Oil Near $65 as Glut Eases
U.S. crude inventories in focus after API reports decline; Brent may head back up to $66. Oil rose towards $65 a barrel on Wednesday before a U.S. government report expected to show domestic crude inventories fell for an eighth week, a sign that a supply glut is easing. The industry group American Petroleum Institute (API) on Tuesday reported a drop in U.S. crude stocks, ahead of Wednesday's official data. Doubts over the likelihood of a deal next week on Iran's nuclear work also supported prices. Brent crude rose 9 cents to $64.54 a barrel by 1058 GMT. U.S.
Oil Nears $66 on U.S. Inventories, Iraq Violence
U.S. crude stockpiles fall for third week; Islamic State attacks in Iraq support prices. Oil rose towards $66 a barrel on Thursday, gaining for a second day, supported by expectations that a global supply glut is starting to ease and by fighting in Iraq. The U.S. government's supply report on Wednesday showed crude inventories declined for a third week. Stockpiles had been at record levels due to excess supply, raising concern that storage capacity was getting tight. Brent crude was up 80 cents at $65.83 as of 0937 GMT, after earlier falling as low as $64.83. U.S.
Oil Below $56 on Lingering Oversupply Worries
U.S. to remain top source of oil supply growth up to 2020. Oil slipped below $56 a barrel on Wednesday, pressured by expectations that oversupply in world markets would persist and an industry report saying U.S. crude stocks rose from a record high. The American Petroleum Institute said on Tuesday crude stocks increased by 1.6 million barrels last week. Stocks are already at a record, according to the U.S. government's Energy Information Administration (EIA), which issues its latest report on Wednesday.
Brent Above $48 After U.S. Stocks Soar
U.S. crude futures remain close to six-year lows; Crude buying for storage supporting prices. Brent oil futures held above $48 a barrel on Thursday as speculator buying on hopes for a price rebound offset data showing record-high U.S. crude stocks. U.S. crude was trading at $44.26 a barrel by 1141 GMT, down 19 cents but off a six-year low hit on Wednesday. Brent was up 20 cents at $48.67. The U.S. Energy Information Administration (EIA) said domestic crude stocks had risen by almost 9 million barrels week-on-week to nearly 407 million…
Oil Falls Below $56, Annual Dip Biggest Since 2008
Weak Chinese data, demand concerns hit Brent; Libyan fighting cuts OPEC output to six-month low. LONDON, Dec 31 (Reuters) - Oil dropped below $56 a barrel on Wednesday and was heading for its biggest annual decline since 2008, pressured by weakening demand and a supply glut prompted by the U.S. shale boom and OPEC's refusal to cut output. Global benchmark Brent crude has fallen 49.5 percent in 2014 as demand growth slowed, the United States expanded output and OPEC, dropping its strategy of trimming supply to keep oil around $100 a barrel, chose instead to defend market share.
Oil Steady Under $79, Market Awaits OPEC
OPEC appears divided over response to oil price fall; Saudi Arabia increased crude exports in September. Sub-zero temperatures in the United States could lift demand. Brent crude oil steadied below $79 a barrel on Wednesday as data showed Saudi Arabia increased crude exports in September despite signs of an oversupplied market and producers appeared divided ahead of an OPEC meeting to discuss output. All eyes are on OPEC's response to a drop in oil prices of nearly one-third in recent months, with some smaller members calling for production cuts at the Nov. 27 meeting in Vienna.
Brent Recovers After Fall Below $91
* EIA data shows U.S. Brent crude hit a 27-month low on Wednesday before recovering to above $91 a barrel, attempting to rebound from a week of near non-stop selling despite data showing a hefty build in U.S. oil stockpiles. U.S. crude stocks climbed by 5 million barrels to 361.65 million in the week to Oct. 3, Energy Information Administration data showed. The build was way above the 1.5 million barrels forecast by analysts in a Reuters poll, but in line with preliminary stockpile data issued on Tuesday by the American Petroleum Institute.
Oil Weakens More on Rising Supply
Brent crude fell further under $97 a barrel in choppy trading on Thursday as abundant supply and a strong U.S. dollar largely outweighed worries conflict in the Middle East disrupting output. But after Brent fell close to $95 a barrel on Wednesday, traders said prices may stabilise for now. Brent fell 48 cents to $96.47 a barrel by 1433 GMT. It had hit its lowest since July 2012 at $95.60 on Wednesday. U.S. crude, also known as West Texas Intermediate (WTI) was down 41 cents at $92.39 a barrel. U.S. air strikes targeted Syrian refineries controlled by Islamic State.
U.S. Crude Oil Inventories Drop on Higher Refining
U.S. Energy Information Administration (EIA) data showed on Wednesday last week, U.S. crude oil inventories fell more than expected, due to the refinery to maintain a high capacity utilization.While gasoline inventories fell, but distillate stocks increased. When the week, the United States crude oil inventories fell 2.1 million barrels ended August 22, analysts had estimated reduction of 1.3 million barrels. EIA said Cushing, Oklahoma crude oil inventories increased by 50.8 million barrels, a slight increase of 8.4 million barrels per day of imports.
Oil Rebounds Towards $105 from 9-month Closing Low
Brent crude oil rose towards $105 a barrel on Wednesday, bouncing from its lowest close in nine months, after industry data showed a large drop in U.S. crude stocks last week. Investors have become increasingly nervous about weak seasonal demand and poor refinery margins in a global market that is well supplied with high quality, light crude oil. "The weakness comes from speculative length, good supplies of crude and a period of weak demand in the northern hemisphere," said Christopher Bellew, a broker at Jefferies Bache in London.
