Chinese Tariffs on LNG, Oil May Threaten US Energy Dominance
China's targeting of U.S. liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing U.S. energy export prowess.China included LNG for the first time in its list of proposed tariffs on Friday, the same day that its biggest U.S. crude oil buyer, Sinopec, suspended U.S. crude oil imports due to the dispute, according to three sources familiar with the situation.On Friday…
U.S. Crude Down Ahead of Inventory Data; OPEC Speculation Lingers
U.S. crude futures fell nearly 1 percent on Wednesday ahead of important inventory data while Brent steadied near 5-week highs on speculation that the world's crude producers might still be able to strike a deal to support the market. Analysts expect the U.S. Energy Information Administration to announce a fourth straight weekly rise in domestic crude stockpiles and draws in gasoline and distillates for the week ended Aug. 12, in data due at 10:30 a.m. EDT (1430 GMT).
Oil Rebounds on Post-Brexit Bargain Hunting, Norway Strike
Oil prices rose 2 percent on Tuesday as investors took advantage of a two-day slide in crude triggered by Britain's vote to leave the European Union and as their focus returned to potential supply outages and drawdowns in crude. A looming strike at several Norwegian oil and gas fields that threatened to cut output in western Europe's biggest producer helped support crude futures. Investors were also counting on a sizeable and a sixth weekly drop in U.S.
Oil Ends Higher in Choppy Trade ahead of Britain's EU Vote
Oil prices closed 2 percent higher after a volatile session on Thursday, with investors less worried about prospects for the global economy after the last pre-vote opinion polls showed Britain was likely to remain in the European Union. Oil prices were also supported by market intelligence firm Genscape's report of a drawdown of nearly 1 million barrels at the Cushing, Oklahoma storage base for U.S. crude futures during the week to June 21, traders who saw the data said.
Oil Rises, Heads for Third Week of Gains
Oil prices rose on Friday and were poised for a third week of gains as market sentiment turned more upbeat amid signs a persisting global supply glut may be easing. Strong gasoline consumption in the United States, increasing signs of declining production around the world and oilfield outages have underpinned a return to investment in the sector, traders said. "The current rally is driven by a market sentiment…
Oil Sinks, Pressured by China, OPEC and Warmer US Weather
U.S. crude oil prices slid almost 7 percent on Monday, pressured by weak economic data from China, a U.S. forecast for mild weather and growing doubts that OPEC would act to reduce the swelling global supply glut. Chinese manufacturing contracted in January at the fastest pace since 2012, adding to worries about energy demand from the world's largest energy consumer. "China is the last standing consumer of oil outside of the U.S.
Oil Jumps on Russia-OPEC Talks
Russian govt, producers discuss possible coordination with OPEC. Oil futures surged on Wednesday, after Russia said it was discussing the possibility of co-operation with OPEC, fanning hopes that a deal was in the works to reduce oversupply that sent prices the lowest levels in a dozen years last week. Russia's energy ministry said possible coordination with the Organization of the Petroleum Exporting Countries (OPEC) was discussed at a meeting with Russian oil companies on Wednesday.
Oil Soars 5 pct on OPEC Chatter, U.S. Demand Spike
Oil futures surged 5 percent on Wednesday, after Russia said co-operation with major oil producers was discussed and U.S. data showed a surprise spike in demand for products such as heating oil last week, when a massive blizzard hit the country. Russia's energy ministry said possible coordination between Russia and the Organization of the Petroleum Exporting Countries (OPEC) was discussed at a meeting with Russian oil companies on Wednesday.
Crude Oil Prices Up More Than Four Percent
Crude prices closed up more than 4 percent on Thursday as rising violence in producer Libya and an expected boost in oil demand from China's central bank easing helped the market rebound from a sharp rout in the previous session. Traders and analysts said they expect crude's rollercoaster ride, which began last Friday, to continue as it tries to find a bottom to a seven-month selloff that took prices near six-year lows. But many were pessimistic about a sustained rally, as record-high U.S.
Oil Dives $4 as Demand Dims, Shale Booms and OPEC Resists Cuts
Oil dived more than $4 a barrel on Tuesday, its biggest drop in more than two years as mounting evidence of slackening demand and unrelenting U.S. shale output left traders struggling to peg a floor for crude's four-month rout. The abrupt acceleration of an over 26 percent slide in prices since June was triggered by three news items that epitomized the market's turn: a downgrade in global oil consumption forecasts; projections for another big boost in shale oil; and reluctance by OPEC members to cut output.
US Crude Falls, Down for Fifth Week
U.S. crude oil futures fell on Friday for a fifth straight week of declines while Brent remained under pressure from a stronger dollar and plentiful supplies despite an escalation of tensions between Russian and Ukraine. Ukraine declared on Friday that Russia had launched a "direct invasion" of its territory after Moscow sent a convoy of trucks across the border into eastern Ukraine where pro-Russian rebels are fighting government forces.
Brent Oil Holds Above $112
Brent oil held above $112 per barrel on Tuesday as investors took heart from upbeat manufacturing data in China, while conflicts in Iraq and Ukraine underpinned supply concerns. China's factory growth rose to a six-month high, adding to signs the economy of the world's second-biggest oil consumer is regaining strength. "The latest data from China suggests that the main economic and oil demand growth engine of the world may be starting to turn the corner toward the upside…
Brent Holds Above $112 on Supply Worries
Brent crude held above $112 a barrel on Monday after a strong rally last week, as advances by Sunni insurgents in Iraq raised concerns over a potential disruption to oil exports from the second-largest OPEC producer. The eruption of violence in Iraq led to a spike in prices last week, with Brent and U.S. crude gaining more than 4 percent - the most since July and December, respectively. But the rally seemed to…
Brent Rises on Ukraine Clashes, Libya Uncertainty
Brent crude rose towards $108 per barrel on Tuesday, supported by clashes across Ukraine and lingering uncertainty over Libya's supply recovery. Pro-Russia rebels shot down a Ukrainian helicopter in fierce fighting near the eastern town of Slaviansk, while Kiev moved police special forces to the port city of Odessa to stop the rebellion spreading westward. And in Libya, the vital southern El Sharara oilfield remains…
Update: Brent Dips on Weak Demand Outlook
Brent oil futures dipped towards $107 a barrel on Friday following a weaker outlook for 2014 global demand growth from the International Energy Agency and due to expectations that more Libyan crude will reach the market next week. Brent crude was down 8 cents at $107.38 a barrel by 1338 GMT after settling 52 cents lower on Thursday. The contract was on track to end the week about 0.5 percent higher, recouping part of the previous week's losses. U.S.
Oil slips below $106 as Libya deal eases supply worries
Libyan rebels, govt agree to reopen occupied oil ports. Brent crude oil fell below $106 a barrel on Monday, snapping a two-day rise, after Libyan rebels occupying four eastern oil ports agreed to end an eight-month blockade, raising the prospect of increased supply to world markets. The end to the port standoff is removing some supply worries that have helped push prices as high as $112 for the year. Brent crude fell $1.47 to a low of $105.25 a barrel before recovering slightly to around $105.55 by 1230 GMT…
