Oil Steady as U.S.-Iran Row Balances Trade Worries
Oil prices steadied on Tuesday as tension between the United States and Iran highlighted risks to supply and trade disputes raised the prospect of slower economic growth and weaker energy demand.Brent crude oil was down 10 cents at $72.96 a barrel by 1328 GMT. U.S. light crude was unchanged at $67.89."The impact on oil supplies if U.S.-Iran tensions escalate significantly cannot be underestimated," said Abhishek Kumar, senior analyst at Interfax Energy. "Market participants are also keeping a close eye on the U.S.-China trade war."Both crude oil benchmarks have fallen this month as crude supplies from Russia…
Oil Rises on Middle East Worries, Venezuela Woes
Geopolitics not fundamentals lift prices, but relentless rise in U.S. crude output caps gains. Oil rose on Tuesday to its highest level so far this month, lifted by tension in the Middle East and the possibility of further falls in Venezuelan output. Brent futures were up 70 cents at $66.75 a barrel by 1027 GMT, after hitting $66.79, the highest level since late February. U.S. West Texas Intermediate (WTI) crude futures were up 45 cents at $62.51 a barrel. "The move today is more to do with geopolitical tensions than underlying fundamentals, but I don't expect that to last," PVM Oil Associates strategist Tamas Varga said.
Oil at Highest Level since June 2015
Iran unrest expected to keep prices firm; but U.S. expected to see its output pass 10 mln bpd. Oil prices rose on Wednesday to new two-and-a-half year highs as robust output in the United States and Russia balanced tensions from a sixth day of unrest in OPEC member Iran. U.S. West Texas Intermediate (WTI) crude futures were at $60.87 a barrel at 1241 GMT, up 49 cents from their last close and their highest level since June 2015. Brent crude futures - the international benchmark for oil prices - were at $67 a barrel, up 43 cents but still trailing Tuesday's high of $67.29 that was the most since May 2015.
Financial Oil Trading Booms, Especially in U.S.
WTI front-month trading volumes far higher than for Brent; boost comes as U.S. shale drillers hedge oil production. Financial oil trading is booming, hitting records this year, with volumes in U.S. contracts outpacing growth elsewhere on the back of the U.S. shale oil boom. Trading data in Thomson Reuters Eikon shows 2017 volumes for U.S. benchmark West Texas Intermediate (WTI) front-month futures, the most exchanged contracts, will hit a record of nearly 150 million. This is more than double the 71 million trades for spot Brent futures, the international benchmark, further widening a gap that has yawned open as U.S.
Oil Climbs, But Headed for Weekly Loss
OPEC to meet on Nov. 30 to discuss policy. Oil prices climbed on Friday but were still heading for their first week of losses in six, weighed down by Russian hesitation for extending a global pact to cut output and curb oversupply. Benchmark Brent crude oil was up 76 cents at $62.13 a barrel by 1219 GMT, recovering some ground after five sessions of losses. U.S. light crude hit a three-day high, rising more than $1 before easing back to $56.03, 89 cents up on the day. But prices were still on track to fall between 2 and 3 percent since the end of last week. "After five days of continuous losses, an upside correction is always on the cards.
Oil Gains as Inventory Overhang Erodes and Saudi Cuts Exports
Oil prices rose on Thursday, lifted by a sustained decline in inventories and as Saudi Arabia prepared to cut crude supplies to its prized Asian customers. Crude is down nearly 7 percent so far this year, suppressed in large part by concern that OPEC and its partners may not be able to force global oil inventories to drop by cutting production. Saudi Arabia said on Tuesday it would cut supplies to most buyers in Asia - the world's biggest oil-consuming region - by up to 10 percent in September. Brent crude futures were up 74 cents at $53.44 a barrel by 1303 GMT, while U.S. West Texas Intermediate crude was up 54 cents at $50.10 a barrel.
Oil Climbs as Demand Absorbs Glut
OPEC-shale "tug of war" keeps market fairly range-bound. Oil rose on Tuesday as demand soaked up some of the surplus supplies from OPEC and the United States, but traders said the market was trading in a tight range and showed few signs of big short term moves. Benchmark Brent crude was up 70 cents at $49.12 a barrel by 1150 GMT, while U.S. light crude oil was 65 cents higher at $46.67. "We're stuck in a range that ... will be tough to break out of without some kind of political factor coming into play," Matt Stanley, fuel broker at Freight Investor Services, said.
Qatari Export Costs to Rise as Port Ban Disrupts Trading
Region's largest bunkering hub shuns Qatari vessels; affected shippers may face delays, higher costs. The costs of Qatari energy and commodity exports are likely to rise as the United Arab Emirates' ban on Qatari vessels cuts the ships off from the region's main refuelling port, forcing ships to sail further for fuel or pay higher prices. Saudi Arabia and the UAE, along with Egypt, Yemen and Bahrain, on Monday cut diplomatic ties with Qatar amid accusations the country supported terrorists. The Arab allies are applying many economic pressure points, including barring Qatari flagged ships from entering their waters.
