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Daily oil summary

13 Mar 2012 20:39:31 | edem esgm

Some of the previous day's losses were quickly recouped in early trading on optimism that a meeting later in the day of the US Federal Reserve would underline recent data showing that the US economy is recovering. Prices spiked higher as Europe opened for business, but then they eased off to become fairly range-bound.

A late morning rally proved short-lived and prices went into a steep decline when the US markets opened to news that the US had asked Saudi Arabia to raise output from July when the EU sanctions against Iran kick in.

A firmer US dollar added further downward pressure. However, some support appeared in the form of improving German economic sentiment, and prices bounced back into positive territory, spiking to new highs before easing off a touch. An announcement from the US Federal reserve that it is keeping interest rates low through at least 2014 created another late spike, but prices then slipped off again prior the close.

April Brent closed the day up by 88 cents/bbl at $126.22/bbl, having traded a range between $125.00/bbl and $126.79/bbl.

April West Texas Intermediate (WTI) closed the day up by 37 cents/bbl at $106.71/bbl, having traded a range between $105.67/bbl and $107.35/bbl.

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