Oil Hits Highest Benchmark Since mid-2015
OPEC, non-OPEC producers agree broad output cut from 2017. Oil rose to an 18-month high on Monday after OPEC and some of its rivals reached their first deal since 2001 to jointly reduce output to tackle global oversupply. On Saturday, producers from outside the Organization of the Petroleum Exporting Countries, led by Russia, agreed to reduce output by 558,000 barrels per day, short of the target of 600,000 bpd but still the largest non-OPEC contribution ever. That followed OPEC's Nov.
Oil Prices Volatile as OPEC Contemplates Cuts
Saudis say oil markets may re-balance even without cut. Most analysts still expect some form of cut this week. Oil prices gained more than one percent on Monday in volatile trading after falling as much as 2 percent, recouping the losses as the market reacted to the shaky prospect of major producers being able to agree output cuts at a meeting on Wednesday. Brent crude futures were 38 cents higher at $47.62 per barrel by 1238, after falling in early morning trade, clawing back losses and falling again. U.S.
Oil Reaches Three-Month Lows
Brent near lowest since early August; dollar correlation erodes as uncertainty over OPEC might grows. Oil fell to its lowest in three months on Monday, as the prospect of another year of oversupply and weak prices overshadowed chances that OPEC will reach a deal to cut output. Donald Trump's surprise victory in last week's U.S. presidential election has boosted stocks and the dollar, but undermined much of the commodities complex…
Oil Investor Impatience Grows Over Global Surplus
Oil investors are growing increasingly disgruntled with the pace at which supply and demand are rebalancing, cutting their bullish bets and pushing the benchmark price to its biggest discount relative to future prices in nine months. The premium of Brent crude futures for delivery in six months over those for prompt delivery, one measure of confidence in the market outlook, on Monday shot to its largest since February, the point…
Oil Rebounds on OPEC Output Promise
Oil producers plan cut following Nov. 30 OPEC meeting; but market fundamentals remain weak. Oil rose more than 1 percent on Monday, boosted by a commitment from OPEC to stick to a deal to cut output, but prices remained more than $7 below last month's high due to persistent doubts over the feasibility of the group's plan. Brent crude traded at $46.20 per barrel at 1157 GMT, up 62 cents, or 1.36 percent, from the previous close. U.S. West Texas Intermediate (WTI) crude was up 75 cents, or 1.7 percent, at $44.82 a barrel.
Oil Prices Fall as Iraq Resists Joining Output Cut
Oil prices fell on Monday as Iraq said it wanted to be exempt from an OPEC deal to cut production, though losses were capped by Iran saying it would encourage other members to join an output freeze. Brent crude futures were down 45 cents at $51.33 a barrel by 1340 GMT. U.S. West Texas Intermediate (WTI) crude was down 61 cents at $50.23. Iraqi oil minister Jabar Ali al-Luaibi said Baghdad wants to be exempt from any production cut the Organization of the Petroleum Exporting Countries is aiming to achieve.
Oil Rises, But Doubt Over Output Deal Curbs Gains
Oil edged up on Wednesday partly thanks to a weaker U.S. dollar, but the limited likelihood of a near-term agreement among the world's biggest exporters to tackle a global surplus by curbing production kept gains in check. November Brent crude futures rose 25 cents to $47.51 a barrel by 1345 GMT, while U.S. crude futures added 29 cents at $45.12 a barrel. Oil hit a one-week high on Monday after Russia and Saudi Arabia agreed to cooperate on stabilising the oil market.
Oil Rallies on Canada Fire, Libya Violence
Fort McMurray evacuees told to head to oil sand camps; fighting in Libya escalates, disrupts supplies. A huge wildfire near Canada's oil sands region and escalating tensions in Libya stoked concern among investors over a near-term supply shortage, driving crude prices up for the first time in a week on Thursday. Brent crude futures rose $1.11 on the day to $45.73 a barrel by 1105 GMT, while U.S. West Texas Intermediate (WTI) futures gained $1.36 to $45.14.
Oil Slides as Freeze Deal Falters
Deeper oil glut feared as producers fight for market share; Oil rout to have broader economic impact. Oil prices slid on Monday after a meeting between major producing nations on a proposed output freeze fell apart, leaving the world grappling with an excess of unwanted crude. The some 18 oil exporting nations, including non-OPEC Russia, had gathered in the Qatari capital of Doha for what was expected to be the rubber-stamping of a deal to stabilise output at January levels until October 2016.
Oil Below $33 on Saudi Remarks, U.S. Supplies
Saudi Arabia's oil minister rules out oil output cut. Oil fell below $33 per barrel on Wednesday after Saudi Arabia ruled out production cuts and an industry report said U.S. crude stockpiles hit a record, underlining the supply glut. Saudi Oil Minister Ali al-Naimi said production cuts would not happen although more countries would join a deal to freeze output. OPEC and non-OPEC producers who support the idea are planning a mid-March meeting, his Venezuelan counterpart said.
