Oil Stabilizes, Supported by Bullish U.S. Inventory Data
Oil prices steadied on Thursday, supported by a bullish U.S. inventory report from the previous session even as an escalating trade dispute between the United States and China weighed on demand expectations.Brent crude oil was up 2 cents a barrel at $74.80 by 11:13 a.m. EDT [1513 GMT]. U.S. light crude was 2 cents lower at $67.84 a barrel."The market…
Oil Prices Climb on Global Demand and U.S. Sanctions on Iran
Oil prices rose on Monday as increased global demand and U.S. efforts to shut out Iranian output through the use of sanctions outweighed drilling data suggesting that U.S. shale production would climb.Benchmark Brent crude oil was up 60 cents at $77.71 a barrel by 1330 GMT. U.S. light crude rose 10 cents to $73.90."Oil prices are starting the week on the front foot in anticipation of reduced supplies from Iran after U.S.
Oil Steady Near Multi-year Highs as US Drilling Rises
Oil prices steadied below 3-1/2 year highs on Monday as resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran, while rising U.S. drilling pointed to higher North American production.Brent crude was up 15 cents at $77.27 a barrel by 1130 GMT. U.S. light crude oil was up 5 cents at $70.75.Both oil futures contracts…
U.S. Crude Stocks Rise Despite Cushing Drawdown
U.S. crude stocks rose less than expected last week, but the storage hub of Cushing, Oklahoma, saw yet another drawdown that has halved stocks in the last three months, a trend that may continue until more refiners shut for maintenance. Crude inventories rose by 1.8 million barrels in the week to Feb. 9, short of analysts' expectations for an increase of 2.8 million barrels, the Energy Information Administration said on Wednesday.
U.S. refiners gobble up foreign crude
Global oil producers pumping out crude have found particularly willing buyers lately in the United States, where refiners have reaped short-term benefits from buying foreign crude. Some question whether refiners are being strategic in their buying, piling up a surplus in advance of a potential border tax on imported crude. Analysts suspect it is due more to normal seasonal patterns.
Iraq's OPEC Revolt Shows Saudi-Iran Oil Deal Fragility
OPEC quarrelling even before ink on deal dries; huge obstacles ahead for binding OPEC deal in November. For years, debates in the OPEC conference room were dominated by clashes between top producer Saudi Arabia and arch-rival Iran. But as the two managed to find a rare compromise on Wednesday - with Riyadh softening its stance towards Tehran - a third OPEC superpower emerged.
Oil Edges Up but Biggest Drop in Brent since January
Crude prices inched up in choppy trading on Friday but Brent notched its largest weekly drop in nearly six months, as strong U.S. jobs data and bargain hunting by investors pitted against seasonally weak consumption of oil. The oil market initially rose about 1 percent or more after the U.S. economy posted the largest job gains in eight months in June and on worries about fresh militant attacks on Nigerian oil infrastructure.
Oil Prices Bounce on Nigeria Attacks, but Weekly Decline in Prospect
Crude prices bounced back on Friday from two-month lows hit in the previous session, but benchmark Brent was in line for its largest weekly decline since January as bearish economic indicators weighed on oil. Prices have gyrated as a glut of refined products and slowing economic growth contrasted with supply disruptions and expectations that the world's overhang of crude would soon begin to recede.
Brexit Just One of Many Risks for Oil Prices
Regardless of whether Britain votes to leave the EU on Thursday, oil investors are likely to stay focussed on how to counter the risk of further price slides. Once global financial markets stabilise after the referendum result, analysts say the most likely near-term outlook for oil is decline, either through dollar strength against the pound in the event of "Brexit"…
U.S. EIA Sees Tighter 2016 Oil Market as Demand Accelerates
Global oil demand will grow by the most in six years in 2016 while non-OPEC supply stalls, according to a monthly U.S. energy report that suggests a surplus of crude is easing more quickly than expected. Total world supply is expected to rise to 95.98 million barrels a day in 2016, 0.1 percent less than forecast last month, according to the U.S. Energy Information Administration's Short Term Energy Outlook.
