Oil Rises as Investors Latch on to OPEC Cuts, Supply Outlook
Oil rose on Monday, reversing earlier losses, as investors latched on to positive supply-side drivers for the market, although concern about the wider economy simmered in the background after data pointed to a slowdown in China.Brent crude oil futures were up 12 cents at $62.82 a barrel by 1520 GMT, while U.S. crude futures were up 9 cents at $53.89 a barrel.Analysts said a more robust backdrop for financial markets, together with the prospect of slower crude production growth…
Oil Rises on U.S. Weather News, OPEC Rumors
Gulf of Mexico producers shut in 0.17 mln bpd of oil. Oil futures rose on Tuesday supported by production suspensions in the U.S. Gulf due to an expected tropical storm and speculation that producers meeting in Algeria next month will act to prop up prices. Brent crude futures were trading at $49.53 per barrel at 1142 GMT, up 27 cents from the previous close. U.S. West Texas Intermediate (WTI) crude was up 36 cents at $47.34 a barrel. Oil and gas operators in the U.S.
Oil Dives as Britain Votes to Exit EU
Market contagion hits oil hard; Brent, WTI both fall more than 6 percent. Oil prices slumped by more than 6 percent on Friday after Britain voted to leave the European Union, raising fears of a broader economic slowdown that could reduce demand. Financial markets have been worried for months about what Brexit, or a British exit from the European Union, would mean for Europe's future, but were clearly not fully factoring in the risk of a leave vote.
As OPEC Argues, Oil Heads for Third Week of Gains
Iran says it won't agree on output restraint; strong Middle East output as China demand seems to slow. Oil prices headed for their third week of gains on Thursday, holding steady ahead of an OPEC meeting that analysts said was not expected to result in restrictions on crude output. The Organization of the Petroleum Exporting Countries is set for another showdown between rivals Saudi Arabia and Iran when it meets on Thursday in Vienna, with Riyadh trying to revive coordinated action or a formal oil output target…
Oil Slides on Mounting U.S. Stockpiles, Strong Dollar
OPEC, Russia output freeze may be 'meaningless' - IEA. Oil fell below $40 a barrel on Thursday, heading for the biggest weekly slide in two months, dented by record-high stockpiles in the United States and a stronger dollar. The U.S. government's Energy Information Administration (EIA) said crude stockpiles climbed by 9.4 million barrels last week - three times the 3.1-million-barrel build forecast by analysts in a Reuters poll. The continued…
Oil Nears $34 on Production Cut Hopes
Brent down around 10.5 percent this month. Oil rose towards $34 per barrel on Thursday, hitting a three-week high and bouncing well off a 12-year low set this month, supported by the possibility that major producers may cooperate to cut production. Russian Energy Minister Alexander Novak said on Thursday that it was reasonable to discuss the situation on the oil market and that exporters group OPEC was trying to organise a meeting with other producers next month.
Oil Down, but Stocks Holding Up
Oil prices give up gains, fall 3 percent; Focus turns to Fed meetings. Oil prices tumbled 3 percent on Monday and dragged the dollar down, but world stocks clung onto gains in a sign of stabilisation after a horrendous start to the year. Crude oil prices fell 3 percent as Iraq announced record-high oil production feeding into a heavily over supplied market, wiping out much of the gains made in one of the biggest-ever daily rallies last Friday.
Oil at 11-Year Low as Saudi-Iran Row Impacts Markets
Saudi-Iran split dashes chance of OPEC deal to curb oil glut; analysts expect rise in U.S. crude stocks. Oil prices slid more than 4 percent to new 11-year lows on Wednesday as the row between Saudi Arabia and Iran made any cooperation between major exporters to cut output even more unlikely. The furore over Saudi Arabia's execution of a Shi'ite cleric has stripped nearly 8 percent off the price of oil in the last three trading days, killing speculation that OPEC members might agree to production cuts to lift prices.
Oil Trades Lower as Supplies Weigh
Crude inventories fall after 10 straight weeks of gains; refined products inventory on the rise in U.S. and Europe. Oil gave up most of its early gains on Thursday to trade around $40 per barrel as persistent oversupply concerns offset a surprise fall in U.S. crude inventories after 10 weekly rises. Brent futures are down more than 6 percent this week and having dipped below $40 per barrel there are renewed expectations it might test 2008's low around $36.
Oil Slides as Glut Weighs
U.S. crude touches lowest since August; Oil prices could fall further - Goldman Sachs. Oil fell on Thursday, with U.S. crude dipping below $40 per barrel, retreating from early gains amid a persistent global glut of crude and refined fuel. Brent crude futures were down 24 cents at $43.90 a barrel by 1308 GMT. Rising U.S. stockpiles were the most visible evidence of oil markets being over supplied. Goldman Sachs said on Thursday there was still a downside risk to oil prices "as storage utilization continues to climb".