Oil Plunges below $105 on Oversupply, Weak Demand
Brent crude oil fell more than $1 to hit a two-week low on Friday, slipping below $105 a barrel in its third straight day of losses as oversupply in the Atlantic basin and low demand outweighed worries over political tensions in the Middle East, North Africa and Ukraine. Analysts say they expect global oil production to exceed demand this year, and a supply glut has already built up in the West African and European markets. Worries over geopolitical risks to oil supply have eased despite escalating violence in parts of the Middle East and North Africa. U.S.
Brent Holding at $107 on U.S. Crude draw, Russia Sanctions
U.S. crude stockpiles down 7.5 mln barrels last week; Chinese economic growth quickens to 7.5 percent in Q2. Washington slaps toughest sanctions yet on Russia. Brent oil held above $107 a barrel on Thursday with a sharp drop in U.S. crude stockpiles boosting the demand outlook in the world's top oil consumer while tougher U.S. sanctions on Russia raised geopolitical concerns. Continued worries about the political situation in Libya and Iraq also underpinned oil prices. Brent for September, which became the front-month contract on Thursday, rose 51 cents to $107.68 by 1021 GMT.
Oil hits One-Month Low as Supply Worries Wane
Libya restarts 340,000 bpd El Sharara oilfield; speculative length coming out of the market. Brent crude oil traded at a one-month low below $109 a barrel on Wednesday after a Libyan oilfield restarted and supply worries faded, prompting traders to reduce long positions. Libya has restarted the 340,000-barrel-per-day (bpd) El Sharara field after protesters ended a four-month strike, which could double the country's current crude output. The government has also taken back control of the Ras Lanuf and Es Sider oil ports…
Oil Flat as Iran Relations Thaw Offsets Iraq Fears
Oil was steady at around $113 per barrel on Tuesday, as signs of a thaw in relations between Iran and the West offset fears that Iraqi exports could be hit by spreading violence in OPEC's second-biggest oil exporter. Scores of Iraqis were killed on Tuesday during a battle for a provincial capital, and fighting shut the main oil refinery, starving parts of the country of fuel and power as an uprising by Sunni insurgents threatened Iraq's survival as a state. Islamic militants have seized towns in the north of the country in the past week…
Oil Prices High amid Iraq Violence
Oil prices jumped to nine-month highs on Thursday, as concerns mounted that escalating violence in Iraq could disrupt oil supplies from the second-largest OPEC producer. Sunni Islamist militants, who took over Iraq's second-biggest city Mosul earlier this week, extended their advance south toward Baghdad and surrounded the country's largest refinery in the northern town of Baiji on Thursday. "The fear is that will cause a threat to Iraqi oil exports," Christopher Bellew, a trader at Jefferies Bache, said.
Oil at Three-Month High on Iraq Anxiety
Oil prices surge as Iraq violence escalates; European shares stable as growth concerns cap gains. Oil prices hit a three-month peak on Thursday on worries escalating violence in Iraq may disrupt supply while European shares stabilised near 6-1/2-year highs with gains capped by global growth concerns. Investors have become increasingly anxious after militants from an al-Qaeda splinter group captured Mosul, the OPEC producer's second largest city, and appeared to be making rapid advances towards the Shi'ite-led government in Baghdad.
Brent Slips Towards $108
Brent crude oil futures slipped towards $108 a barrel on Tuesday, reflecting weak European refining demand, but reasonable Chinese manufacturing data helped keep a floor under prices. Brent futures for July were down 36 cents at $108.47 a barrel by 1351 GMT. U.S. crude was down 12 cents at $102.35 a barrel. "I think technically Brent has broken to the downside and that it will trend lower gradually," said Christopher Bellew, an oil broker at Jefferies Bache in London. Ole Hansen…
Oil Steady Above $109 on Multiple Variables; U.S. Stockpiles Rising
Libyan output capped at 210,000 bpd; western oilfields still shut; Total moves staff from Tripoli; Sonatrach withdraws staff from Libya. Statoil shuts Snorre B platform in North Sea after oil leak and U.S. crude stocks rose 1 mln barrels last week. Brent oil held steady above $109 a barrel on Tuesday as unrest and low output in OPEC exporter Libya offset downward pressure from expectations of a weekly build in U.S. crude stocks to a record high. Libyan output has dwindled to about 210…
Oil Slips on China PMI; Libya in Focus
Oil slipped below $108 a barrel on Monday, as a survey showing activity in China's manufacturing sector contracted for a fourth month and signs of progress in restoring some of Libya's oil output outweighed rising tension in Ukraine. The HSBC/Markit purchasing managers' index added to questions over whether the Chinese economy is still losing momentum. In Libya, tribesmen ended a blockade of the El Sharara oilfield and engineers hoped to resume pumping within a week. "Libyan production is going up marginally," said Carsten Fritsch, analyst at Commerzbank in Frankfurt.
Oil Prices Slip as China, Higher Supply Weigh
Oil fell below $107 a barrel on Thursday to its lowest in more than three weeks following lacklustre Chinese economic data, the prospect of a rise in Libyan oil supply and record-high U.S. inventories. China's Purchasing Managers' Index rose marginally in April, but export orders fell, which strengthened concerns that economic growth may continue to slow in the world's second-largest oil consumer after a slowdown in the first quarter. "Brent is breaking downwards, and the trigger seems to have been the poor data out of China and very high crude stocks in the States…
