WorldWatch reported oil held steady on Thursday, as a rise in U.S. fuel stocks countered a fall in crude, while fears over supply disruptions due to Rising geopolitical tensions in the Middle East, Nigeria and Iran were balanced by the dim outlook for the world's largest economy as it slips into a recession amid rising unemployment figures and a contraction in the economy for the fourth quarter. U.S. crude was down $1.76 at $93.91 a barrel by 1453 GMT, off lows of $93.30, but adding to losses of 66 cents a day earlier. London Brent crude shed $1.67 cents to $92.70.
The market is pretty mixed right now. It's a fine balance between bullish and bearish factors and most players seem to be waiting for some firm direction.
On Thursday signs of a slowdown emerged in the Euro zone as well, as data showed industry suffered a setback in November with French and Spanish production mirroring a decline already seen in German industrial production.
U.S. President George W. Bush warned of "serious consequences" after Iranian boats made aggressive manoeuvres towards three American naval ships in the Straits of Hormuz, a major oil shipping route. Iran accused Washington of trying to stir up tension in the region.
In Nigeria, unknown gunmen attacked six oil industry vessels on the channel leading to the country's largest oil and gas complex on Bonny Island, after warnings a day earlier that militants were targetting a major offensive at its oil infrastructure.
In Nigeria, unknown gunmen attacked six oil industry vessels on the channel leading to the country's largest oil and gas complex on Bonny Island, after warnings a day earlier that militants were targetting a major offensive at its oil infrastructure.
As can be seen the London Brent crude shed $1.67 cents to $92.70 but the local market in Portugal the consumers are paying the crude not at $92.70 but rather at $100,00...this situation is affecting every aspect of life .
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