Oil Slides as U.S. Pumps More
Brent, WTI prices drop about 1 percent. U.S. rig count gains for 13th consecutive week. Crude oil slid lower on Monday on signs that the United States is continuing to add output, largely counteracting strong economic growth in China and OPEC efforts to cut production. Benchmark Brent crude futures were down 50 cents at $55.39 at 1126 GMT. On Thursday, before major markets closed for a holiday break, they settled up 3 cents at $55.89 a barrel. U.S. West Texas Intermediate (WTI) crude futures were down 47 cents at $52.71 a barrel, after rising 7 cents to $53.18 on Thursday.
Oil Edges off Three-Month Lows
API data on U.S. oil stockpiles in focus; oil prices have reversed most gains since Dec. Oil prices recovered modestly from three-month lows on Tuesday, with concerns persisting about rising U.S. inventories and few clear signs that OPEC will extend supply curbs beyond June. The immediate focus for investors is Tuesday's data from the American Petroleum Institute (API) about U.S. crude and product stockpiles after a bigger-than-expected climb in last week's report. Analysts see a further, albeit smaller, rise this time. "Right now, the direction of travel is more important than the absolute level…
Weaker Dollar, Saudi Ouput Pledge Propels Oil
Saudi commitment to cut output supports crude prices; investors doubt prices will rise further. Oil prices rose on Tuesday, supported by a falling U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output. Gains were capped by rising U.S. production and scepticism that the Organization of the Petroleum Exporting Countries (OPEC) as a whole would comply with its commitments to reduce supplies. Brent crude futures, the international benchmark for oil prices, were up 66 cents at $56.52 a barrel by 1304 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 78 cents at $53.15.
Oil Steadies After Weaker Dollar Weighs
Dollar slips against major currencies; U.S., Canada drilling activity rises. Oil prices stabilised on Tuesday after a sharp sell-off as a fall in the dollar triggered a bout of short-covering, but analysts said the market remained vulnerable to further falls. Rising oil prices through December encouraged investors to buy large volumes of crude oil futures contracts and many of these "long" positions are likely to be unwound unless the market stays strong, analysts and brokers say. "I see this as a dead cat bounce," said Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen. "We are seeing some short covering on the back of a weaker dollar," Varga said.
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. Traders said they were starting to square their books ahead of the upcoming Christmas weekend and the week running up to New Year.
Oil Falls as Speculators Cool on Crude, US Drillers Add Rigs
Oil prices fell for a second day running on Monday, driven lower by evidence of speculators cooling towards crude and after U.S. drillers added more rigs for a tenth week running. Brent crude futures were down 60 cents at $47.41 a barrel by 1352 GMT, having recovered from a session low of $46.90, while U.S. crude rose from an intraday low of $44.72 to trade at $45.23, down 65 cents. Traders said the price falls on Monday and Friday were a result of increasing drilling in the United States, which indicated that producers can operate profitably around current levels.
Oil Falls as U.S. Drills More
Brent, WTI prices down by over 1.5 percent; speculators cut long holdings, cash in on rally. Oil was on course for its largest two-day fall since late June on Monday, after speculators delivered hefty cuts to their bullish bets last week and U.S. crude drillers added more rigs for a tenth week running. Brent crude oil futures had fallen $1.06 on the day to $46.95 a barrel by 1125 GMT, bringing the percentage loss for the last two sessions to 6.1 percent, the biggest such decline since the last week in June. U.S. West Texas Intermediate futures fell $1.05 to $44.83 a barrel.
Asian Refining Margin Rebound may be Short-Lived
High margins may prompt refiners to increase run rates; Singapore refining margins to Dubai crude double year ago level. A rapid rebound in Asian refining margins ahead of the autumn maintenance season could prove short-lived as it may prompt refiners to lock in quick profits by increasing their run rates. Singapore refining margins to Dubai crude <DUB-SIN-REF> hit a 10-month high of $3.32 a barrel on Friday. Though they have since fallen back to $2.19 a barrel on Tuesday, they are still at the highest level since January and more than double levels seen this time last year of around $1.
Oil Steadies as IEA sees Balanced Market
World oil stocks near record highs; Saudi production rises to record 10.67 million bpd in July. Oil prices steadied on Thursday after the International Energy Agency forecast crude markets would rebalance in the next few months following several years of heavy overproduction. The IEA, which advises large developed economies on energy policy, predicted oil stocks would draw in the third quarter of this year for the first time in more than two years. North Sea Brent crude was up 10 cents a barrel at $44.15 by 1125 GMT. U.S. light crude traded around $41.71 a barrel, unchanged from the previous close, after falling sharply on Wednesday. "Oil's drop ...
Oil Traders bid Fond Farewell to Yahoo Messenger
As European and American markets open on Friday, oil traders face a new era with Yahoo Messenger, the main tool used by traders to communicate since the late 1990s, shutting down. While the software was still operating and actively in use during Asian hours on Friday, the company has announced it will shut its standalone messenger software on Aug. A raft of alternatives exist, but many oil industry users say they will dearly miss Yahoo Messenger, with even the odd tear being shed in memory of what became a much loved tool in an otherwise unsentimental industry. "You have no idea how much I'll miss Yahoo Messenger. I built up hundreds of contacts on it over more than a decade.
