Oil Rises After OPEC+ Agrees Record Output Cut
Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.After four days of wrangling, the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, agreed on Sunday to cut output by 9.7 million barrels per day (bpd) in May and June to support oil prices, representing around 10% of global supply.Brent crude futures rose 16 cents, or 0.5%, to $31.64 a barrel by 0709 GMT after opening at a session high of $33.99. U.S.
Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts
Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.6%, at $56.11 a barrel by 10:52 a.m. ET (1552 GMT), while U.S. West Texas Intermediate (WTI) was up 14 cents at $51.31 a barrel.The energy complex was led higher by U.S. gasoline futures , which jumped more than 1%, supported by outages at Exxon Mobil Corp's 502…
Iranian Tanker Hit by Missiles, Oil Rises
Oil prices jumped more than 2% on Friday, October 11, 2019, after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.The Suezmax crude tanker Sabiti was ablaze and suffered heavy damage after being hit by two missiles, Iranian media reported.Both oil benchmarks recorded their biggest daily rise since Sept. 16, the first trading day after the attacks on Saudi installations pushed oil prices up around 20%.International benchmark Brent crude futures were up$1.39…
Oil Prices Jump 2% After Tanker Attacks
Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings, analysts said.Such a disruption "could further exacerbate the supply problem," said Andy Lipow…
Oil Prices Near Flat
Oil prices were little changed on Monday as investors shrugged off fears of a global economic slowdown and focused on the prospect of tighter supply and lower U.S. crude inventories ahead.Brent crude oil futures climbed 30 cents to $67.33 a barrel by 11:56 a.m. EST (1556 GMT), while U.S. West Texas Intermediate (WTI) futures rose 11 cents to $59.15 a barrel.Crude oil pared earlier losses as the U.S. stock market turned positive."The oil market was worried about a global recession, and now we're kind of shaking that off and thinking that if the U.S.
Oil Below 2019 highs on OPEC Cuts
U.S.-China trade talks this week also in focus.Oil was close to its 2019 high of almost $67 a barrel on Tuesday, supported by OPEC-led supply cuts although gains were capped by concerns about slowing economic growth that could hit demand.The supply curbs led by the Organization of the Petroleum Exporting Countries have helped crude oil prices to rise more than 20 percent this year. U.S. sanctions against OPEC members Iran and Venezuela have also tightened the market.Brent crude slipped 21 cents to $66.29 a barrel by 1249 GMT, not far from the 2019 high of $66.83 reached on Monday. U.S.
Oil Prices Climb on OPEC-led Cuts
Oil prices ended more than 2 percent higher on Friday after OPEC members and allies like Russia agreed to reduce output to drain global fuel inventories and support the market, but the gains were capped by concerns that the cuts would not offset growing production.The Organization of the Petroleum Exporting Countries and its Russia-led allies, referred to as "OPEC+," agreed to slash production by a combined 1.2 million barrels per day next year in a move to be reviewed at a meeting in April.This was larger than the minimum 1 million bpd that the market had expected, despite pressure from U.S.
Oil Surges 5 pct as OPEC Agrees Output Cut
Oil prices jumped more than 5 percent on Friday as big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market.Benchmark Brent crude oil rose $3.26 a barrel to a high of $63.32 by 1355 GMT. In early trade, Brent had fallen below $60 when it looked as if oil exporters might not agree.U.S. light crude rose $2.62 to a high of $54.11 a barrel before slipping to around $53.90.Prices fell almost 3 percent on Thursday after the Organization of the Petroleum Exporting Countries ended a meeting in Vienna with only a tentative deal to tackle weak prices.
Oil Falls as High Inventories Outweigh Likely OPEC Cuts
Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week.The two global oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November, losing more than 20 percent as global supply has outstripped demand.Brent fell $1.20, or 2.0 percent, to a low of $58.31 a barrel on Friday, before recovering to around $58.50 by 1425 GMT. U.S. light crude futures dropped $1.39, or 2.9 percent, to $49.97.
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, around 1.5 percent of global supply, to support the market, sources told Reuters this week. But other producers, including Russia, have been reluctant to agree to a cut.Brent was up 60 cents a barrel at $67.22 by 11:30 a.m. EDT [1630 GMT].
Oil Extends Rally as Trump Reiterates Commitment to Iran Sanctions
Crude oil prices shot to a four-year high on Tuesday, catapulted by imminent U.S. sanctions on Iranian crude exports and the apparent reluctance of OPEC and Russia to raise output to offset the potential hit to global supply.Brent crude futures were up 87 cents, or more than 1 percent, at $82.07 a barrel by 10:43 a.m. EDT (1443 GMT) having touched a session peak of $82.22, the highest price since November 2014.The oil price is on course for its fifth consecutive quarterly increase, the longest stretch of gains since early 2007, when a six-quarter run led to a record high of $147.50 a barrel.U.S.
