Oil Surges After OPEC+ Extends Cuts
Oil prices jumped about 3% on Friday, hitting their highest levels in over a year, following a stronger-than-expected U.S. jobs report and decision by OPEC and its allies not to increase supply in April.Brent futures rose $2.10, or 3.2%, to $68.84 a barrel by 11:25 a.m. EST (1625 GMT). Earlier in the session, the global benchmark hit its highest since January 2020.U.S.
Rystad Expects Oil Price Rally in H1 of 2020
The energy research and business intelligence company Rystad Energy expects that a short-lived price rally through the first half of 2020 as oil prices approach $70 a barrel.It will then lose momentum and be replaced by a need for additional production cuts by Russia and the cartel of oil producing countries, OPEC,…
British North Sea Oil Costs, Spending on the Rise
The costs and operating expenditure needed to produce oil and gas in the British North Sea are set to rise both in overall and in per-barrel terms this year compared with 2017, the country's regulator for the sector said on Tuesday.Overall operating spending in the mature North Sea oil and gas basin this year is estimated to rise almost 9 percent to 7.5 billion pounds ($9.8 billion)…
Tehran Says Saudi Arabia Unable to Replace Lost Iranian Oil
Iran's Oil Minister Bijan Zanganeh has dismissed as "nonsense" claims by the Saudi crown prince that Saudi Arabia can replace sanctions-hit Iranian oil in the market."(Mohammed) bin Salman's remarks and such bragging can only satisfy (U.S. President Donald) Trump. No one else will believe him. Iran's oil cannot be replaced by Saudi Arabia nor any other country…
500 Days and a Billion Barrels of Lost Oil Pushes Crude to $80
It has taken 500 days and the sacrifice of almost a billion barrels in lost oil output for the global crude market to eradicate a deep supply surplus, but oil prices have now hit OPEC heavyweight Saudi Arabia's desired level of $80 a barrel.Brent crude futures reached an intraday high of $80.18 on Thursday, breaching…
Inflation Buiilds, Oil Slides
Oil fell for a third day on Wednesday, dropping nearly 1 percent on concerns about rising U.S. production and another drop in financial markets after U.S. consumer prices rose more than expected. Brent crude futures fell 55 cents to $62.17 a barrel by 1350 GMT. The price has lost 11 percent since hitting a high above $71 in January and has now wiped out all its 2018 gains. U.S.
Mideast OPEC Producers Doubt Rally is Sustainable
OPEC, others have cut supply since January; benchmark Brent nears $60 a barrel but rising U.S. shale production threatens rally. Middle East OPEC producers are concerned weak demand and excess supply in the first quarter of 2018 may undermine an oil price rally that has pushed Brent crude about 30 percent higher since June, OPEC and industry sources said. Supply cuts since Jan.
Oil Rebounds on Impact of U.S. Crude Drawdown
U.S. crude stocks drop 7.2 million barrels in week - EIA. Oil prices rose to near eight-week highs on Wednesday, with Brent crude futures at over $50 a barrel, as a fall in U.S. inventories bolstered expectations that the long-oversupplied market was moving toward balance. Brent crude futures were up 58 cents or 1.2 percent to $50.78 a barrel by 1:59 p.m. EDT (1759 GMT). U.S.
Oil Rises as Falling U.S. Inventories
U.S. crude stocks fell sharply last week; Venezuela risk adds bullish tone. Oil prices firmed on Wednesday, holding near eight-week highs, as a fall in U.S. inventories bolstered expectations that the long-oversupplied market was moving toward balance. Brent crude futures rose 30 cents to $50.50 a barrel by 0959 GMT, after rallying more than 3 percent on Tuesday. U.S.
Oil Slips as Investors Fret About Rising US Drilling
Oil prices dipped on Monday, reversing earlier gains as concerns about a pick up in U.S. drilling activity trumped expectations that OPEC will extend output cuts till the end of 2017. "It's a still game of very narrow trading ranges between these mixed drivers," said ABN AMRO's senior energy economist Hans van Cleef.
BP to Leverage Americas Oil Boom
U.S. shale, Canadian sands, Brazilian offshore lift output; BP wants to expand trading desk as trade flows rise. Oil major BP expects its trading operations to benefit from growing global crude trade on the back of abundant U.S., Canadian and Brazilian production and rising energy demand in Asia, a top BP executive said.
Producers Wary of Price Jump, Lock in Gains
Brent curve contango has come off heavily since January; producers sell future production to lock in price rise. Producers have been locking in recent gains across the crude futures price structure, selling forward contracts and potentially undermining further recovery because they do not trust a jump in front-month oil since January.
Brent at Three-Month High on Producer Price Support Hopes
North Sea output to rise to highest in four years in April. Oil prices rose one percent on Tuesday, with benchmark Brent prices hitting a three-month high on hopes for a coordinated approach by major producers to support prices. Brent crude futures were trading at $41.43 a barrel at 1257 GMT, their highest since Dec. 9, up 59 cents on the day.
Oil Weakens on Kuwait Positions
Kuwait producing 3 mln bpd; China crude imports jump despite weak trading figures. Oil prices edged lower on Tuesday after Kuwait said it would only agree to an output freeze if all major producers take part and Goldman Sachs analysts poured cold water over the prospects for a sustained rally. Brent crude futures were down 12 cents at $40.72 a barrel at 0922 GMT…
Oil at Three-month High
Brent climbs above $39 for first time this year; many traders close short positions as sentiment turns bullish. Brent crude hit a three-month high on Monday, extending gains that have lifted crude benchmarks by more than a third from this year's lows on an improving global outlook and stronger sentiment for a market recovery.
Oil Below $33 on Saudi Remarks, U.S. Supplies
Saudi Arabia's oil minister rules out oil output cut. Oil fell below $33 per barrel on Wednesday after Saudi Arabia ruled out production cuts and an industry report said U.S. crude stockpiles hit a record, underlining the supply glut. Saudi Oil Minister Ali al-Naimi said production cuts would not happen although more countries would join a deal to freeze output.
Oil Steadies Below $67 as Global Glut Builds
OPEC pumps 2 million bpd more than needed; Gulf tensions rise after Iran fires at tanker. Brent crude oil steadied below $67 a barrel on Friday after reports that a growing supply glut is boosting inventories worldwide. Oil futures have rallied strongly since January after collapsing last year but analysts say the rebound may have overshot, and could be about to correct. Although the U.S.
Ex-BP Chief Sees Higher Oil on Near Horizon
Low crude prices will trigger consolidation in the oil industry but a new bull market might arrive much sooner than expected given the huge scale of capital and workforce withdrawal in the sector, a former boss of oil major BP said. "The actions the industry is taking to withdraw capital are laying the seeds for the next bull market," Tony Hayward told the FT Commodities Summit.
Kuwait: Price Rally Will Continue
Kuwait's oil minister said on Monday he expected the current oil price rally to continue into the second half of 2015 as the global supply surplus shrinks. "I think it will last," Ali al-Omair said of the recent rise in oil prices, speaking on the sidelines of an energy event. "It will start holding gains now and hopefully in the second half of 2015 we will see better prices…
Indian State Refiners Reluctant to Hedge Oil Purchases
India's risk-averse state refiners are reluctant to follow central bank advice to hedge part of the country's $165 billion annual oil import bill, fearing administrative action if they suffer losses, refinery sources said. Officials in Prime Minister Narendra Modi's government on Monday discussed the idea, which is…
