GLOBAL MARKETS: Yen pressured ahead of BOJ, Tokyo shares gain
SINGAPORE, April 7 (Reuters) - The yen stuck near multi-month lows against the dollar and euro on Thursday ahead of a Bank of Japan policy meeting decision that may signal further easing, and Tokyo shares rose as investors bought stocks sold off in the previous two sessions. Brent crude oil eased off a two-and-a-half year peak struck amid worries about war in Libya and unrest in the Middle East, and gold sat below a record scaled on Wednesday -- in part due to concerns about inflation driven by rising energy prices.
Oil : Oil hits 2-1/2-year peak; gains seen slowing
NEW YORK, April 6 (Reuters) - Brent crude oil prices rose to a 2-1/2-year high above $123 a barrel on Wednesday before erasing the majority of gains in volatile trade as market players fretted the recent rally was overdone. Brent has risen for five straight days to climb more than $7 a barrel, but the gain of just 8 cents on Wednesday was the smallest yet, with prices finishing more than $1 below the high of $123.37 a barrel.
NATURAL GAS: US natgas ends below support, further drop possible
NEW YORK, April 6 (Reuters) - U.S. natural gas futures ended lower for a fourth straight day on Wednesday, with a front-month close below key moving average support possibly ending the uptrend that began in early March. "Not only did we drop below the 100-day, but we also broke the 200-day, which is a strong technical signal that the market may have peaked," Gene McGillian at Tradition Energy said, adding there was a good chance prices would drop below $4.
EURO COAL: Prices rebound $2 in line with oil's gain
LONDON, April 6 (Reuters) - European and South African physical coal prices on Wednesday recovered the $2 a tonne lost earlier in the week, boosted by oil's rise to a 30-month high, traders and utilities said. "Prices came off on Tuesday but the market's bounced back now although few people are buying in Europe and mostly only discounted, low-quality coal in Asia," one trader said.
COMMODITIES: Gold hits new record; CRB 1-month high
NEW YORK, April 6 (Reuters) - Gold hit record highs for a second straight day on Wednesday and oil soared to fresh 2-1/2 year highs, sparking fears of inflation that could hurt some of the world's most dependable economies. "High inflation is a direct threat to stable and inclusive growth since rising domestic prices can lead to social tensions," the ADB said in a report.
Oil to soar above $130 later in 2011
NEW YORK/LONDON, April 6 (Reuters) - Oil prices will soar above $130 a barrel by late 2011, a new Reuters poll found, and one in five traders said they expected oil to hit $150 this year, levels some economists say could trigger recession.
With no end in sight to the unrest in the Middle East and North Africa, the majority of the 32 major oil traders, bank analysts and hedge fund managers surveyed by Reuters since Monday said they expect oil prices to resume their climb later this year after a short-term retreat.
High oil price harming economic growth-IEA
ABU DHABI, April 6 (Reuters) - The current price of oil is harming global economic growth and is a mounting concern for consuming nations, the deputy executive director of the International Energy Agency (IEA) said on Wednesday.
Oil has surged to its highest since 2008, boosted by strong demand growth, worries over the stability of major crude producers in the Middle East, and tighter supplies that are cutting into inventories, Richard Jones said in an interview.
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