Oil Steady After Week of Decline
Extended stocks rally supports oil market. Oil prices steadied on Friday, snapping a week-long decline as investors closed positions at the end of a volatile week that saw prices slide nearly 10 percent on renewed signs a global supply glut was here to stay. Brent's new front-month December contract was up 25 cents at $49.98 a barrel at 1125 GMT. November Brent expired at $48.71 a barrel on Thursday, down 44 cents day on day. U.S. crude's front-month November contract traded 38 cents higher at $46.76 a barrel.
Oil Eases Below $50 on Supply, China Concerns
IEA sees global oil supply glut through 2016. Oil eased further below $50 a barrel on Wednesday, falling for a third day, on concern a supply glut will persist and demand slow down as economic growth moderates in No. 2 consumer China. Chinese growth for the third quarter is expected to fall below 7 percent for the first time since the global financial crisis. The International Energy Agency (IEA) said on Tuesday the oil market would remain oversupplied in 2016. Brent crude was down 8 cents at $49.16 a barrel as of 1114 GMT. U.S. crude was up 3 cents at $46.69.
Oil Down as Japan Data Outweighs U.S. Stock Draw
Weak Japan export data weighs, dims growth outlook; U.S. oil inventories show unexpected draw. Oil prices fell on Thursday after weak Japanese data sounded alarm bells over the prospects for global growth, outweighing the bullish impact of a bigger-than-expected decline in U.S. crude oil stocks. Japan's exports slowed for a second straight month in August in a sign China's economic slowdown could be damaging the world's third-biggest economy. The data follows worrying figures from other Asian…
Oil Up Ahead of Fed on Dwindling U.S. Stockpile
U.S. stockpiles down 3.1 mln barrels last week. Oil rose on Wednesday after an unexpected drawdown in U.S. stockpiles and an increase in U.S. gasoline prices, but concerns remained about a global surplus, falling Asian demand and whether the Federal Reserve would raise interest rates. U.S. crude futures strengthened after the American Petroleum Institute (API) reported a 3.1-million-barrel drop in crude inventories last week, versus analyst expectations for an increase. "It is a big data week," CMC Markets analyst Michael Hewson said. Official U.S. crude inventory figures will be released on Wednesday.
Oil Jumps 4.5 pct as Equities Rally
Global stock markets rise on Asia, Wall Street rally. Oil prices jumped more than 4.5 percent on Thursday after a rally in equity markets and an unexpected fall in U.S. crude inventories, but worries over the Chinese economy and a global oil glut kept the outlook uncertain. World stock markets rose as Chinese shares recovered on hopes that government measures to stimulate the economy would pay off, while the dollar strengthened as risk aversion eased. Oil markets moved up from six-and-a-half-year lows reached earlier this week…
Oil Rallies but Lingers Near 6-1/2-year Lows
Oil, commodities and European equities rally; China cuts interest rates. Oil bounced back from heavy losses on Tuesday but global oversupply and worries over the severity of the economic slowdown in China, the world's top commodity consumer, kept prices near 6-1/2-year lows. European share markets recovered on Tuesday but Chinese stock markets closed down more than 7 percent, with panic selling intensifying after the Shanghai Composite Index crashed through key support at 3,000 points. China cut interest rates on Tuesday in its latest move to stimulate growth, but oil prices barely moved in response. U.S.
U.S. Oil Drop Longest in 3 Decades
U.S. oil on track for 8th consecutive weekly drop; China stock market slumps on weak factory activity. U.S. oil prices headed for their eighth consecutive week of falls on Friday, the longest losing streak since 1986, after a sharp drop in Chinese manufacturing increased worries over the health of the world's biggest energy consumer. Activity in China's factory sector shrank at its fastest pace in almost 6-1/2 years in August as domestic and export demand dwindled, adding to worries about lower consumption of crude in the second-biggest oil user.
