Brent tops $116 as Gaddafi bombs Libyan oil facilities
SINGAPORE, March 10 (Reuters) - Brent crude rose 0.3 percent to surpass $116 on Thursday after forces loyal to Libyan leader Muammar Gaddafi bombed oil industry infrastructure, inflicting what could be longer-term damage on the country's exporting capacity.
"The large explosions and enormous columns of smoke from storage tanks and other facilities in Ras Lanuf, close to the Es Sider terminal, are perhaps more than merely symbolic," Barclays Capital oil analysts headed by Paul Horsnell said.
U.S. wheat rises from 3-month low; corn, soy steady
SINGAPORE, March 10 (Reuters) - U.S. wheat futures rose 0.7 percent on Thursday as bargain hunting lifted the market following three straight sessions of declines that pushed the market to lowest since early December in the last session.
"The performance of corn and soybean markets is likely to hinge on March supply and demand report due tonight," said Ker Chung Yang, investment analyst at Phillip Futures in Singapore.
China Jan-Feb soy imports up 6.1 pct on year-customs
BEIJING, March 10 (Reuters) - China, the world's top soy buyer, imported 7.45 million tonnes of the oilseed in the first two months of the year, up 6.1 percent from the year-ago period, official Customs figures showed on Thursday.
Imports in February were 2.32 million tonnes, Customs figures showed, down sharply from 5.14 million tonnes in January.
Gold steady despite oil gains; silver ETF record high
SINGAPORE, March 10 (Reuters) - Gold held steady on Thursday despite a rebound in oil prices as investors waited to see if the international community would agree to a "no fly" zone for Libya, while holdings in the world's largest silver exchange-traded fund struck a record high, reflecting greater interest in the relatively cheaper precious metal.
"Another factor that could see gold and silver higher would be the return of the euro zone sovereign debt crisis. Investors will be looking forward to euro zone policy makers meeting this Friday. If there's no resolution, perhaps we could see a new high," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.
Oil surge keeps Asian shares on edge
SYDNEY, March 10 (Reuters) - Asian stock markets fell on Thursday in the face of higher oil prices as fighting in Libya intensified, fuelling worries that mounting inflationary pressure could bite into global growth.
"Investors are still concerned about developments in the Middle East, so oil prices during the day may decide the market's direction," said Masumi Yamamoto, a market analyst at Daiwa Securities Capital Markets.
Oil : Crude rises as Gaddafi bombs Libyan oil infrastructure
SINGAPORE, March 10 (Reuters) - Oil rose around 0.4 percent on Thursday with U.S. crude near $105 and Brent above $116 a barrel, after forces loyal to Libyan leader Muammar Gaddafi bombed oil industry infrastructure, inflicting what could be longer-term damage on the country's exporting capacity.
Gaddafi's forces struck an oil pipeline leading to the Es Sider town and dropped bombs on storage tanks in the Ras Lanuf oil terminal area in the eastern section of Libya that is rebel-controlled. Rebels said government forces also hit an oil pipeline leading to Sidrah.
COMMODITIES: Brent crude oil surge rattles outlook
NEW YORK, March 8 (Reuters) - Brent crude oil prices surged as violence intensified in Libya on Wednesday, and the threat to the global economy posed by expensive oil boosted safe-haven buying of gold but weighed down industrial metals.
"There's huge uncertainty as to what's going on," said Daniel Brebner, a metals analyst at Deutsche Bank.
GLOBAL MARKETS: Oil surge keeps Asian shares on edge
TOKYO, March 10 (Reuters) - Asian shares edged lower on Thursday, weighed down by worries that a surge in oil prices could exacerbate inflation pressures in the region and cripple economic growth.
"Tensions in the (Middle East) will ... remain on our radar. We have reiterated the importance of Friday's Day of Rage in Saudi Arabia," said Jessica Hoversen, currency strategist at MF Global in Chicago.
Global recovery on track but oil poses risk
LONDON, March 9 (Reuters) - The United States will lead a rich-world recovery characterised by unspectacular growth this year and next, according to a Reuters poll of economists who view oil prices as the biggest risk to that outlook.
The monthly survey of more than 250 economists from all over the world again showed the United States leading the way in terms of economic growth, with the euro zone, Britain and Japan floundering by comparison.
U.S. wheat futures continued to stumble, ending lower on demand worries and relatively adequate supplies. Higher crude oil is prompting worry about the global economy and commodity demand, pushing wheat prices lower despite ongoing worries about dryness in the U.S. Plains that could hurt the crop. Wheat futures have pulled back more than 16% since reaching 2 1/2-year highs last month on an increase in demand, and analysts say trend-following funds are accelerating the losses. CBOT May wheat down 21 cents, or 2.7%, to $7.58 3/4 per bushel. KCBT May wheat down 2.3% to $8.53 1/2 and MGEX wheat down 2% to $9.03 3/4. (Source: CME)
US official: China yuan rate burdens global economy
WASHINGTON, March 8 (Reuters) - China's failure to allow its yuan currency to rise in response to market forces is making it increasingly difficult to address global trade imbalances, a senior U.S. Treasury official said on Tuesday.
China's inflexible exchange rate policies are encouraging other Asian countries to intervene in their respective currencies, Charles Collyns, the Treasury's assistant secretary for international affairs, said at an International Monetary Fund conference in Washington.
PRECIOUS-Gold steadies as risk appetite ebbs
LONDON, March 9 (Reuters) - Gold steadied above $1,430 an ounce on Wednesday, supported by investor concern over the violence across the Middle East and the resurgence of discomfort over the euro zone's finances ahead of a key summit this week.
"I could see (the price) down another $10 but you have to continue buying," said ANZ head of metal sales Peter Hillyard.
FOREX-Euro loses ground as debt worries resurface
LONDON, March 9 (Reuters) - The euro fell against the dollar on Wednesday, settling well below four-month highs as investors switched their focus back to the euro zone's debt problems and away from expectations of a rise in interest rates.
"This week people are talking more about downside risks to the euro, mainly related to the structural problems in the euro zone peripheral countries," said Stephan Maier, currency strategist at Unicredit in Milan.
Euro debt concerns weigh on stocks; oil steady
LONDON, March 9 (Reuters) - Concerns about the euro zone debt crisis weighed on world stocks and lifted Portugal's yields to a new euro-era peak on Wednesday, while crude oil held steady off highs following reassurances on supply from OPEC states. "With the Portuguese bond auction today and euro zone sovereign debt issues coming back to the forefront, the market could be in for a turn," said Matt Brown.
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