Oil Gains, with Brent above $40
Oil rose on Wednesday, with Brent above $40 for the first time since March, as optimism mounted that major producers will extend output cuts and a recovery from the coronavirus pandemic will spur fuel demand.Brent crude futures for August were up 78 cents, or 2%, at $40.35 a barrel, by 0636 GMT. The contract climbed to as high as $40.53, the highest since March 6, after gaining 3.3% on Tuesday.U.S. West Texas Intermediate (WTI) crude futures gained $1.06, or 2.9%, at $37.87 a barrel. It rose to as much as $38.18, also the highest since March 6.
Oil Up After Big Losses; Glut Fears Linger
Oil prices rose about 1 percent on Thursday as shortcovering lifted crude futures hammered a day ago by unusually weak U.S. demand for motor fuel during the traditionally busy summer driving season. Key crude benchmarks Brent and U.S. West Texas Intermediate (WTI) lost about 4 percent on Wednesday as a raft of bearish U.S. inventory data heightened concerns about a global glut. In the latest session, oil rose as the dollar weakened on the pound's rally after the Bank of England's surprise decision not to cut interest rates following Britain's vote last month to leave the European Union.
Brent at 4-Year Low, Market Awaits OPEC
Chinese economy cooling further, data shows. OPEC says demand for its crude will drop next year. Brent crude oil fell to a four-year low below $80 a barrel on Thursday after Chinese data showed a further slowdown in activity in the world's biggest energy consumer and Saudi Arabia remained silent about a possible cut in production. China's economy lost momentum in October, with factory growth dipping and investment growth hitting a near 13-year low, reinforcing expectations of a slower increase in fuel demand from emerging nations. Developing economies had been a major support for oil over the past decade…
Oil Above $97, U.S. Launches Syria Air Strikes
Brent crude edges off 2-year low; U.S. and Gulf Arab allies strike Islamic State. Brent crude rose above $97 a barrel on Tuesday as the United States and several Gulf Arab allies launched strikes against Islamic State strongholds in Syria, and as a surprise pick-up in China's factory activity boosted the demand outlook. Oil prices fell to a two-year low last week under the weight of a supply glut and tepid demand, but prices have stabilised as pockets of strength in the world economy have emerged and as tensions have risen in the Middle East.
Brent Climbs Above $97 After China PMI Tops Forecast
Brent crude rose above $97 a barrel on Tuesday after a survey showed China's factory activity unexpectedly picked up in September, helping brighten the demand outlook in a market that has been weighed by a supply glut. The HSBC/Markit Flash China Purchasing Managers' Index (PMI) rose to 50.5 in September from 50.2 in August, beating analysts' expectations for a reading of 50, as orders increased. Brent for November delivery was up 15 cents at $97.12 a barrel by 0646 GMT, after falling by more than a dollar on Monday. U.S. crude rose 31 cents to $91.18 a barrel, rebounding from a session low of $90.58 that was its weakest since Sept. 11.
Brent Pulls Away from 16-month Low
Brent crude rose towards $101 a barrel on Wednesday, pulling away from a 16-month low hit in the previous session, supported by encouraging U.S. manufacturing data. * U.S. day before on a stronger dollar and the prospect of slowing oil demand growth in China and Europe. U.S. manufacturing activity hit a nearly 3-1/2-year high last month and construction spending rebounded strongly in July, data showed, raising hopes of higher oil demand in the world's biggest consumer of the commodity. "The weak factory data in China and Europe led to concerns over demand destruction…
Brent Move Toward $103 Curbed by Supply Glut
Brent crude edged up towards $103 a barrel on Tuesday, rising for a second session, although persistent supply pressure and weak economic data in major consumer countries curbed gains. * U.S. * Coming Up: U.S. The benchmark is set for a second monthly decline in August as slow growth in China and Europe has curbed oil demand and led to a supply glut in the Atlantic Basin, offsetting the impact on prices from geopolitical tensions. Brent crude rose 8 cents to $102.73 a barrel as of 0627 GMT, after closing up 36 cents. U.S. crude, or West Texas Intermediate (WTI), gained 18 cents to $93.53 a barrel after settling down for the third straight session on Monday.
Brent Crude Falls Below US$103
Brent crude fell more than $1 to trade below $103 a barrel on Monday as Libya increased its oil output and as worries over supply from key producer Iraq eased. * Kurdish, U.S. The drop came following a spike in benchmark prices on both sides of the Atlantic on Friday amid fresh tensions in Ukraine, where government forces engaged a Russian armoured column. "There was a scare on Friday, but investors realized over the weekend that geopolitical threats are becoming less serious," said Avtar Sandu, a senior commodities manager at Phillip Futures in Singapore. "We have a situation where inventories and supplies are rising.
Brent Crude Falls Below US$104
Brent crude fell below $104 a barrel on Thursday, after briefly bouncing off a 13-month low the previous day, on ample supplies and concerns about weak demand despite the ongoing political turmoil in Iraq and Ukraine. * Coming up: U.S. Oil exports from Libya's Ras Lanuf port have resumed after a year of blockades by armed protesters, while U.S. crude stocks unexpectedly rose last week. September Brent crude fell 48 cents to $103.80 a barrel by 0655 GMT. The contract, expiring on Thursday, fell to $102.37 on Wednesday, its weakest since July 2013. U.S. crude was down 46 cents at $97.13 a barrel. "The supply outlook has been pretty rosy.
Brent Holding at $107 on U.S. Crude draw, Russia Sanctions
U.S. crude stockpiles down 7.5 mln barrels last week; Chinese economic growth quickens to 7.5 percent in Q2. Washington slaps toughest sanctions yet on Russia. Brent oil held above $107 a barrel on Thursday with a sharp drop in U.S. crude stockpiles boosting the demand outlook in the world's top oil consumer while tougher U.S. sanctions on Russia raised geopolitical concerns. Continued worries about the political situation in Libya and Iraq also underpinned oil prices. Brent for September, which became the front-month contract on Thursday, rose 51 cents to $107.68 by 1021 GMT. The August contract, which expired on Wednesday, dropped 17 cents to settle at $105.85 a barrel.