Oil Steadies Ahead of U.S. Inventory Data
Dollar steadies after almost two weeks of strong gains. Oil prices steadied on Thursday after a two-day slide as investors awaited data from the U.S. Energy Information Administration (EIA) to see how American oil production was responding to a recent surge in prices. Industry group American Petroleum Institute (API) said on Wednesday that U.S. crude oil inventories rose by 1.3 million barrels last week, following three weeks of withdrawals. If that is confirmed by EIA figures due at 11 a.m EDT (1500 GMT), it could mean U.S.
Oil Near $55 as Iran Nuclear Talks Intensify
Iran negotiations in Lausanne enter last 24 hours. A nuclear deal could see Iran increase oil exports. Brent crude oil dropped towards $55 a barrel on Tuesday as Iran and six world powers entered a final day of talks over a nuclear deal that could see the energy-rich country increase oil exports to world markets. With a self-imposed deadline set for the end of the day, the United States, Britain, France, Germany, Russia and China ramped up the pace of negotiations with Iran in Switzerland over an outline deal on Tehran's nuclear programme.
Oil Falls to $55, Dollar and Supplies Weigh
Kuwait says OPEC has no choice but to keep output steady. LONDON, March 19 (Reuters) - Brent crude oil fell back to $55 a barrel on Thursday after Kuwait said OPEC had no choice but to keep production steady, refocusing the market on global oversupply as the dollar recovered from sharp losses in the previous session. Brent had rallied by more than $2 a barrel on Wednesday after the Federal Reserve indicated it would raise U.S. interest rates slower than previously thought, overshadowing data showing U.S. crude stocks at a record level.
Oil Holds Above $51, Traders Search for Bottom
U.S. crude inventories unexpectedly fall; China crude imports likely hit record in December. Oil held above $51 a barrel on Thursday, supported by a surprise drop in U.S. inventories, as bulls and bears searched for a floor to the market's second-biggest rout. Crude halted a four-session decline on Wednesday after U.S. crude stockpiles fell and as data showed that the U.S. economy remained resilient amid slowing global growth. Brent crude rose 20 cents to $51.35 by 1121 GMT. It dropped as low as $49.66 on Wednesday, the lowest since April 29, 2009. U.S. crude was at $48.84, up 19 cents.
Easing U.S. Crude Export Ban Pressures Asian Producers
Most U.S. light crude expected to go to Europe, not Asia, but ripple effect to create pressure for Asian discounts. Formal U.S. government approval to ease a 40-year-old ban on exports of crude oil will squeeze Asian producers already scrambling to cut costs amid diminished revenues due to a crash in energy prices and weaker currencies. The Obama administration on Tuesday bowed to months of pressure over the ban on exports of most domestic crude, taking steps expected to unleash a wave of ultra-light shale oil known as condensate onto global markets.
Slashed Energy CapEx Pumps Brent Pricing
More companies cut upstream investments around world; strong U.S. production continues to drag on prices. Brent crude jumped 3 percent to above $63 a barrel on Thursday, extending a rebound from five-year lows this week as oil's six-month price rout forced more energy firms to cut investments in new production. Oil this week slumped as low as $58.50 and has almost halved since June as fast-growing U.S. shale output overwhelms demand, with losses accelerating after producer group OPEC decided not to cut output at its meeting last month.
Saudis Cuts U.S. Price, Oil Sags to $82
Saudi Arabia cuts oil prices for U.S. customers; Brent and WTI touch respective 4-year and 3-year lows. Brent crude oil fell more than 3 percent to its lowest in over four years near $82 a barrel on Tuesday, after top oil exporter Saudi Arabia cut sales prices to the United States. Front-month Brent touched a low of $82.08, its weakest since October 2010, and was down $2.60 at $82.18 a barrel by 1305 GMT. U.S. light crude was down $2.40 at $76.38 a barrel. It touched a session low of $75.84, its weakest since October 2011, as its discount to Brent hovered around $6.
