Oil Drops after Saudi Arabia, Russia Delay Meeting on Output Cuts
Oil prices slipped on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.Brent crude slipped close to $30 a barrel in early trade and was at $33.45 by 0532 GMT, down 66 cents, or 1.9%. West Texas Intermediate crude fell 98 cents, or 3.5%…
Oil Rises After Russia Leans Towards Output Cut
Oil reversed course and rose as much as 3 percent on Thursday, after industry sources said Russia had accepted the need to cut production, together with OPEC ahead of its meeting next week.Prices, however, were still set for its biggest one-month fall in November since the depths of the financial crisis in 2008, having lost about 22 percent so far.A seemingly relentless rise in crude supply from the United States…
Oil Falls After Libyan Ports Reopen, Trump Tariff Threat
Global oil benchmark Brent fell more than $2 a barrel on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China and Libya announced the reopening of key oil export terminals.The spectre of tariffs on a further $200 billion of Chinese goods sent commodities lower along with stock markets, as tension between the world's biggest economies intensified.Brent crude fell $2.10…
Oil Touches Three-Month Lows
U.S. oil rig counts rise to most since September 2015. Oil hovered around three-month lows on Monday, as rising U.S. inventories and drilling activity offset optimism over OPEC's efforts to restrict crude output. Brent crude was down 7 cents on the day, at $51.30 a barrel by 1202 GMT, having hit a session trough of $50.85, its lowest level since Nov. 30. U.S. West Texas Intermediate crude (WTI) fell 15 cents to $48.34 a barrel.
Oil Slips on Dollar's Strength but OPEC Provides Balance
OPEC secretary general optimistic on output cuts. Global oil prices slipped on Wednesday as the U.S. dollar, in which payments for crude are made, rose but they traded broadly at multi-week highs after OPEC signalled optimism over its deal with other producers to curb output. The U.S. West Texas Intermediate April crude contract , the new front-month future, was down 37 cents, or 0.7 percent, at $53.96 a barrel at 1310 GMT.
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.
Oil Near Annual Peaks Awaiting OPEC Cuts
Venezuela says to cut 95,000 bpd output in new year; Iran expects OPEC to abide by agreement. Oil prices rose for a fourth consecutive session on Wednesday to trade above $56 a barrel, not far off their peaks since mid-2015, with the market awaiting evidence of OPEC supply reductions in the new year. International Brent crude futures were up 36 cents at $56.45 a barrel by 1000 GMT. Brent hit $57.89 on Dec. 12, its highest since July 2015. U.S.
Oil Rallies Despite OPEC Output Cut Doubts
U.S. crude inventories down 2.4 mln barrels last week; jury out on proposed OPEC oil production cuts. Oil prices recovered above $50 a barrel on Thursday, bouncing back from the week's lows as the dollar weakened against major currencies. The U.S. dollar index fell as Treasury bond yields eased and investors eyed next week's Federal Reserve meeting. A weak dollar makes dollar-denominated oil less expensive for importing countries.
Ebbing Brexit Fears Give Oil A Boost
Oil rose for a second day on Monday, buoyed by greater investor appetite for riskier assets such as commodities and equities, after polls showed a lower chance that Britain may vote to leave the European Union this week. August Brent crude futures were up 23 cents at $49.40 a barrel by 1357 GMT, on track for a 6-percent rise in two trading days. NYMEX crude for July delivery, which expires on Tuesday, was up 42 cents at $48.40 a barrel.
Oil Rallies as Brexit Fears Subside
Price rises above $50/barrel; polls show higher chance of Britain voting to remain in EU. Oil rallied on Monday, lifted by a wave of investor confidence and a weaker dollar after polls showed a diminishing chance that Britain may vote to leave the European Union later this week. August Brent crude futures were up 85 cents at $50.02 a barrel by 1055 GMT, set for a gain of 6 percent in two trading days.
Oil Eases as Oversupply Impacts Markets
U.S. oil rises 2 pct despite oversupply; surplus conditions to keep gains in check. Oil prices eased on Tuesday, dragged lower by a broad decline across major financial markets and by a growing expectation that global demand will not grow quickly enough to erase the overhang of unwanted crude any time soon. The world will store unwanted oil for most of 2016 as declines in U.S.
Crude on Track for Weekly Gain Despite Glut
Crude futures held steady around $49 in early Friday trading, poised to post the first weekly gain in three weeks despite a supply glut that has tested storage capacity and hammered company results. The potential gain, driven by smaller-than-expected builds in U.S. oil stocks, was widely viewed as a temporary boost in a market that is awash with oil and staring down sluggish economic growth in key markets such as the United States and China.
Brent Nears 4-Month Low on China News, Firming Dollar
Weak China PMI survey dents oil demand outlook; seasonal demand in U.S. has limited downside this week. Oil prices hovered near four-month lows on Friday after data showed a contraction in China's factory sector and the dollar rose against a basket of currencies. Activity in China's manufacturing sector shrank at the fastest pace in 15 months in July, according to a preliminary private purchasing managers' survey.
Brent Holds Above $98 Despite Weak Demand
Brent crude held above $98 a barrel on Friday, heading for its worst week in six as concerns over weak demand outweighed geopolitical worries in the Middle East and Ukraine. Weaker oil demand in China and Europe had caused growth in global oil demand to soften at a remarkable pace, the International Energy Agency said in its monthly report released on Thursday. The West's energy watchdog cut its demand growth projections by 150…
Brent Crude Nudges Near US$103
Brent crude nudged up towards $103 a barrel on Wednesday, recovering from a 14-month low hit last week although bountiful global supplies are checking gains. * U.S. Oil benchmarks on both sides of the Atlantic Basin have likely bottomed out after losing more than $10 since mid-June, analysts and traders said. Still, both Brent and West Texas Intermediate remain on track to post a second monthly fall against a backdrop of lower 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.
Brent Above $109 Before U.S. Oil Stocks Data, ECB Decision
U.S. Brent crude rose above $109 a barrel on Wednesday following a sharper-than-expected drop in U.S. oil inventories and as the euro zone eyed policies that may spur growth and boost the region's energy demand. The European Central Bank will meet on Thursday to discuss measures aimed at stimulating the economy after inflation in the 18-country currency area hit record lows in May.
Brent Oil Up to $110 on Ukraine Tension
Brent crude rose close to $110 a barrel on Wednesday due to mounting tensions in Ukraine, while prices for U.S. oil fell after a report showed a huge build in stockpiles in the world's largest oil consumer. Ukrainian government forces and separatist pro-Russian militia staged rival shows of force in eastern Ukraine amid escalating rhetoric on the eve of crucial talks on the former Soviet state's future.
