices - Wall Street Pit

HOUSTON – Chevron Corp. now says it caused an oil spill off the coast of Brazil, which is likely to pose problems for the oil producer in a region crucial to its growth.

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Oil has been seeping from the ocean floor since Nov. 8, near where Chevron was drilling an exploratory well. But until now, the company has been slow to acknowledge that the spill was directly related to the drilling, saying instead that the well was "suspected to be contributing" to seepage. The Brazilian Petroleum Agency said that between 200 and 330 barrels of oil per day leaked between Nov. 8 and Nov. 15. Chevron said the oil seeps have been reduced to "infrequent droplets." "The situation is largely resolved," the company said in a statement Saturday, adding that it will conduct an internal investigation and comply with Brazilian agencies investigating the spill.

Chevron Caused Brazil Oil Spill - Wall Street Journal

Nov. 18 (Bloomberg) -- Oil may fall next week on heightened concern that Europe’s debt crisis is spreading and will hurt demand, according to a Bloomberg News survey.

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Spain yesterday sold 3.56 billion euros ($4.8 billion) of a new 10-year benchmark bond at an average yield of almost 7 percent, the most since the euro’s creation. Oil surged to a five-month high this week after Enbridge Inc. said it will reverse the direction of the Seaway pipeline, adding an outlet to transport from the central U.S. and Canada to the Gulf of Mexico coast. Spain yesterday sold 3.56 billion euros ($4.8 billion) of a new 10-year benchmark bond at an average yield of almost 7 percent, the most since the euro’s creation. Oil surged to a five-month high this week after Enbridge Inc. said it will reverse the direction of the Seaway pipeline, adding an outlet to transport from the central U.S. and Canada to the Gulf of Mexico coast. “At a time of weak economic prospects and rising oil production, prices over $100 are likely to prove unsustainable no matter which direction you run the Seaway pipeline,” Tim Evans, an energy analyst at Citi Futures Perspective in New York, said in an e-mail.

Oil May Decline Next Week on European Debt Concern, Survey Shows - BusinessWeek

View Photo Gallery —  Marchers take to Washington’s streets and surround the White House to oppose a proposed pipeline that would carry oil from Canada’s tar sands to Texas’s Gulf Coast.

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With the Keystone XL pipeline on hold, the giant companies tapping Canada’s oil sands will turn to Plan B — existing pipelines to the United States. Those pipelines, which now carry slightly more than 1 million barrels a day from Canada’s oil sands to the United States, can be expanded by adding pumping stations. Some companies, notably Enbridge, already have plans to boost the capacity of their lines and speed the journey of crude from Alberta to Texas.

Keystone delay unlikely to stall giant oil companies - Washington Post

Prices have soared since October as two of the market's biggest fears — an unraveling of the 17-nation eurozone and another recession in the U.S. — appear to have eased, at least for now.

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On Friday, the price of a barrel of benchmark crude rose $1.17 to $98.95 per barrel on trading at the New York Mercantile Exchange . In London, Brent crude rose 92 cents to $114.63. The benchmark crude had closed Thursday at $97.78, up $2.04 a barrel.

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This week, Greece and Italy have turned to economists to lead them out of their debt crises. Greece chose Lucas Papademos as prime minister. In Italy, Mario Monti received increasing support to replace outgoing Prime Minister Silvio Berlusconi. On Friday, Italy's Senate approved crucial economic reforms.

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Oil near $100 as Italy passes crucial economic reforms - USA Today

WASHINGTON (AP) — The Obama administration said Thursday it is delaying a decision on a massive oil pipeline until it can study new potential routes that avoid environmentally sensitive areas of Nebraska, a move that likely puts off final action on the pipeline until after the 2012 election.

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The announcement by the State Department means Calgary-based TransCanada Corp. will have to figure out a way to move the proposed Keystone XL pipeline around the Nebraska Sandhills region and Ogallala aquifer, which supplies water to eight states. The State Department said it will require an environmental review of the new section, which is expected to be completed in early 2013. President Barack Obama said the 1,700-mile pipeline could affect the health and safety of the American people as well as the environment. "We should take the time to ensure that all questions are properly addressed and all the potential impacts are properly understood," Obama said in a statement.

