Reuters: US Dollar Report: GLOBAL MARKETS-Reserve release talk weighs on oil prices

Reuters: US Dollar Report Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

GLOBAL MARKETS-Reserve release talk weighs on oil prices Mar 28th 2012, 14:40 Wed Mar 28, 2012 10:40am EDT * Global stocks dip, Wall St little changed * U.S durable goods data miss forecasts * Yen stronger ahead of fiscal year end By Rodrigo Campos NEW YORK, March 28 (Reuters) - Oil prices fell on Wednesday as U.S. and some European governments mulled the release of strategic oil reserves, while the possibility of lower gasoline prices capped losses in equities. U.S. stocks were little changed in the wake of economic data that was slightly below expectations; airline shares were boosted by the prospect of higher margins as oil fell. Further pressuring gasoline prices, U.S. data showed Tuesday the four-week moving average for demand dropped for the 53rd straight week. U.S. gasoline futures were down for the first week in eight. France, the United States and Britain are in talks about the possible release of strategic oil stocks to push fuel prices lower, French ministers said, weeks ahead of the country's presidential election. Brent crude, still up more than 15 percent this quarter, fell 1.5 percent to below $124 per barrel, while U.S. crude futures lost 2.1 percent to $105.05. U.S. crude is up 6.4 percent so far this year. U.S. and European benchmarks are on track to post their best first quarter in 14 years. "The one thing that can derail this recovery is a spike in oil prices from these levels, and a release of reserves would signal that the government stands ready to take action to bring prices back down," said Oliver Pursche, president at Gary Goldberg Financial Services in Suffern, New York. In early trading in New York, the Dow Jones industrial average dipped 10.29 points, or 0.08 percent, to 13,187.44. The S&P 500 Index fell 2.28 points, or 0.16 percent, to 1,410.24. The Nasdaq Composite gained 0.90 point, or 0.03 percent, to 3,121.25. MSCI's main global stock index eased 0.6 percent, retreating from an eight-month high of 338.28 touched on Tuesday. The pan-European FTSEurofirst 300 index fell 0.8 percent but was still on track for a fourth straight month of gains. The yen pared gains against the U.S. dollar, after being lifted by seasonal flows from Japanese exporters buying at the end of their financial year. Any gains could be temporary, though, as the Bank of Japan is determined to keep monetary policy ultra loose. New orders for long-lasting U.S. factory goods rose less than expected in February and a gauge of future business investment also fell short of forecasts, casting a shadow on the manufacturing sector's support of the recovery. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions