U.S. Crude Liftings for Asia to Hit New High in July
Asia's U.S. crude imports hit all-time high in May as WTI discount to Brent falls to widest in three years. The volume of U.S. crude oil arriving in Asia is expected to hit a new high in July as Asian refiners sought arbitrage supplies to replace Middle Eastern crude after prices for Gulf grades rose, traders said on Wednesday. U.S. crude arriving in Asia hit an all-time high of close to 25 million barrels in May with cargoes discharging in China, South Korea, Singapore, India and Malaysia, according to trade flows data on Eikon.
Oil Eases Back from 2018 Highs
Brent falls below $70/barrel amidst high volumes for Shanghai crude, but also high volatility. Oil fell on Wednesday as investors took profit on a rally the previous day to this year's highs after a report showed a surprisingly large increase in U.S. crude inventories. May Brent crude futures, which expire on Thursday, were at $69.70 per barrel, down 41 cents on the day by 0917 GMT, while June futures were down 44 cents at $69.02. WTI futures were down 60 cents at $64.65 a barrel.
Oil Dips Below $65 as U.S. Output Soars
Brent falls to 2018 low before recovering some losses. Oil prices fell to their lowest in six weeks on Thursday after data showed U.S. crude output had reached record highs and the North Sea's largest crude pipeline reopened following an outage. A stronger dollar, on track for its biggest weekly rise since November 2016, was adding pressure by making it more profitable for holders of other currencies to sell dollar-denominated assets such as oil. Brent crude futures dropped 58 cents to $64.93 a barrel by 1157 GMT, having hit a 2018 low of $64.77 earlier.
Oil Nears $44, Lowest since May
Brent falls to $44.25 intraday, lowest since May 10; BP CEO says oil stocks will take 18 months to work off. Oil on Tuesday hit its lowest since May, falling towards $44 a barrel, pressured by concerns that a long-awaited rebalancing of the market would be delayed due to excess supply. Brent crude is still up more than 60 percent from a 12-year low near $27 in January, but the rally has petered out on signs that the supply glut will persist and as economic jitters raised concern about the strength of oil demand.
Oil Nears 11-Year Low on Worsening Glut
Brent trades less than $0.5/b above 2008 crisis lows; new supply to hit markets early 2016 as Iran boosts output. Oil prices fell for a seventh straight session on Monday, coming close to 11-year lows, on growing fears that the global oil glut would worsen in the months to come in a pricing war between leading OPEC and non-OPEC producers. Brent crude fell by 3.4 percent to below $36.70 a barrel for the first time since December 2008 and U.S. West Texas Intermediate (WTI) sank 2.5 percent below $34.70 a barrel.
Oil Skidding Toward 11-year Low
Oil prices extended their freefall on Friday, flirting with 11-year lows, after the International Energy Agency (IEA) warned that global oversupply of crude could worsen next year. Brent and U.S. crude's West Texas Intermediate (WTI) futures fell as much as 5 percent on the day and 12 percent on the week as mild pre-winter weather and a plummeting U.S. stock market added to the toll on oil prices. Oil traders and analysts alike have been perplexed by oil's decline since the Dec.
Oil Below $49 on Glut, China Worries
Brent falls after 10 percent jump last week; Chinese equities slide, lose 11 percent in August. Oil fell below $49 a barrel on Monday after its biggest two-day rally in six years last week, pressured by a supply glut and renewed concern about a hard landing for China's economy. International benchmark Brent crude climbed 10 percent last week but was still heading for its fourth straight monthly decline and has risen in only two of the past 14 months. At 1052 GMT, Brent was down $1.14 at $48.91 a barrel and U.S.
Glut Drags Oil to 4-Month Low
Chinese stocks fall 8 pct on Monday on growth worries; Brent falls to four-month low of $53.63 a barrel. Oil hit four-month lows on Monday after a steep drop in Chinese stock markets and on more evidence of a global supply glut that has halved prices over the past year. Chinese stocks tumbled more than 8 percent on Monday, the biggest one-day drop in eight years, showing an unprecedented government rescue effort to prop up valuations has run out of steam.
Brent Falls on High OPEC Output, Strong Dollar
OPEC oil production hits 2.5-year high in May. Crude oil prices dropped on Monday as the dollar rose and on expectations that OPEC production would remain high, stoking worries of oversupply despite declining U.S. rig operations. The Organization of the Petroleum Exporting Countries (OPEC) pumped at a two-and-a-half year high of 31.22 million barrels of oil per day (bpd) in May, Reuters monthly survey shows. The 12-member cartel meets in Vienna on Friday but is expected to maintain its current production policy…
Brent Falls Below $54 on Output, Iran
Kuwait says OPEC must keep output steady. Brent crude oil fell below $54 a barrel on Friday and was on track for its third straight weekly loss, hurt by worries of rising supplies from OPEC and the United States. Intensive efforts to clinch a deal between world powers and Iran over its nuclear programme fed concerns that freeing up its flow of oil exports would pile more pressure on the market. Brent for May delivery had fallen 71 cents to $53.72 by 1120 GMT. The contract is set to decline by more than 1.5 percent this week. U.S.
