Oil Set for Weekly Drop as U.S. Inventories Weigh
OPEC to meet U.S. shale producers in Houston; U.S. crude output hit all-time high in November. Oil prices were set to post their first weekly fall in three weeks on Friday after news of U.S. plans to impose tariffs on steel and aluminium hit global equity markets and as U.S. crude inventories climbed. President Donald Trump said he would impose hefty tariffs to protect U.S. producers, risking retaliation from major trade partners such as China, Europe and Canada. Brent crude fell by 32 cents to $63.51 a barrel by 1313 GMT, while U.S. crude was down 30 cents at $60.69. Both contracts are set for weekly declines. Adding to pressure, U.S.
Oil Nears One-Month Low, Market Volatility Weighs
Oil prices neared their lowest in a month on Monday as rising U.S. output and a weaker physical market added to the pressure from a widespread decline across equities and commodities. Friday's U.S. jobs report that showed the fastest wage growth in nearly nine years exacerbated a broader market sell-off that was already under way as European stocks backed off record highs, and a rising dollar dented commodities. Brent crude futures were down 90 cents at $67.68 a barrel by 1230 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 61 cents to $64.84. "Oil is caught up in this general risk-off move, not helped at the margins by a little bit of strength in the U.S.
Oil Nears 2015 Highs on OPEC News, Fewer U.S. Rigs
Brent has risen by more than 10 pct since December, but soaring U.S. crude production could undermine rally. Oil prices rose on Monday, coming close to new three-year highs on a slight decline in the number of U.S. rigs drilling for new production and sustained OPEC output cuts. U.S. West Texas Intermediate (WTI) crude futures had risen to $61.94 a barrel by 1140 GMT, 50 cents above their last settlement. WTI last week reached $62.21, the highest since May 2015. Brent crude futures were at $67.95 a barrel, 33 cents above their last close. Brent hit $68.27 last week, the highest since May 2015. Traders said the gains were due to a slight decline in the number of U.S.
Oil Edges up Again, but U.S. Supplies Worry
U.S. drilling activity continues to rise; OPEC's supply cuts undermined by higher U.S. output. Oil edged up for a third straight session on Monday, climbing off last week's seven-month lows but with gains capped by the relentless rise in U.S. supply and bloated global inventories. Investors in U.S. crude futures and options increased their bets against a further rise in prices, as the number of U.S. oil rigs in operation hit its highest in over three years. U.S. shale oil output is up around 10 percent since last year, while places like Brazil have also hiked output.
Oil Eases from 5-Week Highs, U.S. Shale Weighs
Brent, WTI fall after climbing to highest since March 7; traders may be squaring before U.S. inventory data. Crude oil edged back from a five-week high on Tuesday, as rising U.S. shale oil production weighed against support from tensions in the Middle East and production cuts in OPEC and other states. Brent crude, the international benchmark for oil, was down 10 cents from its previous close at $55.88 per barrel at 1051 GMT. Earlier in the session, Brent had climbed to its highest since March 7 at $56.16 a barrel. U.S. West Texas Intermediate (WTI) fell by 12 cents to $52.96 a barrel, after touching a five-week high of $53.23 a barrel.