US delays massive oil pipeline from Canada - The Associated Press

Oil prices rose slightly to above $96 a barrel Thursday in Asia as investors mulled the impact of Europe's debt crisis on the continent's economic growth and crude demand.

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Benchmark crude for December delivery was up 63 cents at $96.36 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.06 to settle at $95.74 in New York on Wednesday.

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Italian Prime Minister Silvio Berlusconi said Tuesday he would step down after Parliament passes a series of economic reforms to stave off financial ruin in Italy. But there was growing fear he doesn't have the will or the clout to push the measures through, while some suspect he may try to stay in power.

Oil Above $96 as Traders Eye Italy Debt Woes - ABC News

WASHINGTON – The State Department is considering a plan that would reroute the proposed Keystone XL oil pipeline from Canada away from environmentally sensitive areas of Nebraska, an action that could delay a final decision on the politically charged project until after the 2012 election.

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Calgary-based TransCanada (TRP) wants to build a $7 billion pipeline, doubling the capacity of an existing pipleine, to carry tar sands-derived oil derived from Alberta, Canada, to refineries on the Texas Gulf Coast . A portion of the 1,700-mile pipeline would pass through Nebraska's Sandhills region and the massive Ogallala aquifer, which supplies water to eight states. The State Department has authority over the project because it crosses a U.S. border, although the U.S. official discussing the possibility of rerouting the pipeline requested anonymity because no decision has been reached.

State Department mulls new route for Canada oil pipeline - USA Today

NEW ORLEANS (AP) — BP will no longer be responsible for cleaning up oil that winds up on shores of the Gulf Coast unless officials can prove it comes from the company's well that blew out in 2010, causing the worst offshore spill in U.S. history, according to a plan approved by the Coast Guard and obtained by The Associated Press on Tuesday.

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The plan marks the near end of the cleanup phase of the oil spill, according to the Nov. 2 agreement. Now, BP will turn its attention to restoring areas damaged by the spill that began on April 20, 2010, when the Deepwater Horizon drilling rig exploded, killing 11 workers. About $1 billion has been set aside for those projects, an official says. About 90 percent of the Gulf coast has been deemed clean, according to officials. The plan spells out protocol for when an area still needs to be cleaned and when BP's responsibility for that ends.

AP: BP oil cleanup ending, restoration beginning - The Associated Press

Nov. 8 (Bloomberg) -- The Organization of Petroleum Exporting Countries raised estimates for global oil demand to 2015 after a swifter-than-expected economic rebound.

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Worldwide consumption will increase by 5.3 percent to 92.9 million barrels a day in the next four years, led by emerging Asian economies, OPEC said today in its annual World Oil Outlook. The 2015 estimate is 1.9 million barrels more than last year’s forecast. Still, Europe’s debt crisis and slowing U.S. growth pose risks, the group said. Brent crude futures in London, trading at $113TK a barrel today, are headed for a record annual average as demand continues to recover from the 2008 financial turmoil while Libyan exports remain reduced following the uprising. OPEC predicts it will need to invest $30 billion a year to 2015 to keep pace with the increase in oil demand. That growth may be curtailed if Europe’s swollen deficits hurt global economic growth, OPEC said.

OPEC Boosts 2015 Oil Demand Forecast Following 'Swift' Recovery - BusinessWeek

Protesters rallied against the Keystone XL oil pipeline, which would run from Canada through the Plains to the Gulf Coast, at the White House on Sunday.

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WASHINGTON — The State Department’s inspector general will conduct a special investigation of the handling of the pending decision on the proposed Keystone XL pipeline in response to reports of improper pressure on policy makers and possible conflicts of interest, according to documents released on Monday.

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Harold W. Geisel, the senior official in the inspector general’s office, told top agency officials in a memorandum dated Friday that he would open the review “to determine to what extent the department and all other parties involved complied with federal laws and regulations” relating to the pipeline permit process.

