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Crude ends higher, gains 4.2 percent in first quarter

Reuters -- Crude futures edged up on Friday on ongoing concerns about Iran and supply disruptions, improved consumer sentiment and a weak dollar, as oil prices posted a 4.2 percent gain in the first quarter.

Crude futures' trading trajectory was choppy and prices jumped late in the session after the Obama administration said there is enough global oil supply to allow countries to cut imports from Iran.

U.S. President Barack Obama was required by law to determine by March 30, and every six months after that, whether the price and supply of non-Iranian oil are sufficient to allow consuming nations to "significantly" cut their purchases from Iran.

The law allows the U.S., after June 28, to sanction foreign banks that carry out oil-related transactions with Iran's central bank.

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Submitted Mar 31, 2012 By: brbaritone

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WalRus49 Champion Author Boston Posts:4,075 Points:868,865 Joined:Nov 2010	Message Posted: Apr 1, 2012 1:32:00 AM Ignore WalRus49 Report Abuse More organized mayhem and pillage.............
Nicoalbum Champion Author Ottawa Posts:6,021 Points:1,189,025 Joined:Jan 2010	Message Posted: Apr 1, 2012 12:12:18 AM Ignore Nicoalbum Report Abuse I don't know whether this is good or bad.
gawxnative All-Star Author Atlanta Posts:510 Points:229,865 Joined:Aug 2006	Message Posted: Mar 31, 2012 1:26:30 PM Ignore gawxnative Report Abuse We need a greater ratio of production at home...also wondering what the sanctioned banks may do..such as "dump" the US backed bonds on the market
investmentdr Champion Author Cleveland Posts:4,029 Points:1,455,050 Joined:Sep 2008	Message Posted: Mar 31, 2012 12:51:10 PM Ignore investmentdr Report Abuse stock market was up a lot more
jwkycola All-Star Author Columbia Posts:817 Points:532,400 Joined:Jul 2011	Message Posted: Mar 31, 2012 11:14:52 AM Ignore jwkycola Report Abuse Maybe it's leveling off finally.
fowlcan Champion Author Oklahoma City Posts:2,113 Points:684,550 Joined:Feb 2011	Message Posted: Mar 31, 2012 11:05:33 AM Ignore fowlcan Report Abuse Good?? Who knows.
wildddkattt80 Champion Author Phoenix Posts:2,143 Points:432,145 Joined:Jun 2011	Message Posted: Mar 31, 2012 10:52:52 AM Ignore wildddkattt80 Report Abuse Hopefully it's reached its peak
07skydriver Champion Author Ohio Posts:3,261 Points:983,105 Joined:Feb 2009	Message Posted: Mar 31, 2012 10:50:17 AM Ignore 07skydriver Report Abuse Gas price is slowly dropping.
brbaritone Champion Author Virginia Posts:2,065 Points:1,697,875 Joined:Jan 2007	Message Posted: Mar 31, 2012 10:25:15 AM Ignore brbaritone Report Abuse Some other interesting points from the article: For the quarter, front-month crude rose $4.19, or 4.2 percent. For the month, U.S. crude fell $4.05, or 3.78 percent. For the week, it fell $3.85, or 3.60 percent. For the quarter, front-month Brent crude jumped $15.50, or 14.4 percent. For the month, Brent managed a gain of 22 cents, or 0.18 percent. For the week, Brent fell $2.25, or 1.80 percent. Expiring NYMEX April RBOB gasoline slipped 1.07 cents to settle at $3.3899 a gallon, but gained 70.36 cents, or 26.19 percent for the quarter. For the month, RBOB gained 34.76 cents, or 11.43 percent. For the week, RBOB gained only 0.47 cent, or 0.14 percent. A Reuters survey showed OPEC oil output rising in March to its highest level since October 2008 as higher Iraqi and Libyan output offset less production in Iran.
pizzaman09 Champion Author Indiana Posts:1,452 Points:1,206,845 Joined:Feb 2009	Message Posted: Mar 31, 2012 10:25:14 AM Ignore pizzaman09 Report Abuse BOYCOTT GAS
brbaritone Champion Author Virginia Posts:2,065 Points:1,697,875 Joined:Jan 2007	Message Posted: Mar 31, 2012 10:22:13 AM Ignore brbaritone Report Abuse Yeah, and gasoline went up 26%. Figure that one out. Not only is there a long-standing disconnect between supply-and-demand principle and oil prices, there is a growing disconnect between oil prices and gasoline prices.