US lawmakers question the SLB of oil service companies' exemption from Russian sanctions
Dozens U.S. Both political parties sent representatives to urge the Biden administration on strengthening sanctions against Russian oil shipments. They also questioned the exception granted to SLB, the largest oilfield service company in the world to operate within the country. The U.S., Europe and other countries have been trying to reduce Moscow's revenue from energy for the fight against the war since the 2022 Russian invasion of Ukraine. This led several oilfield services companies to leave Russia, but SLB remained in the country and helped keep Russian oil flowing.
Yellen: High US tariff wall a 'deeply misguided policy' that would increase prices
Janet Yellen, U.S. Treasury secretary will announce on Thursday that Donald Trump's proposal to wall off the U.S. Economy would be "deeply ill-informed", raising prices for American customers and making U.S. businesses less competitive. In excerpts from remarks that Yellen will deliver on Thursday afternoon at the Council on Foreign Relations, New York, Yellen said the U.S. can't afford to go back to previous unilateral actions in order to advance their own economic and national-security interests. Yellen didn't name Trump, but referred instead to Trump's calls for steep tariff increases.
Yellen warns that the end of US clean energy tax credit would increase consumer costs
U.S. Treasury secretary Janet Yellen will warn on Thursday that any attempt to rollback the Biden administration’s clean energy tax credit would increase costs for families and threaten new investments in U.S. Manufacturing that are creating jobs. In excerpts from remarks that she will deliver on a visit to Raleigh, North Carolina Yellen said that across the nation, families have claimed 8,4 billion dollars in energy tax credit that would lower their long-term energy bills. Donald Trump, Republican presidential candidate…
Russian Oil Revenues Falling Because of Price Cap -US Official
Russian oil revenues are falling due to the price cap that Western countries imposed on its crude oil shipments and, ahead of further caps on Russia's oil products, Europe is well positioned to manage any price pressures, a U.S. Treasury official said on Wednesday.The Group of Seven countries, Australia and the European Union will extend sanctions on Russia for its war in Ukraine by putting a price cap on its oil products, such as gasoline and diesel, on Feb. 5. The coalition placed a $60 per…
Oil Dips, But Remains in View of $60
U.S. crude stocks fell by 761,000 barrels last week - API. Oil eased on Wednesday, edging lower for a second day, although an unexpected drop in U.S. crude inventories helped keep the price within sight of this week's 26-month highs. A rise in the dollar to one-month highs against the euro following a signal the previous day by the head of the U.S. Federal Reserve that rates will continue to tighten dampened the broader commodity markets and that weakness fed into oil. Brent November crude futures were down 31 cents at $58.13 a barrel by 1055 GMT, while U.S.
Oil Slips as Market Focus Looks to Jackson Hole
Dollar up ahead of central bankers' meeting; tropical depression heads towards U.S. oil facilities. Oil prices slipped on Thursday, giving up some recent gains as the dollar strengthened ahead of a meeting of central bankers in Jackson Hole, Wyoming, which could signal changes to monetary policy. Benchmark Brent crude was down 20 cents a barrel at $52.37 by 1120 GMT. U.S. light, sweet crude was 20 cents lower at $48.21 a barrel. The annual meeting at Jackson Hole starts on Thursday and will include speeches by U.S.
Oil Prices Fall on Doubts over Russian Output Curbs
Oil prices slipped in Asian trade on Monday, wiping out some of the gains of the previous session amid ongoing concern over Russia's compliance with a global deal to cut oil output. Figures released last week showed Russia's February oil output was unchanged from January at 11.11 million barrels per day (bpd), energy ministry data showed, casting doubt on Russia's moves to rein in output as part of a pact with oil producers last year. U.S. crude futures, also known as West Texas Intermediate (WTI), fell 19 cents, or 0.3 percent, to $53.14 a barrel as of 0109 GMT after closing the previous session up 1.4 percent.
Oil Edges Higher on Weaker Dollar
Dollar retreats from seven-week high; U.S. inventories rise for eighth straight week. Oil prices ticked higher on Friday, recouping some of the previous session's losses, as a weaker dollar encouraged buying but investors remained cautious after Russian production figures showed weak compliance with a global deal to cut output. Global benchmark Brent was up 7 cents at $55.15 a barrel at 1252 GMT, recovering some of Thursday's losses that amounted to more than 2 percent. WTI futures traded at $52.64 a barrel, up 3 cents on the previous close.
Oil Slips Further Below $56, US Inventory Report Awaited
Oil slipped further below $56 a barrel on Wednesday as an industry report showing a large rise in U.S. crude inventories signalled ample supply, even as OPEC achieves record compliance with its supply-cut accord. U.S. inventories rose by a larger-than-expected 9.9 million barrels last week, the American Petroleum Institute (API) trade group said on Tuesday, ahead of the Energy Information Administration's (EIA) official supply report. "The inventory trend in the U.S. raises doubts about whether the OPEC production cuts have actually resulted already in a tighter supply situation…
Oil Slips Below $56 on U.S. Inventories
API reports large rise in U.S. crude inventories; room for non-OPEC countries to cut output further, Oman says. Oil slipped further below $56 a barrel on Wednesday as an industry report showing a large rise in U.S. crude inventories signalled ample supply, even as OPEC achieves record compliance with its supply-cut accord. U.S. inventories rose by a larger-than-expected 9.9 million barrels last week, the American Petroleum Institute (API) trade group said on Tuesday, ahead of the Energy Information Administration's (EIA) official supply report. "The inventory trend in the U.S.
Oil Set for First Weekly Gain in Five
Strong dollar weighs as chance for U.S. Fed rate hike increases; Saudi energy minister urges OPEC to cut output ahead of meeting. Brent crude oil prices were headed for their first weekly gain in five on Friday buoyed by renewed hopes that OPEC might agree production cuts, but a stronger U.S. dollar capped gains. Brent crude oil futures were flat at $46.49 per barrel at 1101 GMT. U.S. West Texas Intermediate (WTI) crude oil futures were down 7 cents at $45.35 a barrel and were on track for a their first weekly gain in four.
Hedge Funds Strongly Bet on Crude Oil
Hedge funds and other speculators raised their bullish bets on oil by the most on record fueled by speculation that Organization of the Petroleum Exporting Countries will agree next month to a production freeze deal with non-OPEC producers. Money managers, including hedge funds, raised their net long U.S. crude futures and options positions in the week to Aug. 23 for the third consecutive week to the highest since early June, data from the U.S. Commodity Futures Trading Commission (CFTC) showed on Friday.
Yellen's Rate Hike Language Boosts Dollar; Deflate Stocks
U.S. equities gave up early gains on Friday, hurt by a surging U.S. dollar after Federal Reserve Chair Janet Yellen said that the case for raising U.S. interest rates has strengthened in recent months. European stocks advanced, however, while oil and Treasury prices came off highs as investors across asset classes parsed the details of Yellen's presentation, markets' central focus of the week. In her much-awaited speech during an international gathering of central bankers in Jackson Hole, Wyoming, Yellen did not indicate when the U.S.
Oil Up as Yemen Missiles Hit Saudi Oil Facilities
Oil prices rose about 2 percent on Friday after reports of Yemeni missiles hitting Saudi Arabia's oil facilities. Yemeni forces have fired ballistic missiles at the facilities belonging to the Saudi state oil giant Aramco in the kingdom's southwest, according to traders citing reports by Iran Press TV and Yemen TV. Prices were also supported dollar tumbled against a basket of currencies after U.S. Federal Reserve Chair Janet Yellen's comments at an international gathering of central bankers in Jackson Hole. The dollar index fell 0.5 percent following Yellen's comments, giving a boost to greenback-denominated oil.
Oil Below $49 as Glut Outweighs Production Reduction Hopes
Brent's August rally fizzles outas U.S. crude inventories seen lower in weekly report. Oil fell below $49 a barrel on Tuesday, giving up part of August's strong rally, as signs of rising supply outweighed hopes that producing nations will agree steps to support prices. A Nigerian militant group, which has claimed a wave of attacks on oil facilities, said at the weekend it was ready for a ceasefire and Iraq resumed pumping through a northern pipeline halted earlier this year. Brent crude was down 41 cents at $48.75 a barrel at 1103 GMT.
Oil Above $50 on API Report, Bracing for Brexit
API says US crude stocks fall 5.2 million barrels. Oil rose further above $50 a barrel on Wednesday supported by an industry report that showed a large drop in U.S. crude inventories and a boost in investor risk appetite ahead of Britain's referendum on EU membership. U.S. crude inventories fell by 5.2 million barrels, the American Petroleum Institute (API) said on Tuesday, far more than analysts expected. Official stocks data is due later on Wednesday from the U.S. Department of Energy (DOE).
Brent off 7-month High, Momentum Continues
Brent oil prices inched lower on Tuesday after hitting a seven-month high a day earlier, but the market momentum looked strong on a weak dollar, attacks on Nigerian oil infrastructure and falling U.S. crude inventories, analysts said. London Brent crude for August delivery was down 13 cents at $50.42 a barrel by 0148 GMT, after settling up 91 cents on Monday. Brent touched a high of $50.83 in the previous session, its highest since Nov. NYMEX crude for July delivery was down 7 cents at $49.62 a barrel, after settling up $1.07 on Monday.
Oil Hits 2016 High on Ebbing Supply, Softer Dollar
U.S. crude stockpiles likely fell 3.5 mln bbls last week. Oil prices hit their highest in eight months on Tuesday, buoyed by the dollar nearing one-month lows and by falling Nigerian oil output after a spate of attacks on infrastructure. Brent crude futures were up 67 cents on the day at $51.22 a barrel by 1135 GMT, having hit an intraday peak of $51.29 earlier in the day, their highest since October. U.S. crude oil futures rose 60 cents to $50.29 a barrel, having touched a fresh 2016 peak of $50.37, their highest since October last year.
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. economic data amid growing expectations of a near-term increase in interest rates.
Oil Tops $50, Lifting Commodity Stocks
Brent oil tops $50/barrel first time in nearly 7 months. Brent crude oil topped $50 a barrel for the first time in nearly seven months on Thursday, lifting commodity and energy-related shares in Europe and Asia, though worries about U.S. interest rates and signs of slowdown in China limited gains. Oil's rise took it to levels more than 80 percent above January's 12-year lows and was fuelled in part by a weaker dollar, which fell against the Japanese yen. European shares edged higher, led by the basic resources and oil and gas sectors.
