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.
Oil Posts Biggest One-day Gain After Trump Touts Saudi-Russia Deal
Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia and Saudi Arabia to announce a major oil production cut, and Saudi state media said the kingdom was calling an emergency meeting of producers to deal with the market turmoil.Trump said he had spoken to Saudi Crown Prince Mohammed bin Salman…
Oil Prices Steady Near Year Lows Ahead of G20 and OPEC
Oil prices steadied on Tuesday, depressed by record Saudi production but supported by expectations that oil exporters would agree to cut output at an OPEC meeting next week.Brent crude oil was up 10 cents a barrel at $60.58 by 1445 GMT, not far above a 13-month low of $58.41 reached on Friday. U.S. light crude was up 10 cents at $51.73.Oil prices are down by almost a third since early October…
Oil Gains Despite Potential Supply Glut on the Horizon
Oil rose on Thursday, steadying after losing nearly 7 percent over the previous three days, though concern about the prospect of an oversupplied market next year continued to weigh on prices despite OPEC's message that it may cut crude output.The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, is considering a cut of…
Oil Slides toward Weekly Loss on Excess Supply Worries
Oil prices fell for a sixth day on Friday, and were on track for their biggest weekly loss in 10 months, as record-high U.S. crude output added to concerns about a sharp rise in global supplies. The drop came amid a rout in global equity markets sparked by inflation fears. Brent futures were down 81 cents at $64 a barrel by 1502 GMT. Earlier in the day, they fell as far as $63.70, the lowest since Dec. 20. U.S.
Oil edges up; Strong Dollar, OPEC doubts make buyers cautious
Oil rose slightly on Friday on futures buying, ending the week higher, but gains were limited by a strong U.S. dollar and lingering doubts about whether OPEC producers would stick to a deal to cut output. Market players attributed choppy trading to position-squaring at the end of the week and low volumes at the start of the year. Brent crude futures settled 21 cents higher at $57.10 per barrel…
Brexit Just One of Many Risks for Oil Prices
Regardless of whether Britain votes to leave the EU on Thursday, oil investors are likely to stay focussed on how to counter the risk of further price slides. Once global financial markets stabilise after the referendum result, analysts say the most likely near-term outlook for oil is decline, either through dollar strength against the pound in the event of "Brexit"…
Crude Oil Prices Rise for First Time in Seven Days
Crude oil prices rose on Friday for the first time in seven days, but are set to end the week lower as trading remains volatile before Britain's June 23 referendum on its EU membership. Brent crude futures were up $1.34 at $48.53 a barrel by 1347 GMT, having dropped 3.6 percent in the previous session. U.S. West Texas Intermediate crude futures rose $1.10 to $47.31 a barrel after falling 3.8 percent in the previous session.
Crude Oil Prices Finally Rise Again
Sharp oil sell-off likely if Britain votes to leave EU. Crude oil prices rose on Friday for the first time in seven days, but trading remains volatile less than a week before Britain goes to the polls over its EU membership. Brent crude futures were up $1.11 at $48.30 a barrel by 1142 GMT, having dropped 3.6 percent in the previous session. U.S. West…
Oil Down 2 pct as OPEC Output Hike Sparks Profit-taking
Crude prices fell 2 percent on Monday as data showing higher Middle East oil production and record hedge fund buying sparked profit-taking on last month's outsized rally. Traders also cited a stockpile rise of 821,969 barrels at the Cushing, Oklahoma delivery point for U.S. crude during the week to April 29, raising concerns again that inventories at the storage hub could be building to near capacity as producers raise output.
Oil Rises as Producers Plan Output Summit
Producers to meet April 17 in Qatar on proposed output freeze. Oil prices firmed on Wednesday on an announcement that producers will meet next month in Qatar to discuss a proposal to freeze output and on growing signs of a decline in U.S. crude production. Producers both from and outside the Organization of the Petroleum Exporting Countries will hold talks in the capital Doha on April 17…
Saudis, Russia Agree on Output Freeze
Saudi Arabia, Russia, Qatar and Venezuela agree plan - Iran says no. Top oil exporters Russia and Saudi Arabia agreed on Tuesday to freeze output levels but said the deal was contingent on other producers joining in - a major sticking point with Iran absent from the talks and determined to raise production. The Saudi, Russian, Qatari and Venezuelan oil ministers announced the proposal after a previously undisclosed meeting in Doha.
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.
Fragile Five Economies Now Less So; Risks Rise for Gulf Six
Emerging economies not long ago deemed at risk of crisis are seeing steady balance of payments improvements, while for oil exporters in the Gulf and elsewhere once-mighty cash surpluses have all but melted away. The so-called taper tantrum of mid-2013 unleashed a wave of selling of assets from developing countries whose big funding or current account…
Oil Falls 2% as Concern over Demand Bites
Crude oil prices fell as much as 2 percent on Tuesday on uncertainty over whether global demand will be enough to erode a sky-high surplus, ahead of a weekly survey of U.S. inventory levels. Volatility has picked up this week, as the outlook for crude has been muddied by data pointing to the market possibly having stabilized after losing more than half its value in a year…
Uncertanty Fuels Crude Oil Price Drop
U.S. supply falling but demand outlook fuzzy. Crude oil prices fell as much as 2 percent on Tuesday, unwinding the previous day's steep rally, under pressure from uncertainty over whether global demand will be enough to erode a sky-high surplus. Volatility has picked up this week, as the outlook for crude has been muddied by data pointing to the market possibly having stabilised after losing more than half its value in a year…
Egypt's Power Choices Appease Public, Squeeze Industry
Far fewer Egyptians are complaining about the kind of power cuts that fuelled unrest in the past but government energy policies apparently focused on appeasing the public are dealing a blow to industries vital for economic growth. Companies say production will continue suffering unless the government starts diverting some of the gas supplied to electricity plants powering homes to factories.
Oil Catches Breath Near 6-1/2-year Low
Supply glut and China 'hard landing' fears weigh; API shows draw in U.S. crude oil inventories. Oil stabilised on Wednesday after China's central bank moved to support the country's economy, but prices stayed near 6-1/2-year lows as a heavy supply glut kept the market outlook bearish. "Oil is catching its breath a bit and seeing if markets have been oversold or not," Capital Economics commodities economist Thomas Pugh said.
Oil's Drop May Weigh on Gulf Markets
Gulf stock markets may come under pressure on Sunday after oil prices and global equities fell. Saudi Arabia's Mobily, whose shares are still suspended, may resume trading after announcing second-quarter earnings. U.S. crude posted its biggest monthly drop - 21 percent - since the 2008 financial crisis on Friday after a string of losses in July triggered…
Weak Commodity Prices Batter BHP Strategies
Dismal outlook for BHP's commodities. BHP Billiton's strategy of diversifying across commodities was designed to shield the miner in a volatile sector, but its entire suite of products suffered double-digit price falls in the latest half-year. Unlike rivals which rely on one or two minerals, the world's biggest miner has 10 major commodities, including its so-called "four pillars of growth" - iron ore…
