Saudi Cuts Drive Oil to 11-month High
Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.Brent crude was up 5 cents to $54.35 a barrel at 1231 GMT after touching $54.90, a fresh high not seen since before the first COVID-19 lockdowns in the West.U.S.
Oil Prices Bounce, But Gains Only Temporary, Analysts Say
Oil prices bounced nearly 7% on Thursday after a three-day selloff drove them to their lowest in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia.Benchmark Brent, which has lost half its value in less than two weeks, got…
Oil up 3% on Hopes of OPEC Cut
Oil prices jumped more than 3% on Monday, reversing an earlier fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.Brent crude was at $51.91 a barrel, up $1.71 or 3.4%, by 0925 GMT, having earlier hit its lowest since July 2017 at $48.40.Across the Atlantic, U.S.
Oil Surrenders Some of its OPEC Gains as Stock Markets Soften
Oil eased on Monday, echoing the weakness in global stock markets and erasing some of the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output from January to prevent oversupply.Brent crude oil futures fell 90 cents on the day to $60.77 a barrel by 1510 GMT, while U.S.
Oil Falls as Refined Products' Stocks Rise
Oil prices fell on Friday as a rise in stocks of refined petroleum products offset a sharp decline in U.S. crude inventories to the lowest level since 2015.Brent crude futures were down 34 cents at $76.16 a barrel by 1346 GMT. U.S. West Texas Intermediate (WTI) crude futures slipped 64 cents to $67.13 per barrel.Both contracts were set for their first weekly loss in three.U.S.
Now you see it, now you don't: oil surplus vanishes ahead of Iran deadline
An overhang of homeless crude in the Atlantic Basin has halved in recent weeks, suggesting oil traders are bracing for a further supply loss from Iran due to U.S. sanctions and a new rally in prices.Iran's oil exports are already dropping fast as refiners scurry to find alternatives ahead of a reimposition of U.S.
Oil Higher on Lower Iran Exports, Rising U.S. Supply
Oil prices rose on Wednesday, supported by news of a fall in Iranian crude supplies as U.S. sanctions deter buyers, but gains were limited by evidence of a rise in U.S. inventories.Benchmark Brent crude oil was up 45 cents at $76.40 a barrel by 1225 GMT. U.S. light crude was 50 cents higher at $69.03 a barrel.Iran's…
Oil Up as U.S. Sanctions on Iran Expected to Tighten Supply
Oil prices rose on Tuesday with revived U.S. sanctions against major crude exporter Iran expected to tighten global supply.Brent crude oil futures were up 75 cents to $74.50 per barrel at 1337 GMT and U.S. West Texas Intermediate (WTI) crude futures were up 32 cents at $69.33 a barrel.A first batch of U.S. sanctions against Iran…
Oil Gains After Surprise Drop in Saudi Crude Output
Oil rose on Monday after Saudi crude production unexpectedly fell in July and U.S. drilling appeared to slow, although the price is still almost 10 percent below its 2018 high of more than $80 a barrel.Markets also anticipated an announcement from Washington later on Monday on renewed U.S. sanctions against major oil exporter Iran.
Oil Drops on OPEC Output Deal, Markets to Stay Tight
OPEC to raise output to make up for unforeseen disruptions; Canadian outage helps support U.S. crude. Brent crude oil fell by more than 1 percent on Monday as investors prepared for an extra 1 million barrels per day (bpd) in output to hit the markets after OPEC and its partners agreed to raise production. Despite the increase…
Oil Prices Slip as Production Rises
Oil prices slipped on Wednesday, hit by rising supplies in the United States and expectations that producers could relax voluntary output cuts.Brent crude was down 20 cents at $75.68 a barrel by 1330 GMT. U.S. light crude was 35 cents lower at $66.01.The Organization of the Petroleum Exporting Countries and some non-OPEC producers…
Oil Steady as Output Balances Demand
IEA sees supply gap if demand outpaces output increases. Oil prices fell on Wednesday, hit by rising supplies in the United States and expectations that producer group OPEC could relax voluntary output cuts. Brent crude was down 15 cents at $75.73 a barrel by 1200 GMT. U.S. light crude was 35 cents lower at $66.01.
Oil Backs off 2014 Highs ahead of Trump Iran Decision
Oil retreated from its highest level in 3-1/2 years on Tuesday ahead of an announcement by President Donald Trump later in the day on whether the United States will reimpose sanctions on Iran.Should Trump pull the United States out of a multi-nation agreement on Tehran's nuclear program, Iranian crude exports might be affected…
Rising U.S. Rig Count Fails to Dent Bullish Crude Price
U.S. rig count rises to 825, highest since March, 2015. Oil fell on Monday after a rising rig count in the United States suggested the shale boom is showing no signs of slowing, but prices remain near their highest in more than three years and are set for a second straight month of gains. The prospect of the United…
Oil Retreats Slightly, but Iran Concerns Support
Brent on course for third straight weekly rise. Oil prices edged lower on Friday as the dollar rose, but Brent was still headed for a third week of gains amid supply concerns should the United States reimpose sanctions on Iran. Global benchmark Brent crude futures were down 16 cents at $74.58 a barrel at 1049 GMT. This month, Brent hit highs above $75, a level last seen in late 2014.
Oil Edges Up But U.S.-China Trade Tensions Weigh
Trade dispute between U.S./China unsettles markets as U.S. drillers add 11 rigs drilling for new oil. Oil markets stabilised on Monday after having lost around 2 percent last Friday as concerns grew over the impact on global growth from an intensifying trade dispute between the United States and China, as well as increased U.S. drilling activity.
Oil Inches Up, Buoyed by Stocks
U.S. oil output hits record at 10.38 million bpd; OPEC expects to lose market share as non-OPEC output soars. Oil prices inched up on Thursday after earlier losses, supported by a pickup in equity markets, but limited by evidence that supply will overtake demand this year. Brent crude futures rose 25 cents to $65.14 a barrel at 1213 GMT…
Oil Up After Sell-offs and Trump-Kim Meeting Hopes
Crude oil futures rose on Friday after two days of sell-offs amid optimism over a planned meeting between North Korea's Kim Jong Un and U.S. President Donald Trump. Kim also pledged to refrain from further nuclear or missile tests, lifting Asian stock markets and pulling crude oil futures along with them. Brent crude was at $64.02 per barrel at 1032 GMT…
Oil Eases, but so far Avoids Volatility
Wall Street slumps, volatility index nears three-year high; oil still up 1 percent in 2018. Oil fell for a third day on Tuesday, as a rout in global equities triggered losses across bonds, cryptocurrencies and commodities, although the crude price is in positive territory so far this year. Even with Wall Street…
Oil Trades Strengthen to Mid-2015 Levels on Iranian Unrest
Oil prices posted their strongest opening to a year since 2014 on Tuesday, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia. U.S. West Texas Intermediate (WTI) crude futures traded flat at around $60.40 by 1200 GMT after hitting $60.74 earlier in the day, their highest since June 2015.
