Oil Rises on Middle East Worries, Venezuela Woes
Geopolitics not fundamentals lift prices, but relentless rise in U.S. crude output caps gains. Oil rose on Tuesday to its highest level so far this month, lifted by tension in the Middle East and the possibility of further falls in Venezuelan output. Brent futures were up 70 cents at $66.75 a barrel by 1027 GMT, after hitting $66.79, the highest level since late February. U.S.
Oil at Highest Level since June 2015
Iran unrest expected to keep prices firm; but U.S. expected to see its output pass 10 mln bpd. Oil prices rose on Wednesday to new two-and-a-half year highs as robust output in the United States and Russia balanced tensions from a sixth day of unrest in OPEC member Iran. U.S. West Texas Intermediate (WTI) crude futures were at $60.87 a barrel at 1241 GMT…
Financial Oil Trading Booms, Especially in U.S.
WTI front-month trading volumes far higher than for Brent; boost comes as U.S. shale drillers hedge oil production. Financial oil trading is booming, hitting records this year, with volumes in U.S. contracts outpacing growth elsewhere on the back of the U.S. shale oil boom. Trading data in Thomson Reuters Eikon shows 2017 volumes for U.S.
Oil Climbs, But Headed for Weekly Loss
OPEC to meet on Nov. 30 to discuss policy. Oil prices climbed on Friday but were still heading for their first week of losses in six, weighed down by Russian hesitation for extending a global pact to cut output and curb oversupply. Benchmark Brent crude oil was up 76 cents at $62.13 a barrel by 1219 GMT, recovering some ground after five sessions of losses. U.S.
Oil Gains as Inventory Overhang Erodes and Saudi Cuts Exports
Oil prices rose on Thursday, lifted by a sustained decline in inventories and as Saudi Arabia prepared to cut crude supplies to its prized Asian customers. Crude is down nearly 7 percent so far this year, suppressed in large part by concern that OPEC and its partners may not be able to force global oil inventories to drop by cutting production.
Oil Climbs as Demand Absorbs Glut
OPEC-shale "tug of war" keeps market fairly range-bound. Oil rose on Tuesday as demand soaked up some of the surplus supplies from OPEC and the United States, but traders said the market was trading in a tight range and showed few signs of big short term moves. Benchmark Brent crude was up 70 cents at $49.12 a barrel by 1150 GMT, while U.S. light crude oil was 65 cents higher at $46.67.
Qatari Export Costs to Rise as Port Ban Disrupts Trading
Region's largest bunkering hub shuns Qatari vessels; affected shippers may face delays, higher costs. The costs of Qatari energy and commodity exports are likely to rise as the United Arab Emirates' ban on Qatari vessels cuts the ships off from the region's main refuelling port, forcing ships to sail further for fuel or pay higher prices.
Oil Slides as U.S. Pumps More
Brent, WTI prices drop about 1 percent. U.S. rig count gains for 13th consecutive week. Crude oil slid lower on Monday on signs that the United States is continuing to add output, largely counteracting strong economic growth in China and OPEC efforts to cut production. Benchmark Brent crude futures were down 50 cents at $55.39 at 1126 GMT.
Oil Edges off Three-Month Lows
API data on U.S. oil stockpiles in focus; oil prices have reversed most gains since Dec. Oil prices recovered modestly from three-month lows on Tuesday, with concerns persisting about rising U.S. inventories and few clear signs that OPEC will extend supply curbs beyond June. The immediate focus for investors is Tuesday's data from the American Petroleum Institute (API) about U.S.
Weaker Dollar, Saudi Ouput Pledge Propels Oil
Saudi commitment to cut output supports crude prices; investors doubt prices will rise further. Oil prices rose on Tuesday, supported by a falling U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output. Gains were capped by rising U.S. production and scepticism that the Organization of…
Oil Steady in Slow Pre-Holiday Trading
Saudi Oct crude exports dropped, but refined fuel exports rose. Asian refining capacity to jump next year. Oil prices were steady on Tuesday in timid trading ahead of the year-end holidays, with investors beginning to unwind positions without expecting to take up new ones until the start of 2017. International Brent crude oil futures were trading at $54.88 per barrel at 0821 GMT…
Oil Falls as Speculators Cool on Crude, US Drillers Add Rigs
Oil prices fell for a second day running on Monday, driven lower by evidence of speculators cooling towards crude and after U.S. drillers added more rigs for a tenth week running. Brent crude futures were down 60 cents at $47.41 a barrel by 1352 GMT, having recovered from a session low of $46.90, while U.S. crude rose from an intraday low of $44.72 to trade at $45.23, down 65 cents.
Oil Falls as U.S. Drills More
Brent, WTI prices down by over 1.5 percent; speculators cut long holdings, cash in on rally. Oil was on course for its largest two-day fall since late June on Monday, after speculators delivered hefty cuts to their bullish bets last week and U.S. crude drillers added more rigs for a tenth week running. Brent crude oil futures had fallen $1.06 on the day to $46.95 a barrel by 1125 GMT…
Asian Refining Margin Rebound may be Short-Lived
High margins may prompt refiners to increase run rates; Singapore refining margins to Dubai crude double year ago level. A rapid rebound in Asian refining margins ahead of the autumn maintenance season could prove short-lived as it may prompt refiners to lock in quick profits by increasing their run rates. Singapore…
Oil Traders bid Fond Farewell to Yahoo Messenger
As European and American markets open on Friday, oil traders face a new era with Yahoo Messenger, the main tool used by traders to communicate since the late 1990s, shutting down. While the software was still operating and actively in use during Asian hours on Friday, the company has announced it will shut its standalone messenger software on Aug.
Oil Steadies as IEA sees Balanced Market
World oil stocks near record highs; Saudi production rises to record 10.67 million bpd in July. Oil prices steadied on Thursday after the International Energy Agency forecast crude markets would rebalance in the next few months following several years of heavy overproduction. The IEA, which advises large developed economies on energy policy…
