This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Oil Market Update (March 12, 2013)

The price of oil fell on Monday after higher-than-expected jobs growth in the US sparked speculation about an earlier end to the Federal Reserve's loose monetary policy. The US government said employers added 236,000 jobs in February.

While the improved results bode well for economic growth, analysts believe they could also signal an earlier end to the Federal Reserve's bond-buying program, which has been instrumental in propping up the US economy since 2008.

In February, Saudi Arabia increased its crude production to 9.15 million barrels a day, an increase of 100,000 barrels a day from the previous month, an official with knowledge of the country's oil policy told Bloomberg. The official did not want to be identified because the information is reportedly confidential.

Crude delivered from storage caused an excess of supply over production of 10,000 barrels a day in February, the official also said. The increase in output followed January's decline in production to the lowest level since May 2011.

By early afternoon on Monday, West Texas Intermediate crude for April delivery was down 44 cents, at $91.60 a barrel, in trading on the New York Mercantile Exchange. Meanwhile, Brent crude was down 74 cents, at $110.13 a barrel, on the ICE Futures exchange in London.

Norway's oil wealth fund's value rose 13.4 percent in 2012, following a loss of 2.6 percent in 2011. The fund is now estimated to be worth $670 billion, making it 40 percent larger than the entire Norwegian economy, according to the BBC.

"The fund's performance reflects development in global financial markets during 2012," said the fund's CEO, Yngve Slyngstad. Norway's sovereign wealth fund is one of the largest investors in the world and is managed by the country's central government.

The UK offshore safety regulator has given oil and gas giant Total (NYSE:TOT) the green light to resume operations at its Elgin-Franklin field complex following a leak that has kept it offline for almost a year.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,075.55 +131.74 0.78%
S&P 500 1,979.68 +12.11 0.62%
NASDAQ 4,450.8390 +35.3490 0.80%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs