Oil Prices Rise Over 2% as US Inventories Decline
Oil prices rose for a second day on Friday as the market reacted to falling U.S. inventories.Signs of strong Asian demand from both China and India also strengthened the market.Brent crude oil futures were up $1.49, or 2%, at $75.60 a barrel by 1:12 p.m. ET (1712 GMT). U.S. West Texas Intermediate futures were up $1.67, or 2.3%, at $74.61."The market is coming to grips with the historic drop in U.S. oil inventories, and dimmed prospects of Iranian oil returning to the market," said Phil Flynn, senior analyst at Price Futures Group in Chicago.Still…
US Crude Futures Plunge to Lowest on Record
U.S. crude oil futures collapsed below $0 on Monday for the first time in history, amid a coronavirus-induced supply glut, ending the day at a stunning minus $37.63 a barrel as desperate traders paid to get rid of oil.Brent crude, the international benchmark, also slumped, but that contract was nowhere near as weak because more storage is available worldwide.While U.S. oil prices are trading in negative territory for the first time ever, it is unclear whether that will trickle down to consumers, who typically…
Oil Rises After OPEC+ Agrees Record Output Cut
Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.After four days of wrangling, the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, agreed on Sunday to cut output by 9.7 million barrels per day (bpd) in May and June to support oil prices, representing around 10% of global supply.Brent crude futures rose 16 cents, or 0.5%, to $31.64 a barrel by 0709 GMT after opening at a session high of $33.99. U.S.
Oil Steadies After Brief Slide
Oil steadied on Tuesday, as expections of output cuts from OPEC and allied producers brought prices back up after they slid briefly following comments from U.S. President Donald Trump that a trade deal with China may be delayed.Brent crude futures rose 5 cents to $60.97 a barrel by 11:18 a.m. EST (1618 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 9 cents to $56.05 a barrel. Trump said a U.S.-China trade agreement might have to wait until after next November's presidential election, denting hopes of a quick resolution to a dispute that has weighed on the world economy."I have no deadline…
Saudi Minister Commits to Output Cuts
Oil prices rose more than 2% on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country's policy of limiting crude output to support prices.Prince Abdulaziz, son of Saudi King Salman and a long-time member of the Saudi delegation to the Organization of the Petroleum Exporting Countries (OPEC), replaced Khalid al-Falih on Sunday."The move is bullish for oil prices," Phil Flynn, an analyst at Price Futures Group in Chicago, said in a note. "Prince Abdulaziz bin Salman is known as an oil production cutter.
Oil slumps 7% as More Tariffs Loom
Oil prices plummeted more than 7% on Thursday, with the U.S. benchmark posting its worst day in more than four years, after President Donald Trump said he would impose additional tariffs Chinese imports starting Sept. 1.The drop in Brent crude was the steepest in more than three years, undoing a fragile oil rally built on steady drawdowns in U.S. inventories even as global demand looked shaky due to the U.S.-China trade dispute.Trump's announcement of an additional 10% levy on $300 billion worth of Chinese goods…
U.S. Crude Stocks Fall as Imports Fall
U.S. crude oil stockpiles fell unexpectedly last week, the Energy Information Administration said on Wednesday, and strong gasoline demand could point to additional drawdowns in coming weeks as driving season approaches.Crude inventories fell by 4 million barrels in the week to May 3, compared with analysts' expectations for an increase of 1.2 million barrels.Net U.S. crude imports fell 432,000 barrels per day to 4.4 million bpd, and crude production edged down 100,000 bpd from its record high to 12.2 million bpd.The drawdown in crude stocks came even as refineries cut back output…
Oil Prices Near Flat
Oil prices were little changed on Monday as investors shrugged off fears of a global economic slowdown and focused on the prospect of tighter supply and lower U.S. crude inventories ahead.Brent crude oil futures climbed 30 cents to $67.33 a barrel by 11:56 a.m. EST (1556 GMT), while U.S. West Texas Intermediate (WTI) futures rose 11 cents to $59.15 a barrel.Crude oil pared earlier losses as the U.S. stock market turned positive."The oil market was worried about a global recession, and now we're kind of shaking that off and thinking that if the U.S.
Oil Edges Up
Oil prices edged higher on Wednesday, supported by OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but gains were capped by falling stock markets and renewed concerns over demand growth.Brent crude futures gained 26 cents, or 0.4 percent, to $66.25 a barrel by 11:43 a.m. EST (1643 GMT).U.S. West Texas Intermediate (WTI) crude futures rose 45 cents, or 0.8 percent, to $56.67 a barrel."The big picture is that short-term fundamentals are very strong," said Phil Flynn, analyst at Price Futures Group in Chicago.
Oil Dips on U.S. Manufacturing Data
Oil prices reversed course on Friday, falling 2 percent as bearish U.S. manufacturing data stoked concerns over global energy demand growth.The ISM manufacturing activity index in February sank to the lowest since November 2016, and was below expectations.U.S. West Texas Intermediate futures fell $1.11 to $56.11 a barrel by 11:15 a.m. EST (1615 GMT). The contract had earlier hit a high of $57.88.Global benchmark Brent crude futures for May fell $1.26 to $65.05 a barrel, after earlier touching a session high of $67.14."We have been the island of prosperity…
Oil Prices Sink to Lowest in a Year as Stock Markets Fall
Oil prices fell about 3 percent on Thursday, hitting their lowest in more than a year on worries about oversupply and the outlook for energy demand as a U.S. interest rate rise knocked stock markets.Brent crude futures fell $1.53 to $55.71 a barrel, a 2.7 percent loss, by 10:55 a.m. EST (1555 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $1.55 to $46.62 a barrel, a 3.2 percent loss.Brent earlier hit a session low of $54.64 a barrel, the weakest since mid-September 2017, while WTI sank to $45.82, near its lowest since late August 2017.Equities dropped worldwide after the Federal Reserve raised U.S.
U.S. Crude Oil Stockpiles Dip, Gasoline Builds - EIA
U.S. crude oil stockpiles last week fell less than expected, while gasoline inventories increased and distillates stocks fell, the Energy Information Administration said on Wednesday.Crude inventories fell by 1.2 million barrels in the week to Dec. 7, compared with analysts' expectations for a decrease of 3 million barrels.The crude drawdown was also short of an over 10 million-barrel decline reported late Tuesday by industry group The American Petroleum Institute."The market is disappointed that the EIA did…
Oil Slumps to One-year Low
Oil's slide accelerated on Tuesday, with U.S. futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply.U.S. futures closed down 7.1 percent, for a record 12th straight decline and the lowest since November 2017. More than 980,000 contracts changed hands, as funds shed positions."It's like a run on the bank," said Phil Flynn, analyst at Price Futures Group in Chicago. "It's getting to the point where it doesn't seem to be about fundamentals anymore…
Oil Higher as Stocks Rebound, Saudi Signals Intervention
Crude stockpiles rising at U.S. futures delivery point; Saudi Arabia says oil market could shift to oversupply in Q4.Oil prices rose 1 percent on Thursday, following the U.S. stock market higher a day after Wall Street's biggest drop since 2011 and as Saudi Arabia's energy minister signaled major producers may have to intervene in crude markets to support prices.Brent crude futures rose 72 cents to settle at $76.89 per barrel as U.S. equities rose amid strong corporate earnings. The global benchmark has lost almost $10 a barrel since hitting a high of $86.74 on Oct. 3.U.S.
Oil Rises as Fuel Drawdown Sparks Rebound
Saudi assurance on oil supplies, economic worries weigh as two China state refiners to skip Iran oil bookings for November. Oil prices jumped on Wednesday, rebounding after several days of weakness as a much bigger-than-expected drawdown in U.S. gasoline and diesel inventories augured for a coming seasonal increase in refining demand.Looming U.S. sanctions on oil exporter Iran helped support prices, but traders remained concerned about the worldwide energy demand outlook. On Tuesday, oil prices slumped 5 percent on concerns tied to a weaker economic outlook.U.S.
Oil at 2014 Highs on Iran Sanctions, NAFTA Deal
Oil futures extended their rally on Monday, hitting their highest levels since November 2014, as U.S. sanctions on Iran come into force and a North American trade deal fosters growth.The United States and Canada forged a deal on Sunday to salvage the North American Free Trade Agreement (NAFTA) as a trilateral pact with Mexico, rescuing a three-country, $1.2 trillion open-trade zone that had been about to collapse."I think the NAFTA 2.0 deal helps prices - it takes away from some of the concerns that the trade war was going to impact growth," said Phil Flynn, an analyst at Price Futures Group in Chicago.
Oil Up; Traders Cite Crude Build at Cushing
Traders say Genscape reports crude draw at Cushing; prices rally on hopes latest weekly draw was an anomaly.Oil prices strengthened Thursday, turning higher after traders saw an industry report suggesting U.S. crude stockpiles would soon begin to decline again after a surprise rise in the latest week.Traders said prices rallied when industry information provider Genscape reported that crude inventories at Cushing, Oklahoma, delivery hub for U.S. crude, dropped 1.1 million barrels since Friday, July 27.On Wednesday, prices sank when the U.S. government reported that in the prior week, total U.S.
Oil Rises on U.S.-Iran Tension
Oil prices rose on Monday on worries over supply after tensions worsened between Iran and the United States, while some offshore workers began a 24-hour strike on three oil and gas platforms in the British North Sea.Iranian Supreme Leader Ayatollah Ali Khamenei on Saturday backed a suggestion by President Hassan Rouhani that Iran could block Gulf oil shipments if its exports were stopped.The Iranian leadership was responding to the threat of U.S. sanctions after President Donald Trump in May pulled out of a multinational agreement to trade with Tehran in return for its commitment not to develop nuclear weapons.Late on Sunday night…
U.S. Crude Stockpiles Rise Unexpectedly - EIA
U.S. crude oil stockpiles unexpectedly rose last week ,as imports grew and refineries cut output while gasoline inventories decreased nearly double forecasts, the Energy Information Administration said on Thursday. Crude inventories rose 1.2 million barrels in the week to June 29, compared with analysts' expectations for a decrease of 3.5 million barrels. Oil prices dropped on the news, in part because the figures were the inverse of the drop in inventories shown by industry group the American Petroleum Institute on Tuesday. U.S. crude futures dropped 90 cents, or 1.2 percent, to $73.22 per barrel as of 11:18 a.m. EST (1518 GMT).
Oil Falls, OPEC Supply Worries
Oil benchmarks fell on Wednesday after an unexpected build in U.S. crude and gasoline inventories despite strong demand, and as traders weighed the possibility of an increase in OPEC crude output to cover any shortfalls in supply from Iran and Venezuela.U.S. crude inventories rose 5.8 million barrels last week, while gasoline stocks increased by 1.9 million barrels, the Energy Information Administration said.Both builds were unexpected, as a Reuters poll called for a drawdown in both figures as summer demand starts to heat up.