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Keystone XL Pipeline Decision to Be Investigated - New York Times

WILLISTON, N.D. (CNNMoney) -- Mercy Medical Center, the only hospital in Williston, N.D., had to double the number of seats in its waiting room six weeks ago.

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It also had to hire security guards to ensure the safety of incoming patients this year, a precaution that has become necessary: emergency room visits have increased 50% in the last 12 months and wait times now average at least a couple hours. The explosive growth in the small towns surrounding the Bakken oil formation , has led to a surge in accidents and patients, putting an incredible strain on local medical facilities like Mercy.

Oil boom leads to surging ER visits, wait times, STDs - CNNMoney

WASHINGTON (AP) – Thousands of protesters gathered in Lafayette Square across from the White House on Sunday to oppose a plan for a transnational oil pipeline they fear could harm the environment.

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At one point, the crowd linked hands to surround the White House, keeping up pressure on President Obama as his administration decides whether to approve the massive Keystone XL project.

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Demonstrators chanted "yes we can, stop the pipeline," while other protesters carried a plastic tube simulating the pipeline that would run 1,700 miles through six states. The protest drew support from actor Mark Ruffalo , Presidential Medal of Freedom winner John Adams and NASA scientist James Hansen , each of whom spoke to the crowd.

Thousands protest at White House over pipeline - USA Today

Nov. 6 (Bloomberg) -- BP Plc’s $7.1 billion deal to sell a stake in Argentine crude producer Pan American Energy LLC to China’s Cnooc Ltd. collapsed, 10 days after Argentina’s leader ordered oil companies to repatriate future export revenue.

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Bridas Corp., a company owned by Cnooc and Argentina’s billionaire Bulgheroni family, said yesterday it canceled the deal because of legal reasons and BP’s behavior during the talks. The British company struck the agreement to sell its 60 percent stake in Pan American to Bridas a year ago as it sought to conserve capital after the oil spill at a Gulf of Mexico well left it with a bill of more than $40 billion. In her first move after winning re-election, President Cristina Fernandez de Kirchner on Oct. 26 ordered gas, oil and mining companies to repatriate all future export revenue as part of an effort to strengthen central bank controls on dollar purchases.

BP's Deal to Sell Argentine Oil Producer to CNOOC, Bridas Fails - BusinessWeek

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Oil and gas regulatory war heating up in Colorado Real Aspen Counties across Colorado are gearing up for the next major oil and gas boom, scrambling to draft local regulations for everything from visual impacts to physical setbacks of drilling equipment. But state officials are increasingly ... American Petroleum Institute Enters Into Agreement with GP to Provide Oil and ...Bradenton Herald all 15 news articles »

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Oil and gas regulatory war heating up in Colorado - Real Aspen

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Even if you don't pay a whole lot of attention to the fine points of U.S. energy policy, there's a good chance you've heard about the Keystone XL pipeline by now. The proposed 1,661-mile pipeline would transport crude oil from the tar sands of Alberta Canada down to Texas' Gulf Coast refineries. And stopping its construction has become the cause célèbre of the global environmental movement from the Dalai Lama to Robert Redford. This weekend, a group of environmentalists will attempt to form a human ring around the White House in hopes of swaying President Obama, who has said he will make the final call on whether to greenlight construction. Canada is already America's top supplier of oil. But the province of Alberta has just begun to emerge as a major force in the world energy market thanks to its abundance of petroleum-rich tar sands. Canada has known about the stuff for centuries, but the difficult and expensive process of refining it into fuel made mining the material economically unfeasible.

Keystone XL Oil Pipeline: Today's Most Explosive Environmental Debate - The Atlantic

NEW YORK (Reuters) - Oil prices rose on Friday and posted a weekly gain even as uncertainty about Greece and euro zone debt problems blunted a rally after the U.S. October jobs report encouraged some investors.

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Market volatility was attributed to uncertainty as Greek Prime Minister George Papandreou faces a vote of confidence in parliament later on Friday that could decide the fate of the bailout deal.

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Investors found comfort on Thursday when Greece backed away from plans to hold a referendum on an EU/IMF bailout and from Friday's news that Italy agreed to have the IMF and the EU monitor its reform progress.

