Oil Outshines Stocks and Dollar in 2022
Oil prices are proving resilient to global economic recession fears and have outperformed major equity indices and the U.S. dollar so far this year as Western sanctions on Russia further limit supplies to an already tight market.The two major crude futures contracts are up about 30% so far this year, while the All Country World Index (ACWI) is down about 15%, Refinitiv Eikon…
Oil Barrels Toward $79 to Start '22
Oil rose towards $79 a barrel on Monday supported by tight supply and hopes of further demand recovery in 2022 spurred in part by a view that the Omicron coronavirus variant is unlikely to significantly dampen the outlook.Libyan oil output will be cut by 200,000 barrels per day for a week due to pipeline maintenance. OPEC and its allies, known as OPEC+, are expected to stick to a plan to raise output gradually at a meeting on Tuesday.Brent crude rose 95 cents…
Markets: Oil Rises as Inventories Expected to Fall
Oil rose on Tuesday on expectation of a continuous decline in U.S. oil inventories, recouping some losses from the previous session due to lingering concern over rising cases of the Delta coronavirus variant.Brent, the international benchmark for oil prices, rose 60 cents, or 0.8%, to $73.49 a barrel, at 0905 GMT.U.S. West Texas Intermediate (WTI) crude was up 63 cents, or 0.9%…
Oil Surges After OPEC+ Extends Cuts
Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April.Brent futures rose $2.10, or 3.2%, to $68.84 a barrel by 11:25 a.m. EST (1625 GMT). Earlier in the session, the global benchmark hit its highest since January 2020.U.S. West Texas Intermediate (WTI) crude rose $1.87…
Oil Rises on Vaccine Hope, Weak Dollar
Oil rose for a fourth straight session on Wednesday as the market shrugged off an industry report showing U.S. crude stockpiles rose more than expected, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.Brent crude was up 30 cents, or 0.6%, at $48.16 a barrel by 1211 GMT, having risen almost 4% in the previous session. West Texas Intermediate crude gained 24 cents…
Oil Prices Extend Gains on Demand Hopes as Lockdowns ease
Oil prices jumped again on Tuesday on hopes for a recovery in vehicle traffic and fuel demand as some European and Asian countries along with several U.S. states began to ease coronavirus lockdown measures.West Texas Intermediate (WTI) crude futures were 7.75%, or $1.58, higher at $21.97 per barrel by 0820 GMT. The U.S. benchmark has closed higher for the last four sessions.Brent crude futures were up 5.5%…
Oil Facing Prolonged Period of Demand Destruction
Oil prices rose on Friday as the world's richest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession and U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia.Brent crude futures were up $1.14, or 4%, at $29.61 a barrel by 1133 GMT. U.S. crude futures for April rose $1.34, or 5.3%, to $26.56. The front-month contract expires later on Friday. The more active U.S.
Oil on Track for Biggest Yearly Rise Since 2016
Oil fell on the last trading day of the decade on Tuesday but was still on track for monthly and annual gains, supported by a thaw in the prolonged U.S.-China trade row and Middle East unrest.Brent crude was down 74 cents at $65.93 a barrel by 1434 GMT. U.S. West Texas Intermediate (WTI) crude fell 82 cents at $60.86 per barrel.The volume of trade remained low as many market…
Oil Prices Set for Biggest Yearly Rise Since 2016
Oil rose on the last trading day of the decade on Tuesday and was on track for monthly and annual gains, supported by a thaw in the prolonged U.S.-China trade row and Middle East unrest.Brent crude was up 11 cents at $66.78 a barrel by 1143 GMT. U.S. West Texas Intermediate (WTI) crude rose 6 cents at $61.74 per barrel.The volume of trade remained low as many market participants…
Oil Rises Toward $65
Oil rose towards $65 a barrel on Tuesday as OPEC supply cuts and Middle East tensions outweighed the U.S.-China trade dispute that has been dragging down the global economy and oil demand.OPEC and its allies led by Russia agreed last week to extend their supply-cutting deal until March 2020. Brent has risen almost 20% in 2019 supported by the pact and also tensions in the Middle East…
Oil Rises on Iran Sanctions, and Dip in U.S. Fuel Inventories
Global oil markets to tighten towards end of 2018 - IEA.Oil prices rose on Thursday, extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in U.S. crude inventories.Benchmark Brent crude oil was up 60 cents a barrel at $77.74 by 1320 GMT. U.S. light crude was 40 cents higher at $69.91.Brent has risen by almost 10 percent…
Oil Rises on Saudi Purge, Tighter Markets
Saudi crown prince cements power with high-level arrests; U.S. rig count falls to lowest level since May 2016. Oil prices hit their highest since July 2015 on Monday as Saudi Arabia's crown prince cemented his power over the weekend through an anti-corruption crackdown, while markets continued to tighten. Brent crude futures were trading 26 cents higher at $62.33 a barrel by 1012 GMT, after hitting a session peak of $62.90, a 28-month high. U.S.
Oil Falls as Market Stays Well Supplied
Oil prices fell on Thursday on signs that the market remained well supplied with crude despite efforts by OPEC and other big exporters to curb production and support prices. Signs of a deepening political crisis in Washington accelerated the decline in prices with investors becoming increasingly cautious following the latest reports of links between Russia and the team in the White House.
Oil Prices Rise on Forecasts of Lower U.S. Inventories
Oil prices rose on Tuesday as expectations of a drawdown in U.S. crude and product inventories outweighed news of higher Libyan production. Benchmark Brent crude oil was up 40 cents at $53.52 a barrel by 1310 GMT. U.S. light crude was 25 cents higher at $50.49 a barrel. Both benchmarks recovered from four-month lows last week on expectations that the Organization of the…
Crude Oil Prices Face Weekly Decline as Glut Fears Persist
Crude futures remained on track for weekly losses on Friday as investors reassessed U.S. data on oil stocks and excesses in oil products in Europe and Asia. While many expect global oversupply of oil to ease in the near term, huge amounts of crude are languishing in vessels at sea and storage tanks on land as the rebalancing takes longer than some had anticipated. "The narrative of a balanced oil market (in the second half of 2016) has so far been an illusion…
Crude Prices Face Weekly Decline on Glut Worries
Crude futures were on track for weekly losses on Friday as investors reassessed U.S. data on oil stocks and excesses in oil products in Europe and Asia. While many expect global oversupply of oil to ease in the near term, huge amounts of crude remain in vessels at sea and storage tanks on land as the rebalancing takes longer than some had anticipated. "The narrative of a balanced oil market (in the second half of 2016) has so far been an illusion…
Oil Prices Ease from Seven-Month Highs
Analysts see oil prices in a $40-$50 range; supply disruptions slowly helping to clear oil glut. Oil futures fell below $49 on Friday, moving further away from a seven-month high hit a day earlier, with analysts predicting range-bound markets for the next few months as supply outages slowly help to clear a glut of crude. Prices also came under pressure from a strong U.S. dollar, buoyed by generally positive U.S.