Brent Falls Below $53 on Record U.S. Stocks
U.S. crude stockpiles rise by 10.5 mln barrels (API). Brent oil prices fell below $53 a barrel on Wednesday on oversupply concerns as industry data indicated U.S. crude stocks had hit a new record high. U.S. crude inventories rose by 10.5 million barrels to 450 million barrels in the week to March 13, American Petroleum Institute (API) figures showed on Tuesday. Analysts had expected a 3.8-million-barrel increase. Brent for May delivery was down 62 cents at $52.89 per barrel by 1058 GMT after ending the previous session up 7 cents. U.S.
Brent Falls on Uncertainties over US Order on Venezuela
Benchmark Brent oil prices fell almost 1 percent by midday on Monday after rising briefly earlier, as traders cited uncertainties about U.S. President Barack Obama's executive order against OPEC member Venezuela, which also imposed sanctions on certain individuals. Brent's front-month was down 42 cents at $59.31 a barrel, after trading earlier at nearer to $60 before the executive order was issued. The day's high for Brent was $60.02. Obama declared Venezuela a national security threat…
Brent Falls on Strong Dollar, Oversupply
Oil markets oversupplied due to strong U.S. production; dollar up 0.6 percent against basket of currencies. Oil prices fell on Monday as worries about oversupply in North America and a strong dollar pushed Brent futures towards $59 a barrel and U.S. contracts below $49 a barrel. After an initial rise along with global markets on optimism that another euro zone crisis over Greek debt had been averted for now, prices began dipping as analysts said crude markets remained oversupplied, especially in the United States.
Brent Hits Five-Year Low
Brent falls more than $2 to lowest since October 2009; Morgan Stanley cuts Brent forecast to £70 a barrel in 2015. Brent crude oil fell more than $2 a barrel on Monday to a new five-year low on predictions that oversupply would keep building until next year after OPEC decided not to cut output. In a report dated Dec. 5, U.S. investment bank Morgan Stanley said oil prices could fall as low as $43 a barrel next year. The bank cut its average 2015 Brent base-case outlook by $28 to $70 per barrel, and by $14 to $88 a barrel for 2016.
Brent Falls Below $69 as Price Rout Rolls On
Brent crude slipped below $69 a barrel on Friday, on track to finish the week below $70 a barrel for the first time since 2010, as cuts to official selling prices from Saudi Arabia added to recent pressure. Prices remain near five-year lows as the market grapples with oversupply due to the U.S. shale boom and the recent decision by the Organization of Petroleum Exporting Countries not to cut production. Prices pared early losses after stronger-than-expected U.S.
Oil Falls Again; Longest Slump Since '08
Brent falls 9 pct in October, WTI down 12 pct; Bank of Japan stimulus boost lifts U.S. dollar. Oil's losing streak continued for the fourth consecutive month on Friday, with prices tumbling as another round of monetary stimulus from Japan pumped up the U.S. dollar and pounded a crude market already suffering from robust supply. U.S. crude briefly dipped below $80 a barrel before paring losses later in the day as short sellers closed their books for the month and took profits.
Oil Falls to $85 on Strong Dollar, Supplies
Brent falls 10 pct in October, WTI down 11 pct; Dollar strong after U.S. GDP data. Brent crude oil fell more than a dollar towards $85 a barrel on Friday as a firmer dollar and a well supplied oil market pushed the benchmark towards its steepest monthly decline since 2012. The U.S. dollar rose to a three-week high on Thursday, after data showed the U.S. economy grew 3.5 percent in the third quarter, topping market estimates for a 3 percent rise.
Oil Falls Again as OPEC Ups Supply
Brent falls near $88, lowest since December 2010; WTI hits low beneath $84, lowest since 2012. Brent crude oil fell to its lowest since 2010 on Friday, dropping below $90 a barrel as Saudi Arabia said it upped production last month, increasing speculation of an OPEC price war. Fast-rising oil output in North America and tepid economic growth had raised expectations the Organization of the Petroleum Exporting Countries will cut output when it meets in November to stem a near 25 percent price slide since June.
Brent Falls to $92 on Strong Dollar, Surplus
Brent crude futures fell to near $92 a barrel on Monday, extending this year's rout that saw the international benchmark hit a 27-month low in the previous session due to a strong U.S. dollar and ample oil supply. Brent lost nearly 5 percent last week, its steepest decline since April 2013. The oil finished its fourth week in five lower after the dollar touched a four-year high on Friday. "My feeling is the fall in Brent has gone far enough - $90 is the breakeven point for Saudi Arabia to maintain current levels of public spending…
Brent Falls, US Crude Rises
Brent crude oil fell and U.S. crude rose as ample global supply and lackluster demand pressured the global benchmark while positive U.S. economic data supported oil prices in the world's largest oil consumer. U.S. gross domestic product expanded at a 4.2 percent annual rate instead of the previously reported 4.0 percent pace, the Commerce Department said on Thursday, reflecting upward revisions to business spending and exports. Separate reports…