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Oil rises, posts weekly gain, eyeing Europe - Reuters

Nov. 4 (Bloomberg) -- Oil fell from a three-month high as the Group of 20 nations failed to agree on boosting the resources of the International Monetary Fund to fight Europe’s debt crisis and as U.S. payrolls rose less than expected.

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Oil declined as much as 1.2 percent after German Chancellor Angela Merkel said governments are awaiting further details of Europe’s week-old rescue package before they commit cash. Nonfarm payrolls increased 80,000 in October according to a Labor Department report, less than the 95,000 median estimate by economists surveyed by Bloomberg News. Crude oil for December delivery fell 98 cents, or 1 percent, to $93.09 a barrel at 10:43 a.m. on the New York Mercantile Exchange. Earlier, futures touched $94.93, the highest intraday price since Aug. 2. Prices have risen 1.9 percent this year.

Crude Oil Drops as G-20 Leaders Balk at IMF Funding for Europe - BusinessWeek

NEW YORK (AP) — Oil prices rose sharply Thursday on hopes that the economies of the U.S. and Europe could recover and avoid another recession. Jobless claims fell and factory orders rose in the U.S., and a key interest rate was cut in Europe.

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Oil prices and stock markets also rose on news that a plan to tackle the European debt crisis might not be put to a vote in Greece that could scuttle the deal.

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Oil prices and stock markets also rose on news that a plan to tackle the European debt crisis might not be put to a vote in Greece that could scuttle the deal. "This market just lives on the latest headlines coming out of Europe," said Stephen Schork, an independent oil analyst and trader.

Oil prices rise on more encouraging economic news - The Associated Press

LONDON (Reuters) - Oil prices edged higher on Thursday, pushing toward $110 a barrel, as hopes that a Greek referendum on a eurozone bail out would be delayed if the government collapsed, allowing the eurozone to work its way out of its debt crisis.

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Brent crude for December was up 42 cents at $109.75 a barrel by 1105 GMT, after slipping as low as $107.83 in Asian trading. U.S. crude was up 25 cents to $92.76 a barrel. Oil has been tracking moves in equity markets as the eurozone bail out hangs in the balance following Greece's decision to hold a referendum on the plan in December.

Oil up as market mulls Greek referendum - Reuters

NEW YORK (Reuters) - Crude oil futures fell back on Wednesday as uncertainties about Greece's bailout loan emerged, deepening the euro zone debt crisis and outweighing a U.S. Federal Reserve view of a somewhat brighter economic outlook.

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However, a downturn in euro zone manufacturing further put the spotlight on the region's festering debt crisis and data showing an increase in U.S. crude stockpiles last week tempered the day's move up in prices. The dollar trimmed losses against the euro after the Fed's Open Market Committee said in a statement following its two-day meeting that the U.S. economy strengthened somewhat in the third quarter.

Oil falls back as Europe woes outweigh Fed view - Reuters

NEW YORK (Reuters) - Brent crude prices edged lower on Thursday in volatile trade as a possible referendum in Greece on its debt bailout revived concerns about the euro zone and weak global economic data pointed to further slowing.

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Brent and U.S. crude fell a third straight session, but both pared losses after a media report said there was growing opposition from Greek lawmakers to Prime Minister George Papandreou's call for a referendum. Papandreou's unexpected move had sent the euro, equities and oil prices sharply lower along with economic data from China, Britain and the United States that reinforced concerns about slowing economies curbing oil demand.

Brent oil slips on EU turmoil, weak economic data - Reuters

Oil prices fell to near $92 a barrel Tuesday in Asia amid signs that last week's optimism about Europe's debt crisis plan may have been overblown.

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Oil prices fell to near $92 a barrel Tuesday in Asia amid signs that last week's optimism about Europe's debt crisis plan may have been overblown.

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Benchmark crude for December delivery was down 70 cents at $92.49 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract slipped 13 cents to settle at $93.19 in New York on Monday.

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Oil near $92 as faith in Europe debt plan fades - Boston.com