Oil Prices Surge After OPEC Rebuffs Trump
Oil prices jumped more than 2 percent to a four-year high on Monday after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.The Organization of the Petroleum Exporting Countries and non-OPEC states, including top producer Russia, gathered in Algiers on Sunday for a meeting that ended with no formal recommendation for any additional supply boost to counter falling supply from Iran."The market's still being driven by concerns about Iranian and Venezuelan supply…
Oil Up as U.S. Drilling Stalls, Iranian Sanctions Bite
Oil prices rose on Monday as U.S. drilling stalled and investors anticipated lower supply once new U.S. sanctions against Iran's crude exports kick in from November.Brent crude oil jumped $1.09 a barrel, or 1.4 percent, to a high of $77.92, but then eased to $77.60 by 1330 GMT. U.S. light crude was 55 cents higher at $68.30."A higher oil price scenario is built on lower exports from Iran due to U.S. sanctions, capped U.S. shale output growth, instability in production in countries like Libya and Venezuela and no material negative impact from a U.S./China trade war on oil demand in the next 6-9 months…
Oil Prices Jump as Gulf of Mexico Rigs Evacuated
Oil prices rose sharply on Tuesday after the evacuation of two Gulf of Mexico oil platforms in preparation for a hurricane.U.S. light crude rose $1.60 a barrel from Friday's close to a peak of $71.40, its highest since mid-July, before easing slightly to around $71.15 by 1140 GMT. U.S. markets were closed on Monday for Labor Day.Benchmark Brent crude, which traded on Monday, was up $1.10 at $79.25 a barrel, having earlier reached a high of $79.72, its strongest since May."The bull party is in full swing this morning as oil prices explode to the upside thanks to a weather-related jolt," said PVM analyst Stephen Brennock."The U.S.
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 over the past two weeks on widespread perceptions that the global oil market is tightening and could run short in the next few months as U.S.
Oil Prices Rise, Boosted by Supply Outlook
Oil gained on Monday as investors remained cautious over the supply outlook, having gained nearly 5 percent in price since the middle of July.October Brent crude futures were last up 71 cents at $75.47 a barrel by 1424 GMT. The September contract expires on Tuesday. U.S. crude futures rose $1.37 at $70.06 a barrel.The oil price has rallied almost uninterruptedly for the past two weeks, as looming sanctions on Iran have already started to curtail flows of oil from the country."There are a myriad of factors to follow at the moment in the oil market but one way or the other we always arrive at the same conclusion.
Oil Prices Ease, but Brent Still Set for Weekly Gain
Oil prices eased on Friday but Brent was still set to record a weekly gain helped by easing trade tensions and Saudi Arabia's decision to halt crude transport through a key shipping lane.Brent futures were down 9 cents at $74.45 a barrel by 1349 GMT but on track for the first weekly increase in four.U.S. West Texas Intermediate futures were 25 cents down at $69.37 and set for a fourth week of declines."The major source of bullish impetus stemmed from Saudi Arabia's decision to temporarily halt all oil shipments through the Bab al-Mandeb strait," brokerage PVM's Stephen Brennock said.
Oil Prices Rise After U.S. Crude Inventories Fall
Oil prices rose for a second day on Wednesday after data showed U.S. crude inventories fell more than expected, easing worries about oversupply that have dragged on markets in recent weeks.Brent crude was up 40 cents, or 0.55 percent, at $73.84 a barrel by 1310 GMT, after gaining 0.5 percent on Tuesday. U.S. light crude was 20 cents higher at $68.72, having risen nearly 1 percent in the previous session.U.S. crude and fuel stockpiles fell more than expected last week, industry group the American Petroleum Institute (API) reported late on Tuesday."The overnight API figures set a positive tone for oil prices…
Oil Falls After Libyan Ports Reopen, Trump Tariff Threat
Global oil benchmark Brent fell more than $2 a barrel on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China and Libya announced the reopening of key oil export terminals.The spectre of tariffs on a further $200 billion of Chinese goods sent commodities lower along with stock markets, as tension between the world's biggest economies intensified.Brent crude fell $2.10, or 2.7 percent, to a low of $76.76 before recovering slightly to $77.20, down $1.66, by 1325 GMT. U.S. light crude…
U.S. Oil Prices Steady Ahead of Sanctions on Iran
Oil prices steadied on Thursday, with U.S. crude near a 3-1/2-year high, but supply remained tight with investors concerned by the prospect of a big fall in crude exports from Iran due to U.S. sanctions.U.S. light crude was down 5 cents at $72.71 per barrel by 1331 GMT, after hitting $73.06 on Wednesday, its highest since November 2014. Benchmark Brent was up 5 cents at $77.67.The United States this week demanded all countries halt imports of Iranian oil from November, a hardline position the Trump administration…