Oil Market Shows Deep Doubt Over Output Freeze
The oil world has been shaken this week by some of the biggest producers agreeing to freeze their output at January levels to contain a supply glut and prevent a further slide in prices, but markets show investors doubt this tactic will work. The oil ministers of top exporter Saudi Arabia, Qatar and Venezuela, together with non-OPEC member Russia, said after meeting in the Qatari capital of Doha on Tuesday they had agreed to keep output unchanged from January, provided other big guns followed suit.
Oil Rises Towards $31 on Hopes of Deal
Oil rose on Tuesday to above $31 a barrel on hopes that OPEC and non-OPEC producers were inching closer to a deal to reduce output in the face of one of the biggest supply gluts in decades. The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has so far refused to cooperate. Iraqi Oil Minister Adel Abdel Mahdi said on Tuesday he saw "some flexibility" for a deal…
Oil Above $30 on Prospects of Glut Deal
Iraq sees some flexibility for OPEC, non-OPEC deal; Kuwait reiterates OPEC cannot cut oil output alone. Oil rose further above $30 a barrel on Tuesday, lifted by hopes that OPEC and non-OPEC producers may be edging closer to a deal to tackle one of the biggest supply gluts in decades. The Organization of the Petroleum Exporting Countries is making renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has so far refused to cooperate.
Oil Drops for Sixth Day, at 12-year Lows
Fund managers dump long positions, set record bets on falls; analysts eye oil below $30. Oil prices fell for a sixth session to trade at almost 12-year lows on Monday as concerns about China's economic slowdown, reflected in a renewed slide in its stock markets, weighed on the outlook for demand this year. Traders increased bets against any near-term recovery in the oil price and Brent crude futures were down by 63 cents at $32.92 a barrel by 1200 GMT, off 15 percent in a week. U.S.
Greek Crisis Pushes Oil Near Three-Week Low
Investors shun riskier assets on Greece fears. Oil fell more than $1 to below $62 per barrel on Monday, its lowest in three weeks, as Greece shut its banks and imposed capital controls, causing investors to flee from riskier assets and darkening the demand outlook. Brent crude was down $1.66 at $61.60 a barrel by 1018 GMT. It fell to its lowest since June 5. It was heading for its lowest closing price since April 15. U.S. lowest since June 9.
Brent Slips Below $64 as Ample Supplies Weigh
Oil prices eased slightly on Friday as evidence this week of rising crude supplies from OPEC members offset Middle East tensions and signs of a slowdown in U.S. output. Brent crude was still within sight of its 2015 high reached on Thursday and has rallied 16 percent in April, supported by conflict in Yemen and the prospect that lower prices are starting to curb U.S. shale output. At 1302 GMT, Brent crude for June slipped 12 cents to $63.86 a barrel. It hit a 2015 high of $64.95 on Thursday. U.S.
Libyan Official Calls for OPEC Cut, Other African Members Less Keen
OPEC meets on Nov. OPEC should cut its oil output to support prices, a Libyan oil official said, as oil prices that have slid to a four-year low this week add to a squeeze on producers' budgets. So far, Libya is among a minority in the Organization of the Petroleum Exporting Countries, and the only one of the four African OPEC members, to call for an OPEC cut, adding to signs that such a move is unlikely. "OPEC is facing a challenge to remove the surplus from the market so the price will return to normal levels…
Oil Drops Under $92 as Supply Glut Grows
Oil prices fell to their lowest level since June 2012 on Thursday, after price cuts from top producer Saudi Arabia added to supply glut worries and weak global economic data. Oil declined alongside European stocks as the European Central Bank left interest rates unchanged on Thursday, as expected. ECB President Mario Draghi said that a planned bond purchase program would last at least two years. Brent crude for November delivery was down $1.47 at $92.69 a barrel by 1247 GMT. It earlier hit $91.55, its lowest since June 2012. U.S.
Oil Above $97, U.S. Launches Syria Air Strikes
Brent crude edges off 2-year low; U.S. and Gulf Arab allies strike Islamic State. Brent crude rose above $97 a barrel on Tuesday as the United States and several Gulf Arab allies launched strikes against Islamic State strongholds in Syria, and as a surprise pick-up in China's factory activity boosted the demand outlook. Oil prices fell to a two-year low last week under the weight of a supply glut and tepid demand, but prices…
Oil Near $105 on Oversupply, Weak Demand
Atlantic basin crude supply ample, refinery demand slack; Brent falls to two-week low, biggest July loss since April 2013. Brent crude oil fell to a two-week low on Friday, slipping towards $105 a barrel as oversupply in the Atlantic basin and low demand outweighed worries over political tensions in the Middle East, North Africa and Ukraine. Analysts say they expect global oil production to exceed demand this year and a supply glut has already built up in the West African and European markets.
