Oil Headed for Big Weekly Loss on Demand Worries
Oil prices tumbled on Friday, closing out a week of losses on worries that travel restrictions to curb the spread of the Delta variant of COVID-19 will derail global economic gains.Daily new COVID-19 cases in the United States have climbed to a six-month high and Japan and China are re-imposing restrictions to halt…
Oil Rises to 11-month High
Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.Brent crude settled up 92 cents, or 1.7%, at $56.58 a barrel by after touching its highest level since last February at $56.75. U.S.
Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts
Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.6%, at $56.11 a barrel by 10:52 a.m. ET (1552 GMT), while U.S.
U.S. Crude Stocks Rise Unexpectedly - EIA
U.S. crude oil inventories rose unexpectedly last week, hitting their highest levels since July 2017, due to weak refinery output, particularly in the Midwest, the Energy Information Administration said on Wednesday.Crude inventories rose 4.7 million barrels in the week ended May 17, compared with analysts' expectations for a decrease of 599,000 barrels.
Oil Dives on Fears of Glut, Global Economic Slowdown
Oil prices tumbled on Tuesday after reports of swelling inventories and forecasts that record U.S. and Russian output will hit a market that may see weaker demand if global growth deteriorates as many expect.U.S. crude oil fell $2.78, or 5.5 percent to trade at $47.10 a barrel by 11:44 a.m. EST (1644 GMT). The session low was $46.97…
Oil Gains on Talk of Supply Cut
Oil rose nearly 1 percent on Friday on expectations that the Organization of the Petroleum Exporting Countries and its allies would agree to cut output next month, though prices were set to for a weekly drop on underlying concerns that the global market was oversupplied.OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day…
Oil Slumps to One-year Low
Oil's slide accelerated on Tuesday, with U.S. futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply.U.S. futures closed down 7.1 percent, for a record 12th straight decline and the lowest since November 2017. More than 980,000 contracts changed hands…
Oil Gains, Shrugging Off Bearish U.S. Crude Build
Oil rose on Wednesday, touching a fresh four-year high as the market focused on upcoming U.S. sanctions on Iran and shrugged off a surprisingly big build in U.S. crude stockpiles and reports of higher Saudi Arabian and Russian production."Nothing matters between here and Nov. 4," said Bob Yawger, director of futures at Mizuho in New York, referring to the date when U.S.
Oil Mixed as Investors Short-cover and Saudi Boosts Output
On July 6th, 2018, oil was mixed with short-covering, pushing up U.S. crude futures while Brent slipped on global trade tensions and increased Saudi production. West Texas Intermediate (WTI) crude futures gained 61 cents to $73.55 by 11:30 a.m. Global benchmark Brent was down 39 cents at $77 a barrel. For the week,…
Oil Falls $2 a Barrel Ahead of OPEC Meeting
Oil prices fell sharply Friday, with benchmark Brent crude dropping more than $2 a barrel ahead of an OPEC meeting in Vienna next week as two of the world's biggest producers, Saudi Arabia and Russia, indicated they were prepared to increase output.Brent crude oil fell $2.15 a barrel to $73.79 by 10:56 a.m. EDT [1556 GMT]. U.S. light crude was $1.77 lower at $65.12 a barrel.
U.S. Crude Stocks Fall, Exports Hit Record High - EIA
U.S. crude oil stockpiles fell last week as exports hit a record high and refinery ramped up output, while gasoline inventories dropped more than expected ahead of the summer driving season, the Energy Information Administration said on Wednesday.Crude inventories fell 1.4 million barrels in the week to May 11, compared with analysts' expectations for a decrease of 763,000 barrels.Net U.S.
Oil Down 2%
* Concerns of U.S. * U.S. Oil fell by more than 2 percent on Monday, pressured by a rise in Russian production, expectations that Saudi Arabia will cut prices of the crude it sends to Asia and a deepening trade spat between China and the United States. Brent crude was down $1.44, or 2.1 percent, at $67.90 a barrel by 1:32 p.m. EDT (1832 GMT). That was the lowest level since March 21. U.S.
US Oil Contango Vanishing as Supply Glut Shifts Abroad
The U.S. oil market is on the brink of returning to a more bullish footing known as backwardation for the first time in six months, with the discount for prompt supplies vanishing as a domestic supply glut eases. The discount for prompt U.S. oil futures versus the second-month contract - a structure known as "contango"…
Oil Spikes Above $50, Global Economic Woes Pare Gains
Brent crude spiked above $50 on Wednesday, boosted by the response to a bullish report on consumer sentiment, before paring gains on a strengthening dollar and broader global economic woes. The University of Michigan released a report showing consumer sentiment at its highest level in more than a decade, thanks to low gasoline prices and job gains.
US Oil Falls as Stocks Building Close to Highs
U.S. crude futures fell on Tuesday ahead of data expected to show that inventories in the world's top oil consuming nation have risen close to exceeding record-highs. Brent also fell but was cushioned by continued geopolitical concerns of an escalation of the standoff in Eastern Ukraine. Sanctions against Russia could stymie supplies from one of the world's biggest producers. U.S.