Crude Oil Recovers, But Glut Weighs
Gulf producers delay field maintenance to keep output high. Oil recovered off earlier lows on Tuesday, but stayed well below $50, pressured by a glut in supply and worries about a fragile demand outlook. Brent crude futures were up 33 cents at $49.12 by 1100 GMT, but gains were kept in check by Russian production hitting a post-Soviet peak and a weaker outlook for demand from China. U.S. crude futures were up 39 cents $46.53 per barrel, after falling in the previous session due to a rise in stockpiles.
Oil Up Ahead of Fed on Dwindling U.S. Stockpile
U.S. stockpiles down 3.1 mln barrels last week. Oil rose on Wednesday after an unexpected drawdown in U.S. stockpiles and an increase in U.S. gasoline prices, but concerns remained about a global surplus, falling Asian demand and whether the Federal Reserve would raise interest rates. U.S. crude futures strengthened after the American Petroleum Institute (API) reported a 3.1-million-barrel drop in crude inventories last week, versus analyst expectations for an increase. "It is a big data week," CMC Markets analyst Michael Hewson said.
Oil Steady as EU Hopes Offset Supply, Dollar
French, German data point to improvement in Europe economy; Iran nuclear deal eyed for more trading cues. Oil prices remained flat on Tuesday as strong European economic data and optimism a deal will be struck between Greece and its creditors offset the impact of a supply glut and a stronger dollar. Prices recovered after falling earlier in the session, moving into positive territory as European shares climbed to a three-week high on expectations of a Greek deal.
Oil Falls on Stronger Dollar, Oversupply Worries
Oil prices fell on Thursday due to a stronger dollar and a gloomy economic outlook from the World Bank, while a bullish report about global demand from the International Energy Agency (IEA) failed to dispel concerns about a supply glut. In its twice-yearly Global Economic Prospects report, the World Bank predicted the global economy would expand by 2.8 percent this year, below its 3 percent outlook in January, with India recording the biggest growth of major economies for the first time, ahead of slowing China.
Brent Above $66 on Weaker Dollar
Brent crude futures rose above $66 a barrel on Tuesday as a weaker dollar and the Yemen conflict helped lift prices. Record high oil output from Saudi Arabia in April failed to dent the move, although Goldman Sachs warned of further oil price declines. June Brent crude was up $1.34 at $66.25 a barrel by 1000 GMT. June West Texas Intermediate (WTI) rose $1.03 to $60.31 a barrel. The dollar was down 0.7 percent against a basket of currencies. Dollar-traded commodities such as oil benefit from a weaker U.S.
Brent at $55 as Iran Talks Drag On
Iran hopes to wrap up talks by Wed night. Brent crude oil futures held around $55 a barrel as speculation continued over whether a preliminary deal over Iran's nuclear programme would be reached, opening the way for more Iranian crude to come into world markets. Talks between Iran and six world powers to settle a dispute around Tehran's nuclear programme extended beyond a Tuesday deadline in the Swiss city of Lausanne. Brent crude for May delivery was down 3 cents at $55.08 a barrel by 1026 GMT, after reaching a session low of $54.70. U.S.
Brent Rises on Weak Dollar, WTI Falls
Crude oil futures diverged on Thursday with Brent rising towards$58 a barrel on Thursday as the dollar weakened, while U.S crude futures fell below $48 a barrel after industry monitors estimated another big stock build at the Cushing, Oklahoma, delivery point for U.S. crude. The dollar fell after U.S. retail sales unexpectedly dropped for a third straight month in February as harsh weather likely dampened consumer spending. The dollar was down 0.43 percent against a basket of currencies…
Brent Tops $61 on Iraq, Libya Violence
Libya has declared force majeure on 11 oilfields. Brent crude future prices rose above $61 a barrel on Thursday, as investors brushed aside bearish U.S. inventories data to focus on tensions in Iraq and Libya. A deteriorating security situation led Libya's state oil company to declare force majeure on 11 of its oilfields on Wednesday. In Iraq, Islamic State militants have set fire to oil wells in the Ajil field east of the city of Tikrit to try to hinder aerial attacks aimed at driving them from the oilfield, a witness and military source said.
Oil Near $56 as Dollar Weakens
Brent, U.S. crude up more than $1. LONDON, Feb 12 (Reuters) - Oil prices rebounded more than $1 towards $56 a barrel on Thursday, after a two-day decline, as a weakened dollar and industry spending cuts offset worries of a supply glut. Analysts at Sucden Financial pointed to a softer dollar boosting buying on Thursday in a note to clients. A weaker U.S. unit makes dollar-priced commodities such as oil cheaper for holders of other currencies.
Oil Over $58, OPEC Raises Demand Forecast
OPEC sees increased demand for its oil in 2015; Cartel also slashes forecast for non-OPEC supply. Brent crude prices rose above $58 a barrel on Monday after OPEC forecast demand for its oil would be greater than expected in 2015 and the number of U.S. oil rigs hit a three-year low. The Organization of the Petroleum Exporting Countries (OPEC) forecast demand for the cartel's oil will average 29.21 million barrels per day (bpd) in 2015, up 430,000 bpd from its previous forecast.
