Oil Rallies on Chinese Import Boost and Mideast Tensions
Oil prices firmed on Friday as bullish news from strong Chinese oil imports to turmoil in the Middle East put Brent on track for a nearly 3 percent weekly gain. The developments added to other signs that the market was finally rebalancing after years of excess, but analysts warned that the 2018 balance was still shaky. Brent was at $57.20 at 1335 GMT, up 95 cents. U.S.
Oil Steadies as U.S. Rig Count Drop Offsets Stockpile Worry
Oil prices steadied on Thursday, paring losses after a renewed drop in U.S. oil rigs, but analysts and traders said there could be another selloff in the coming week if U.S. crude stockpiles hit record highs again. Earlier in the day, U.S. crude futures slid 4 percent and Brent below $40 a barrel, extending bearish sentiment from Wednesday when the U.S.
Maersk Oil: New African Licences Price Resilient
Maersk Oil, a unit of shipping conglomerate A.P. Moller-Maersk, said its planned new investments in exploration in Africa are low cost and should make them relatively resilient to weak oil prices. The cash-rich Danish company said earlier on Monday it will pay $365 million upfront to buy 25 percent stakes in three licences owned by Africa…
Oil Rises on U.S. Rig Count
Oil prices rose on Friday, finishing higher for the week and month as well, after another decline in the U.S. oil rig count indicated domestic crude production could fall in coming months. Prices also got a boost from separate data showing U.S. oil output in August fell to third lowest figure this year. Brent, the global benchmark for oil, settled up 76 cents, or 1.6 percent, at $49.56 a barrel.
China Looks at Record Crude Buying Year
China's Jan-Sept crude imports up 8.8 pct on year ago. As China closes in on the United States as the world's biggest crude oil importer, demand from private refiners and stockpiling of cheap oil is expected to keep imports at record levels after a wobble in the third quarter. Despite slower growth in recent months - crude imports rose…
Oil Hits Month-High; Saudi-Russia Talks
Crude prices hit one-month highs on Tuesday after a new U.S. forecast showed tighter oil supplies next year, while and Russia, Saudi Arabia and other big producers hinted at further talks to support the market. Global crude benchmark Brent returned to above $50 a barrel, breaking range-bound trades since early September that have largely seen the market trade in a $5 band.
Oil nears $50, U.S. Stockpiles Balance China data
China factory PMI falls to 6-1/2-year low; weakening Chinese economy to hit global oil demand. Brent crude oil rose towards $50 a barrel on Wednesday as a drawdown in U.S. crude oil stocks outweighed the negative impact of weak economic manufacturing data from China. The American Petroleum Institute (API) said U.S. crude stockpiles fell 3.7 million barrels last week…
Oil Back to $50 From Six-Month Low
Brent fell below $50 on Monday for first time since January. Oil recovered to just above $50 a barrel on Tuesday after touching a six-month low in the previous session, although high global production and concern over the economic outlook in China weighed on the outlook. The bounce came as a weaker dollar took the pressure off commodities which tumbled on Monday…
Low Energy Prices Signals Long Term Retrenchment
Industry slashes costs after price drop; longer period of low prices means sustainable cost cuts. The slump in crude prices has jolted the oil industry into deep cost cutting which, unlike the previous downturn, could last for a few years at least. After overspending by the industry during the boom years, the collapse in prices in the…
White House Seeks Greater Power over Emergency Oil Stocks
The Obama administration wants greater authority from Congress to tap the emergency oil reserve to control spikes in global petroleum prices, seeking a more aggressive role for the 40-year-old stockpile. Authorized by Congress in 1975 after the Arab oil embargo, the Strategic Petroleum Reserve (SPR) has long been a defensive weapon to protect the U.S.
Low Prices Threaten Arctic, UK Fields
Over 1 bln barrels could stay in the ground. Arctic Norway, mature British fields most vulnerable. British, Norwegian oil investments set for sharp falls but ongoing UK projects, Sverdrup to go on. Big oil and gas finds in waters along Europe's northern edge may remain undeveloped now that oil prices have dropped, keeping potential supply…
Oil Price War Waged with Deep Discounts
Kuwait crude discount to Arab Medium at widest in 10 years; Iraqi Basra Light OSP lowest in 1 year against Arab Medium. Little room for OPEC members to lower prices, gain market share. Kuwait, Saudi Arabia's traditional Gulf ally, is challenging its bigger neighbour in an increasingly competitive battle for market share as it sells oil to buyers in Asia at the widest discount to a comparable Saudi grade in 10 years.
Brent Crude Hits 16-month Low Under US$99
Brent crude dropped to a 16-month low under $99 per barrel on Wednesday, stretching its losses into a fifth session amid continued worries about rising supplies and weak global demand. While a larger-than-expected fall in weekly U.S. crude stocks kept a floor under oil prices, gains were curbed by a firmer U.S. dollar that makes commodities priced in the greenback more expensive for holders of other currencies.
Oil Falls Under $100, Lowest in 16 Months
Brent crude slid below $100 a barrel on Monday for the first time in more than a year as Chinese and U.S. data pointed to slower-than-expected growth in the world's top oil consumers. Weak economic growth combined with ample supply has pushed oil prices down from a high for the year above $115 hit in June, complicating efforts by central…
Brent Crude Falls Close to US$100
Brent crude oil fell towards 14-month lows just above $100 a barrel on Monday after Chinese and U.S. data pointed to slower-than-expected growth in the world's top oil consumers. * Data compound growth worries after weak U.S. * Coming Up: U.S. China's import growth fell unexpectedly for the second consecutive month in August, posting its worst performance in over a year as domestic demand faltered.
Weak Diesel Imports for Indonesia for Years to Come
Previously ranked as Asia's top diesel importer, now No.3 Indonesia is expected to take a third less of the fuel this year as demand from mining falters and biodiesel use in transport and industry grows with a mandate implemented in January. With the government also aiming for another hike in the country's heavily subsidised fuel prices to help cap a widening current account deficit…
UK Oil Imports Exceed Exports for First Time in 30 Years
Britain imported more oil products than it exported last year for the first time in 30 years, an official report shows, and analysts say the country is likely to stay dependent on overseas oil as its refineries close. Britain exported 26.2 million tonnes of products such as diesel, kerosene and jet fuel from its refineries last year, but imported 28.2 million tonnes…
Kremlin Debt Weighs in West's Standoff with Russia
To understand Western unease about the idea of imposing wide-ranging sanctions on Moscow over its intervention in Ukraine, consider an ongoing deal by one of the Kremlin's corporate giants. Russian state oil company Rosneft is working to obtain up to $5 billion from oil major BP, which owns a fifth of Rosneft, in exchange for oil supplies over five years…
