Worries about shortage of crude oil demand ease, crude oil prices closed lower Thursday

Thursday (July 11) Trend Description:LYLas overnight Federal Reserve Chairman Ben Bernanke said it may remain accommodative in the future, pushing oil prices higher and breaking through the $107 markHowever, several agencies later released data showing future growth in crude supplies, while concerns about tight supplies in the Midwest eased and crude oil prices fell back from their highsSeparately, U.Sdata released today showed that the job market remained unchanged, suggesting that demand for crude oil would decline and crude oil prices would fall further, and the market closed lower thursdayLYL
At the start of the Asian session, crude oil prices reversed overnight losses and rebounded to around $106.50, followed by a sharp swing rally, hitting a intraday high of $107.45 per barrel at the end of the sessionIn The European session, crude oil prices retreated from their previous highs to around $106 and extended their losses after a brief break-up, eventually falling narrowly between $104.70 and $105LYL
NYMEX crude futures hit a high of $107.45 a barrel, falling $1.61, or 1.51 percent, to $104.31 a barrelLYL
Fundamentals positives:LYL.BP Whiting refinery resumes production and other factors helped pull down the Midwest's surge in crude oil inventoriesAt the same time, the arrival of the summer driving seasonLYL
Fundamentals:LYL1U.Sjobless claims for the week starting July 6 were 360,000, compared with 343,000 at the start of the week, while the number of people asking for unemployment benefits was revised to 344,000 at the start of the weekLYL
The International Energy Agency (IEA) said Thursday that non-OPEC oil supplies will grow by 1.3 million barrels a day in 2014, having reached that level in only one of the past two decadesLYL
Oil Move, a British consultancy, said on Thursday that the Organization of the Petroleum Exporting Countries( opec, which does not include Angola and Ecuador) would increase its seaborne oil exports by an average of 630,000 barrels a day in the four weeks to July 27LYL
4The Organization of the Petroleum Exporting Countries expects demand for crude oil to grow by 1 million bpd in 2014, the highest level since 2010LYL
Future Outlook: "The u.Sprimary jobless arrivals are bad news for oil prices because the data is revised down to reduce demand for crude oil," said Phil Flynn, senior market analyst atLYL Price Futures Group However, after a surge in crude oil prices, there is no longer any fundamental spinnings to keep it higher "We know that the support effect of the increase in demand for crude oil has begun to decline, and that the rise in crude oil prices to such a high level is bound to usher in a short-term correction," said LYL Flynn LYL Thursday (July 11) Trend Description: LYL as Overnight Federal Reserve Chairman Ben Bernanke said it may remain accommodative in the future, pushing oil prices higher and breaking through the $107 mark However, several agencies later released data showing future growth in crude supplies, while concerns about tight supplies in the Midwest eased and crude oil prices fell back from their highs Separately, U.S data released today showed that the job market remained unchanged, suggesting that demand for crude oil would decline and crude oil prices would fall further, and the market closed lower thursday LYL
At the start of the Asian session, crude oil prices reversed overnight losses and rebounded to around $106.50, followed by a sharp swing rally, hitting a intraday high of $107.45 per barrel at the end of the session In The European session, crude oil prices retreated from their previous highs to around $106 and extended their losses after a brief break-up, eventually falling narrowly between $104.70 and $105 LYL
NYMEX crude futures hit a high of $107.45 a barrel, falling $1.61, or 1.51 percent, to $104.31 a barrel LYL
Fundamentals positives: LYL .BP Whiting refinery resumes production and other factors helped pull down the Midwest's surge in crude oil inventories At the same time, the arrival of the summer driving season LYL
Fundamentals: LYL 1 U.S jobless claims for the week starting July 6 were 360,000, compared with 343,000 at the start of the week, while the number of people asking for unemployment benefits was revised to 344,000 at the start of the week LYL
The International Energy Agency (IEA) said Thursday that non-OPEC oil supplies will grow by 1.3 million barrels a day in 2014, having reached that level in only one of the past two decades LYL
Oil Move, a British consultancy, said on Thursday that the Organization of the Petroleum Exporting Countries( opec, which does not include Angola and Ecuador) would increase its seaborne oil exports by an average of 630,000 barrels a day in the four weeks to July 27 LYL
4 The Organization of the Petroleum Exporting Countries expects demand for crude oil to grow by 1 million bpd in 2014, the highest level since 2010 LYL
Future Outlook: "The u.S primary jobless arrivals are bad news for oil prices because the data is revised down to reduce demand for crude oil," said Phil Flynn, senior market analyst at LYL Price Futures Group However, after a surge in crude oil prices, there is no longer any fundamental spinnings to keep it higher "We know that the support effect of the increase in demand for crude oil has begun to decline, and that the rise in crude oil prices to such a high level is bound to usher in a short-term correction," said LYL Flynn "
LYL