Crude oil advanced after a report showed that US inventories rose less than was predicted by analysts, while refineries increased their production. US stockpiles of crude grew just by 0.3 million barrels last week. Refineries boosted their capacity utilization by 1 percentage point to 82.8 percent. March futures for crude oil delivery rose $0.3 to $98.71 per barrel on NYMEX.
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Today, the US Energy Department boosted its forecast for crude oil prices to $100.40 per barrel this year, compared to the January estimate of $100.25 per barrel. Analysts expect tomorrow’s report to show an increase by 2.9 million barrels of US inventories of crude last week, while growth was 4.2 million in the week before.

March futures for delivery of crude oil gained as much as $1.50 to $98.41 per barrel on NYMEX.
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Discussion among Greece and private bondholders about a debt haircut ended in a stalemate. The country offered very low interest rates on its bonds that creditors didn’t wish to accept. The bad outcome of the talks spoiled market sentiment that previously was lifted by speculation that European lawmakers devised plans for battling the debt crisis.

Iran still may disrupt supply of crude, but analysts think that such move is already priced in. Analysts estimated that US inventories of crude oil grew 0.9 million barrels last after falling 3.4 million barrels in the week before. A report from the Energy Information Administration about stockpiles will be released later today.

March futures for delivery of crude oil rose $0.24 to $99.19 per barrel in electronic trading on NYMEX after falling $0.63 to $98.95 yesterday. Brent rose from $110.24 to $110.52 per barrel as of 4:11 GMT today on ICE, following the drop from $110.84 to $110.33 yesterday.
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US commercial crude oil inventories declined 3.4 million barrels last week. An increase by 2.9 million was predicted by specialists. Currently the stockpiles stand at 331.2 million barrels.

Mohammad Khazaee, Ambassador of Iran to the United Nations, explained:

There is no decision to block and close the Strait of Hormuz unless Iran is threatened seriously and somebody wants to tighten the noose. All the options are, or would be, on the table.

February futures for delivery of crude oil rallied by $1.42 to $102.01 per barrel in electronic trading on NYMEX before trading at $101.74 as of 13:03. Brent went from $111.53 to $112.01 per barrel today as of 5:24 GMT on ICE.
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US stockpiles of crude rose by 2.2 million barrels to 329.7 million barrels last week. Forecasters predicted a drop by 1.4 million. The increase followed growth by 3.9 million in a week before.

Europe’s borrowing costs surged and concerns grew about European indebted economies, especially Greece. That’s bad for oil as the European Union consume 16 percent of global supply. The dollar advanced on the fears, adding further pressure on commodities priced in the US currency.

February futures for delivery of crude oil retreated $1.41 (1.4 percent) to $101.81 per barrel on NYMEX. Prices were up 28 percent in the last quarter. Brent went down from $113.65 to $112.44 per barrel as of 21:12 GMT on ICE today. Earlier, prices touched $114.64, the highest settlement since November 14.
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Wheat declined today on prospect for falling demand for the crop in the United States as well as for US exports in other countries. Algeria turned away from the USA to other exporters, Argentina among them perhaps, for supplying wheat. Analysts say that surging prices for the agricultural commodity is the main reason for slower demand. Wheat dropped from $6.4875 to $6.4500 per bushel on CBoT.
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The US gross domestic product expanded 1.8 percent in the third quarter. The jobless claims went down from 368,000 to 364,000 last week. The University of Michigan consumer sentiment index rose from 64.1 to 69.9 in December. The leading index advanced 0.5 percent in November.

Oil also gained as the report showed that the US inventories shrank by 10.6 million barrels to 323.6 million barrels last week.

February futures for gained as much as $1.14 to $99.81 per barrel by 12:19 on NYMEX. Brent crude oil advanced from $107.92 to $108.21 per barrel today as of 17:48 GMT on ICE, following the earlier drop to $107.29. Gold retreated from $1,608.80 to $1,604.00 on COMEX.
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Oil hasn’t profited from the reemergence of the optimism as the US crude oil inventories unexpectedly rose last week. The stockpiles grew 1.3 million barrels to 336.1 million barrels. Forecasters predicted a decline by 800,000 barrels. January futures for delivery of crude oil rose $0.19 to $100.30 per barrel in electronic trading on NYMEX. Brent was down from $109.60 to $109.35 today on ICE after it fell from $110.70 to $109.50 yesterday.
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The German Business Climate index, according to the Ifo Institute for Economic Research, increased to 106.6 in November from 106.4 in the previous month. Not a big increase, but it’s still better than the predicted drop to 105.3.

The US crude oil inventories decreased by 6.2 million barrels to 330.8 million last week. That’s compared to the forecast of a 0.3 million decrease and the decline by 1.1 million in the week before.

The leaders of Germany, France and Italy met today in Strasbourg, France, to discuss the ongoing debt crisis in the Eurozone. The results of the meeting were mixed. On one hand, the European chiefs discussed the measures to ensure a fiscal discipline among the members of the European Union, and such talks were a good sign. On the other hand, the idea of joint euro-bonds was postponed or even completely rejected, and that wasn’t particularly good news.

Brent crude rose to $107.20 to $107.76 per barrel today as of 22:14 GMT on ICE and earlier touched $108.08. Crude oil gained $1.01 to $97.18 per barrel on NYMEX.
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Yield on the Italian bonds surged to a record, dampening the optimism caused by the news about Berlusconi’s resignation. The efforts to create a interim unity government in Greece are falling apart as opposing parties are arguing about installation of a new prime minister. There rumors that German Chancellor Angela Merkel proposed to allow members of the EU to exit the shared 17-nation currency.

US crude oil inventories decreased by 1.4 million barrels to 338.1 million barrels last week. Analysts predicted an increase by 700,000 barrels. In other circumstances the unexpected drop could support oil prices, but the present unfavorable conditions imposes a pressure to the downside that is too great to be easily opposed.

Crude oil spot price was $112.26 per barrel today as of 3:15 on ICE, following yesterday’s slump from $115.35 to $112.10 per barrel.
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At present, the main driver for markets is the situation in Europe. The European leaders were meeting on the weekend and then yesterday, but it’s still unclear what measures will be taken to resolve all the difficulties region has encountered. The absence of clear answer to the issue of Europe keeps traders in depressed mood. The Standard & Poor’s GSCI Index fell 1.8 percent.

Oil also fell after the US stockpiles of crude increased more than was forecast. US crude oil inventories increased by 4.7 million barrels 337.6 million barrels from the previous week, while the increase by 500,000 barrels was anticipated by analysts.

Brent crude oil traded at $109.97 per barrel today as of 00:44 GMT on ICE, following yesterday’s drop from $110.85 to $109.50 per barrel. Nickel declined from $1008.50 to $973.50 per kilogram on MCX before trading today at $972.20 per kilogram. Spot price for wheat was $6.2375 on CBoT today per bushel after it fell from $6.3650 to $6.1950 yesterday.
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US oil inventories increased by 1.3 million barrels to 337.6 million barrels from a week ago. The average level for crude oil refinery inputs was 14.5 million barrels per day during last week ending October 7, 563 thousand barrels per day less compared to the previous week’s average.

S&P cut the long-term rating on the Kingdom of Spain to AA- from AA and set the outlook to negative. The downgrade of Spain refueled the fears that the credit crisis would spread across the European Union. The problems in Europe can slow the global economic recovery, reducing demand for oil.

November futures for delivery of crude for fell $0.46 to $83.77 per barrel in electronic trading on NYMEX before trading at $84.01. Brent crude traded at $111.30 per barrel as of 1:46 GMT on ICE after it went down from $111.25 to $111.17 yesterday.
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