Oil Slips Back Toward 18-month Lows
Oil prices fell on Thursday after rebounding 8 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices.Brent crude oil dropped $1.67 a barrel, or 3.1 percent, to a low of $52.80 before recovering to around $53.45 by 1415 GMT. U.S.
Oil Steady as U.S.-Iran Row Balances Trade Worries
Oil prices steadied on Tuesday as tension between the United States and Iran highlighted risks to supply and trade disputes raised the prospect of slower economic growth and weaker energy demand.Brent crude oil was down 10 cents at $72.96 a barrel by 1328 GMT. U.S. light crude was unchanged at…
Shanghai Crude Futures off to Cautiously Good Start
The new Shanghai crude oil futures have been trading for just over a month and have so far managed to build up reasonably strong volumes, but this success may only mask some wider concerns. The yuan-denominated contracts were launched on March 26 by the Shanghai International Energy Exchange (INE) and are enjoying trading volumes averaging around 80…
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.
Oil Falls as Market Stays Well Supplied
Oil prices fell on Thursday on signs that the market remained well supplied with crude despite efforts by OPEC and other big exporters to curb production and support prices. Signs of a deepening political crisis in Washington accelerated the decline in prices with investors becoming increasingly…
Oil up as OPEC Cuts Outweigh U.S. Supply Build
U.S. stocks rise by larger than expected 6.5 mln barrels; production cuts by OPEC and Russia tighten market. Oil prices rose on Thursday as evidence that OPEC and other big exporters were cutting production outweighed a sharp rise in U.S. crude and gasoline stockpiles. Brent crude was up 50 cents…
Oil Steady as U.S. Inventory Rise Slows
U.S. crude pares early losses to trade slightly lower; OPEC, non-OPEC monitoring group meets in Vienna Jan. 21-22. Oil prices steadied on Thursday after a surprise increase in U.S. inventories helped stall an upward trend that has pushed global crude benchmarks to their highest levels since July last year. U.S.
Oil Up on Kuwait Minister Remarks
Both crude oil benchmarks trade close to $50 a barrel. Kuwait oil minister tells Reuters he sees prices rising. Oil prices rose on Monday after Kuwait's oil minister said economic growth and the removal of high-cost producers would help tighten global fuel balances and OPEC forecast more demand for its oil next year.
Oil up 2 pct as U.S. Drilling Falls
Crude oil benchmarks up more than 1 percent; output to fall by 255,000 bpd from Q2-Q4 2015. Oil rose by more than 2 percent on Monday after data showed U.S. drilling slowed and a report said $1.5 trillion worth of planned production was uneconomic at current prices. Crude has halved in value…
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…
U.S. Oil Nears 6-year Low, China Weighs
China stock markets plunge on economic worries; Speculators bet on further price falls, trade data shows. U.S. oil prices fell towards six-year lows on Tuesday after stock markets tumbled in China, the world's largest energy consumer, adding to worries about global fuel demand at a time of heavy oversupply.
Oil Falls After OPEC Weighs in
Brent heads for fifth weekly fall in a row. Oil prices fell on Friday as concern over global oversupply intensified after oil producers' cartel OPEC indicated there would be no cuts in production despite a huge global oversupply. The fall mirrored a general sell-off in commodities on persistent worries about demand in China…
China Launches Oil & Gas Trading Platform
A new trading platform for oil and gas was launched in China on Wednesday, state media reported, as the world's largest energy consumer looks to extend its influence over global commodity pricing. run. "We expect (gas) trading volumes at SHPGX would range from 5 billion cubic meters to 6 billion…
Volatility Draws Billions into Oil Funds
Assets of top oil funds quadruple to $5.4 bln since July; contango structure trims gains through roll costs. Billions of dollars are pouring into oil exchange-traded funds as investors, many of them small savers more familiar with stocks than commodities, risk big losses and focus on the chance of huge rewards.
Low Oil Prices Will Not Affect US Environmental Rules -EPA Chief
Current low oil prices are a short-term blip and will not affect how the U.S. crafts new environmental regulations, including forthcoming standards for heavy duty vehicles, the Environmental Protection Agency (EPA) chief said Friday. EPA Administrator Gina McCarthy said the agency's next move…
Oil at 5-1/2-year Low with Glut
Russia pumps more oil than ever in 2014; Iraq December oil exports highest since 1980. Oil prices dropped to fresh 5-1/2-year lows on Monday on worries about a surplus of global supplies and lacklustre demand. Russia's oil output hit a post-Soviet high last year, averaging 10.58 million barrels per day (bpd)…
Storied Oil Trader Phibro Winds Down
Phibro, the storied energy trading firm run by famed oil investor Andrew Hall, is winding down in its current form, laying off some U.S. employees and pursuing a sale of some overseas operations, sources said on Tuesday. The divestment by Occidental Corp, which bought Westport, Connecticut-based Phibro from Citigroup Inc five years ago…
Not All Contangos are Created Equal
After the collapse of the global financial system in 2008, crude oil forward curves moved into steep contango. Fortunes were made in storage asset plays in 2009-2010, which is likely the reason that so much attention is being devoted to the topic today; however, the contango is inherently different today than it was after The Great Recession. As the U.S.
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…
Oil Futures Up on US Economic Data
U.S. and Brent crude futures rose on Thursday, lifted by supportive economic data from the United States after a plentiful supply picture and Chinese economic data had earlier pressured prices. Sales of existing U.S. homes rose to a 10-month high in July and the number of initial jobless claims fell last week, signaling third-quarter strength in the economy.