Oil Down on U.S. Crude Supplies
U.S. crude stockpiles up 4.6 mln barrels last week. Oil prices slipped on Wednesday after an unexpectedly big build in U.S. crude inventories, further evidence of an oversupply that has helped halve global spot prices over the last year. U.S. crude oil stockpiles rose 4.6 million barrels in the week to Sept. 25, the American Petroleum Institute (API) said…
Oil moves Nears Six-Year Low on Japan, Rig Data
Japan economy shrinks in Q2; U.S. rig additions rise for fourth straight week. Oil fell towards six-year lows on Monday, on data showing the economy of Japan, the world's third biggest oil consumer, contracted in the second quarter. The global oversupply picture was exacerbated by another weekly jump in U.S. oil rig additions, hinting at growing production…
Glut Drags Oil to 4-Month Low
Chinese stocks fall 8 pct on Monday on growth worries; Brent falls to four-month low of $53.63 a barrel. Oil hit four-month lows on Monday after a steep drop in Chinese stock markets and on more evidence of a global supply glut that has halved prices over the past year. Chinese stocks tumbled more than 8 percent on Monday, the biggest one-day drop in eight years…
Oil Slips on Possible Iran Deal, Strong Dollar
An Iran nuclear deal could bring new oil supply; more price falls seen as U.S. stocks are sold off. Oil prices fell on Monday as officials from Iran and six world powers discussed a possible deal over Tehran's nuclear programme that could bring an end to sanctions and allow an increase in Iranian oil exports. The two sides have until the end of Tuesday to come up with an agreement at talks in Lausanne, Switzerland.
Oil Drops on Inventory Iran Talks
China, U.S. running low on storage capacity as stocks build; U.S. crude hits six-year lows before slight rebound. Brent crude oil fell to around $54 a barrel on Monday, its lowest for more than a month, on rising global inventories and signs of a possible nuclear deal with Tehran that could allow more Iranian oil exports. Western powers are hoping…
Oil Steady at $86 on Dollar, Data
U.S. dollar touches seven-year high vs yen. China data shows orders, factory output fall. Brent crude oil steadied around $86 a barrel on Monday as a stronger dollar balanced evidence of slightly lower oil production by OPEC ahead of a meeting of the producer group later in November. The dollar powered to a seven-year peak against the yen and a two-year high against the euro on Monday…
Oil Below $108 on Excess Supply, Weak Demand
Demand weak in Europe and Asia but supplies ample; Gaza fighting subsides with Hamas backing 24-hour truce. U.S., EU prepare more sanctions on Russia over Ukraine. Brent crude oil slipped below $108 a barrel on Monday as weak demand in Europe and Asia and ample supply in the Atlantic basin outweighed worries over political tensions in Ukraine and the Middle East.
Oil Slips to $108 on Slack US Demand
Oil fell towards $108 a barrel on Thursday, extending its longest losing streak in four years, under pressure from weak gasoline demand in the United States and the prospect of rising supply from Libya. Data showed an increase in U.S. gasoline inventories last week, indicating demand was not as strong as expected during the peak summer driving season.
Oil Steadies Below $111 as Supply Fears Fade
Brent crude oil steadied under $111 a barrel on Monday, just above a three-week low, as Libya geared up to resume oil exports from two ports closed for nearly a year. The North Sea oil benchmark dropped 2.3 percent last week, its biggest weekly decline since January, on the Libyan news and as Iraq's oil exports have remained largely unaffected by fighting in the north of the country.
Oil steadies below $111 as supply fears fade
Libya lifts force majeure on oil exports from two ports; Iraq supply worries ease as southern oilfields unscathed. Brent crude steadied under $111 a barrel on Monday, just above a three-week low, as Libya geared up to resume oil exports from two ports closed for nearly a year. The North Sea oil benchmark dropped 2.3 percent last week, its biggest weekly decline since January…
