Oil Headed for Big Weekly Loss on Demand Worries
Oil prices tumbled on Friday, closing out a week of losses on worries that travel restrictions to curb the spread of the Delta variant of COVID-19 will derail global economic gains.Daily new COVID-19 cases in the United States have climbed to a six-month high and Japan and China are re-imposing restrictions to halt the spread of the virus.Brent crude oil futures fell 69 cents to $70.60 a barrel at 11:38 a.m.
Oil Rises to 11-month High
Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.Brent crude settled up 92 cents, or 1.7%, at $56.58 a barrel by after touching its highest level since last February at $56.75. U.S. West Texas Intermediate (WTI) gained 96 cents…
Oil Gains on Talk of Supply Cut
Oil rose nearly 1 percent on Friday on expectations that the Organization of the Petroleum Exporting Countries and its allies would agree to cut output next month, though prices were set to for a weekly drop on underlying concerns that the global market was oversupplied.OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day…
Oil Slumps to One-year Low
Oil's slide accelerated on Tuesday, with U.S. futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply.U.S. futures closed down 7.1 percent, for a record 12th straight decline and the lowest since November 2017. More than 980,000 contracts changed hands, as funds shed positions."It's like a run on the bank…
Oil Mixed as Investors Short-cover and Saudi Boosts Output
On July 6th, 2018, oil was mixed with short-covering, pushing up U.S. crude futures while Brent slipped on global trade tensions and increased Saudi production. West Texas Intermediate (WTI) crude futures gained 61 cents to $73.55 by 11:30 a.m. Global benchmark Brent was down 39 cents at $77 a barrel. For the week, WTI was on track for a loss of about 0.4 percent while Brent was down about 3 percent.
U.S. Crude Stocks Fall, Exports Hit Record High - EIA
U.S. crude oil stockpiles fell last week as exports hit a record high and refinery ramped up output, while gasoline inventories dropped more than expected ahead of the summer driving season, the Energy Information Administration said on Wednesday.Crude inventories fell 1.4 million barrels in the week to May 11, compared with analysts' expectations for a decrease of 763,000 barrels.Net U.S.
Oil Down 2%
* Concerns of U.S. * U.S. Oil fell by more than 2 percent on Monday, pressured by a rise in Russian production, expectations that Saudi Arabia will cut prices of the crude it sends to Asia and a deepening trade spat between China and the United States. Brent crude was down $1.44, or 2.1 percent, at $67.90 a barrel by 1:32 p.m. EDT (1832 GMT). That was the lowest level since March 21. U.S.
U.S. Refiners Bet Big on Refined Export Markets
U.S. refiners have come out of maintenance season betting that big exports to Mexico and South America will help alleviate high product inventories and boost margins as the critical summer driving season nears. The first wave of earnings results from several large independent U.S. refiners showed that they are not chasing U.S. gasoline profits, due to already high inventories and steady-but-not-spectacular demand.
Murky Inventory Estimates Leaves Oil Markets Guessing
Oil supplies remain plentiful despite OPEC-led cut; measuring stored oil globally is notoriously difficult. The jury is still out over whether an OPEC-led production cut aimed at tightening oil markets is working, or if the producer club has simply enabled higher prices without making much of a dent in the global fuel supply overhang. Analysts say there are early indications that at least some inventories…
Oil Bumps One-Month Highs
Traders watching high U.S. gasoline inventories; Syncrude oil sands in Alberta shut after fire. Oil prices rose more than 1 percent on Thursday, on track for a fourth straight day of gains, but analysts remained cautious about record-high U.S. crude inventories. Brent crude futures gained 61 cents, or 1.1 percent, to $54.97 a barrel by 2:21 p.m. EDT (1921 GMT). U.S.
Oil prices Up 2% ahead of producers' Meeting
Oil prices rose more than 2 percent on Friday on expectations that this weekend's meeting of the world's top oil producers would demonstrate compliance to a global output cut deal, but rising U.S. drilling activity limited gains. Members of the Organization of the Petroleum Exporting Countries and some other producing countries including Russia will…
Oil Rises in Quite Trading as New Year Looms
Strong U.S. data helps bolster oil market; trading volumes below recent averages. Oil prices rose in subdued trading on Thursday, supported by strong U.S. economic data and optimism that crude producers would abide by an agreement to limit output. U.S. West Texas Intermediate crude settled up 46 cents, or 0.9 percent, to $52.95 a barrel. Brent futures for February delivery settled up 59 cents to $55.05, or 1.1 percent.
Oil Rises Above $50 on Renewed Hopes for Output Cuts
Oil rebounded from the week's lows and hovered above $50 a barrel on Thursday as market watchers focused on an upcoming weekend meeting between OPEC and non-OPEC producers that may result in an agreement to cut crude output further. Brent and U.S. oil prices gained support early from a slightly weaker dollar, but the U.S. currency turned positive…
Oil Rallies to Best Week in Years
Oil prices rallied for their best week in at least five years on Friday, steadying above $51 a barrel, following OPEC's decision to cut crude output to rein in a global glut that has weighed on prices for more than two years. After the deal was announced on Wednesday, the market focused on the implementation and impact of OPEC's first output cuts since 2008, to be joined by Russia and possibly other non-OPEC producers.
Oil Down Ahead of First Likely US Crude Build in 6 weeks
Oil prices were down slightly on Thursday as the market braced for U.S. government data likely to show the first crude inventory build in six weeks, with record Chinese imports of crude limiting losses. Also weighing on the market was data from Wednesday showing OPEC output at record highs despite the producer group's pledges to cut production soon to rein in a global crude glut.
Oil Drifts But Set for Best Week in a Month Ahead of Producer Talks
Oil prices steadied on Friday as market participants awaited details on Saudi and Iranian positions ahead of a potential production freeze, capping a rally that has already given crude futures their best weekly gain in more than a month. Saudi Arabia has offered to reduce oil production if rival Iran caps its own output this year, sources familiar…
Oil Up Ahead of U.S. Inventory Data; Draw Hopes Rise on API
Oil prices rose about 1 percent on Thursday on bets for a strong weekly decline in U.S. crude inventories, but traders cautioned of a glut in refined oil products that could weigh again on the market. The U.S. government's Energy Information Administration will issue its weekly oil supply-demand data at 11:00 a.m. EDT (1500 GMT). Analysts polled by Reuters forecast a seventh weekly drop in crude stockpiles…
Oil Sheds 5% on Brexit Worry, Supply Builds
NEW YORK, July 5 (Reuters) - Oil prices tumbled nearly 5 percent on Tuesday as investors worried that Britain's exit from the European Union would slow the global economy, making it unlikely energy demand will grow enough to absorb a supply glut. Brexit worries hit Britain's property market and drove the pound to a 31-year low. A flurry of data from China in coming weeks is likely to show weaker trade and investments.
Oil Up on US Crude Draw; Brent Back Above $50
Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories. It was a second straight day of gains for oil, which has risen nearly 8 percent since Monday's settlement to recover almost all of what it lost after Britain's shock vote to exit the European Union.
Oil Jumps on Wall Street Rally, Weak Dollar
Oil futures rose 3 percent Wednesday, rallying in tandem with share prices on Wall Street and in reaction to a weaker dollar, ahead of U.S. government data likely to show a smaller build in crude inventories in the latest week. The International Energy Agency's remarks downplaying expectations for a deluge of Iranian oil also soothed concerns that…
