Oil Slides 4% on China Virus Curbs, Climate Warning
Oil prices fell by 4% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.A United Nations panel's dire warning on climate change also added to the gloomy mood after fires in Greece have razed homes and forests and parts of Europe suffered deadly floods last month.Brent crude futures fell by $2.82…
Brent Crude Rises to Above $42 a Barrel
Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering.Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday, pledged to comply better with oil cuts, sources said. This means the curbs by the Organization of Petroleum Exporting Countries and allies, known as OPEC+, could deepen in July.Brent crude rose $1.09, or 2.6%, to $42.60 by 0829 GMT, the highest since June 8. U.S.
Oil Trades Strengthen to Mid-2015 Levels on Iranian Unrest
Oil prices posted their strongest opening to a year since 2014 on Tuesday, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia. U.S. West Texas Intermediate (WTI) crude futures traded flat at around $60.40 by 1200 GMT after hitting $60.74 earlier in the day, their highest since June 2015. Brent crude futures, the international benchmark, were also flat at around $66.80 after hitting a May 2015 high of $67.29 a barrel earlier in the day.
North Sea Pipeline, Dropping U.S. Stocks Support Prices
North Sea Forties pipeline shut due to crack; U.S. crude oil inventories expected to fall further. Brent crude prices steadied on Wednesday while WTI futures edged higher, supported by expectations of a fall in U.S. inventories and the continued outage of the North Sea Forties pipeline system. Brent crude futures, the international benchmark for oil prices, were at $63.81 a barrel at 1047 GMT, up 1 cent from their previous close. U.S. West Texas Intermediate (WTI) crude futures were up 21 cents at $57.77 a barrel.
Brent Holds Above $60 on Expected Output Cut
Saudi Arabia, Russia favour extending oil output cuts. Brent oil held above $60 a barrel on Monday, near its highest since mid-2015, on expectations OPEC-led production cuts would be extended beyond March although rising Iraqi exports put a lid on prices. Benchmark Brent crude futures were 7 cents higher at $60.51 per barrel at 1050 GMT, close to their highest since July 2015. They are 36 percent above the 2017 lows marked in June. U.S.
Oil Firms as Gulf Refineries Restart
Hurricane Harvey's impact on oil industry slowly fading. Brent oil prices firmed on Thursday, hovering near 3-1/2-month highs as U.S. refiners restarting after Tropical Storm Harvey increased their crude processing and the U.S. dollar declined. Brent crude futures were up 28 cents at $54.48 a barrel by 1143 GMT, close to their highest since May 25. U.S. West Texas Intermediate (WTI) crude futures eased by 11 cents to $49.05 a barrel, near a four-week high. U.S.
Oil Up as US Rigs and Refineries Brace for Hurricane
Oil prices rose on Friday as the U.S. petroleum industry braced for Hurricane Harvey, which could become the biggest storm to hit the U.S. mainland in more than a decade. Harvey became a category 2 storm as it crossed the Gulf of Mexico with winds of 110 mph (175 kph), 145 miles (235 km) off port O'Connor, Texas, the National Hurricane Center said. The hurricane is forecast to make landfall late Friday or early Saturday between Corpus Christi and Houston, both important oil refining centres. U.S.
Oil Falls on Surprisingly High U.S. Inventories
Libya's Sharara oilfield remains shut - sources; U.S. gasoline stocks rise by 1.4 million barrels. Oil prices fell on Wednesday, weighed down by concerns about rising production from Libya feeding into an oversupplied market and a surprise increase in U.S. gasoline inventories. Benchmark Brent crude futures were down 27 cents at $51.60 a barrel at 0950 GMT. U.S. West Texas Intermediate crude futures were trading at $47.67, down 16 cents. Production from Libya's Sharara oilfield, the conflict-riven country's largest, has been seesawing.
Oil Edges Up as U.S. Drilling Slows
U.S. drilling growth slows but rig count still high; China's refiners process near record amounts of crude. Oil edged up to around $49 a barrel on Monday as a slowdown in the increase of rigs drilling in the United States eased concern that surging shale supplies will undermine OPEC-led cuts. U.S. drillers added two oil rigs in the week to July 14, bringing the total to 765, Baker Hughes said on Friday. Rig additions over the past four weeks averaged five, the lowest since November.
Oil Bounces Back but Remains Near 2017 Lows
Despite pledge, OPEC and Russian oil supplies remain high. Oil prices edged up from 2017 lows on Friday but remained on track for a fourth consecutive week of losses because of excess supplies, despite OPEC-led production cuts. Brent crude futures were up 57 cents at $47.49 per barrel by 1224 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $44.85 per barrel, up 39 cents. "The market took a breather yesterday and is trying to recover somewhat this morning.
Oil Dips on U.S. Output, OPEC Tension
Oil markets in balance, but inventories still high - EIA. Oil prices dipped on Wednesday on renewed concerns about the efficacy of OPEC-led production cuts due to rising tensions within the export group over Qatar and growing U.S. output. Brent crude prices were at $49.72 per barrel at 1135 GMT, down 40 cents. Brent is about 8 percent below its open on May 25, when OPEC and other producers agreed to extend oil output cuts through to the first quarter of 2018. U.S. light crude prices were at $47.86 per barrel, down 33 cents. The U.S.
Oil Edges Up Despite U.S. Inventory Report
U.S. crude stocks at record 535.5 mln barrels; U.S. oil production at 9.2 mln bpd. Oil prices rose on Thursday, on track for a fourth consecutive daily gain, after recovering from losses triggered by record high U.S. crude inventories. Brent crude futures were up by 20 cents on the day at $54.56 a barrel by 1100 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 13 cents at $51.28 a barrel. The U.S. Energy Information Administration (EIA) reported an increase of 1.57 million barrels in crude inventories late on Wednesday…
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, down 4 cents from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were down 17 cents at $51.95 per barrel.
Oil Gains Tempered by OPEC Output, U.S. Crude Stocks
OPEC pumps 33.39 mln bpd in Sept, highest in at least 8 years. Oil receives some support from record Chinese crude imports. The price of crude oil climbed on Thursday, gaining support from record Chinese imports, but gains were limited after OPEC said its production had risen to the highest level in at least eight years and following reports of an increase in U.S. crude stocks. Brent crude futures were trading at $51.91 per barrel at 1037 GMT, up 10 cents from their previous close. U.S.
Oil Above $50 as Investors Warm to OPEC Deal
Brent holds over $50 per barrel, WTI above $48 a barrel. Oil rose to its highest since August above $50 a barrel on Monday, supported by a planned production cut by exporter club OPEC, although analysts cautioned the stubbornness of the existing supply overhang could temper a longer-lasting rally. December Brent crude futures were last up 42 cents at $50.61 a barrel by 0913 GMT, off a session low of $49.74, while U.S. crude futures rose 37 cents to $48.61 a barrel, above the day's low at $47.78.
Oil Up as U.S. Crude Build Slows
Crude prices rise after falling as much as 3 percent on Tuesday. Oil prices firmed on Wednesday after falling by as much as 3 percent in the previous session, as data from an industry group showed a smaller-than-expected build in U.S. crude stockpiles. The American Petroleum Institute (API) reported a crude build of 1.4 million barrels for the week ended Sept. 9, smaller than the 3.8 million barrel rise expected by analysts. The U.S. government will issue official inventory data later on Wednesday.
