U.S. Oil Prices Rally
U.S. oil prices rose to near one-month highs on Monday as a weak dollar prompted buying a day before the June contract's expiration, while Brent prices fell as slumping global equities outweighed the impact of low Libyan output. The U.S. dollar fell to its lowest level in more than three months against the yen, which is supportive for oil and commodities priced in dollars. Asian and European equities fell after data released late on Sunday showed growth in average new home prices in China slowed to a near one-year low in April. Meanwhile, Libya's major western oilfields, El Sharara and El Feel, remained shut a week after the government said it reached a deal with protesters to reopen them.
Russia's Gazprom: Ukraine did not pay for gas on time
Gazprom and Ukraine locked in gas price dispute; Russian gas transit to Europe via Ukraine stable. Russian natural gas producer Gazprom said on Tuesday Ukraine had failed to pay for its March gas supplies on time but did not say whether the company would take any action against Kiev. "They haven't paid for March," a spokesman said, confirming that Ukraine's total debt of $2.2 billion had not been reduced by the deadline of midnight on Monday. Gazprom has often in the past not taken any action when Kiev failed to pay its bills on time. But it cut off gas supplies to Ukraine during price disputes in the winters of 2008/2009 and 2005/2006, disrupting supplies of Russian gas to Europe that are carried via Ukraine.
