Oil prices stable amid ongoing Middle East unrest | Inquirer Business

Oil prices stable amid ongoing Middle East unrest

/ 12:19 PM March 25, 2011

NEW YORK—Crude oil prices were little-changed Thursday as Japan’s turn toward economic recovery and ongoing fighting in Libya gave few new signals to traders, while US economic data disappointed bulls.

On New York’s Nymex exchange, a barrel of West Texas Intermediate for May delivery pared 15 cents to $105.60.

In London, the benchmark Brent North Sea crude added 15 cents to $115.72.

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“We ran into some profit taking,” said John Kilduff of Again Capital.

“What was haunting the market all day was the durable goods report that was disappointing and bearish.”

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US government figures for February showed a 0.9 percent drop in factory orders, mainly due to lower demand for machinery — a barometer of economic growth – and for defense equipment.

The fall surprised economists who had expected orders to rise.

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TAGS: Civil unrest, Middle East Africa - Middle East, Middle East Africa – Africa, Oil & Gas - downstream activities, politics, Unrest and Conflicts and War

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