March 31:
NEW YORK (MarketWatch) — Oil futures seesawed between gains and losses in choppy trading Monday, with the commodity on track for a quarterly rise and hovering near a three-week high as hopes for stimulus measures by China helped buoy sentiment.
NEW YORK (MarketWatch) — Oil futures seesawed between gains and losses in choppy trading Monday, with the commodity on track for a quarterly rise and hovering near a three-week high as hopes for stimulus measures by China helped buoy sentiment.
Nymex WTI crude oil futures for May delivery CLK4 -0.12% fell 25 cents, or 0.2%, to $101.42 a barrel. On a nearby contract basis, crude futures are up 3.1% for the quarter, according to FactSet.
“The oil market is still locked into a delicate balance of geopolitical risk and ample supply. Talks with Russia that seemed to go nowhere increase the odds that there will be more sanctions directed at Russia,” said Phil Flynn, analyst at Price Futures Group in Chicago, in a note.
Talks between U.S. Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov didn’t appear to make headway Sunday, underlining prospects for a prolonged crisis following Russia’s annexation of the Crimea region.
Meanwhile, ideas that China will take steps to stimulate its slowing economy helped lift stocks and buoy overall sentiment in markets, analysts said.
“If all else fails, talk of Chinese stimulus always does the trick,” said Chris Beauchamp, market analyst at IG in London.
Source: http://www.marketwatch.com/story/oil-sees-choppy-trade-heads-for-quarterly-rise-2014-03-31?siteid=rss&rss=1
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