Oil Pares Gains as U.S. Supply Concerns Overshadow OPEC Cuts
Oil pared gains on Tuesday as concerns about rising supply from U.S. shale output overshadowed an OPEC-led effort to cut global output, which has supported oil prices in a higher range. Brent crude was 61 cents higher at $56.20 a barrel by 11:30 Eastern (1530 GMT), after earlier rising to $56.46 a barrel. U.S. light crude was up 45 cents at $53.38. The two benchmarks fell 2 percent on Monday. They are both now near the middle of $5-per-barrel trading ranges seen since early December. The Organization of the Petroleum Exporting Countries and other exporters…
Oil Rises as OPEC-led Cuts Trim Supply
OPEC cuts support oil prices above $50 per barrel; rising shale output and trader scepticism cap market. Oil strengthened slightly on Tuesday, supported by an OPEC-led effort to cut output while rising production elsewhere kept prices within the narrow ranges that have contained them so far this year. Brent crude was 55 cents higher at $56.14 a barrel by 1220 GMT. U.S. light crude oil was up 45 cents at $53.38. The two benchmarks fell 2 percent on Monday. They are both now in the middle of $5-per-barrel trading ranges seen since early December. "The usually fairly volatile oil price has barely budged for two months…
Oil at 18-month High as Markets Eye Output Cuts
Crude benchmarks hit highest levels since July 2015; OPEC, non-OPEC cut deal took effect on Sunday. Oil prices hit 18-month highs on Tuesday, the first trading day of 2017, buoyed by hopes that a deal between OPEC and other big oil exporters to cut production, which kicked in on Sunday, will drain a global supply glut. Benchmark Brent crude jumped more than 2 percent to a high of $58.37, up $1.55 a barrel and its highest since July 2015. By 1230 GMT, Brent had eased to $58.07, up $1.25. U.S. light crude oil hit an 18-month high of $55.24, up $1.52 a barrel, also its highest since July 2015, before slipping to around $54.95.
Oil Prices Edge Up on Softer Dollar, OPEC Cut Expectations
Oil prices edged up in tepid trading on Thursday, supported by strong U.S. data, a pause in the U.S. dollar rally and optimism that crude producers would abide by an agreement to limit output to prop up prices. The gains were curbed by an unexpected rise in U.S. crude inventories last week and moves by Libya to boost output over the next few months. Brent futures for February delivery rose by 34 cents to $54.80 a barrel by 1430 GMT, having finished 89 cents lower on Wednesday. U.S. West Texas Intermediate crude rose 27 cents to $52.76 a barrel. The dollar index…
Oil Dips on U.S. Stock Rise, Libya Output Boost
OPEC, Russia expected to abide by pact to cut output. Oil prices slipped in tepid trading on Thursday, pressured by an unexpected rise in U.S. crude inventories last week and moves by Libya to boost output over the next few months. The decline was curbed by a weaker dollar and optimism that crude producers would abide by an agreement to limit output to prop up prices. Brent futures for February delivery fell by 20 cents to $54.26 a barrel by 1200 GMT, having finished 89 cents lower on Wednesday. U.S. West Texas Intermediate crude dropped 19 cents to $52.30 a barrel.
Oil Down Again on Surprise U.S. Stock Build
U.S. crude oil stocks rise 9.3 million barrels. Nigeria and Libya also boosting output. Crude oil prices fell for a fourth day on Wednesday as jittery investors awaited official U.S. stockpile figures later in the day after industry data showed a surprise build in inventories, underlining the market's supply overhang. The American Petroleum Institute said that crude stockpiles rose by 9.3 million barrels in the week to Oct. 28, more than nine times the amount expected by analysts polled by Reuters. U.S. West Texas Intermediate crude fell by 70 cents to $45.97 by 1011 GMT and Brent crude was down 69 cents at $47.45. Both contracts were at their lowest since Sept. 28.
Oil Up Despite Returning Supplies
Oil prices rise after falling about 3 pct on Wednesday; U.S. crude stocks fell 0.6 mln barrels in week to Sept. Oil prices edged up on Thursday after two consecutive days of losses, with gains capped by returning supplies from Nigeria and Libya. Brent crude futures were trading at $46.23 per barrel at 1012 GMT, up 38 cents, from the last settlement. U.S. West Texas Intermediate (WTI) futures were up 25 cents, or 0.6 percent, at $43.83 a barrel. Crude prices fell about 3 percent for a second straight day on Wednesday following a 4.6 million barrel build in U.S. distillates inventories. It was the biggest weekly build since January and put distillate stocks at six-year seasonal highs.
U.S. Oil Dips as Crude Stocks Rise
Weekly U.S. crude stocks rise 4.5 mln barrels as oil recovery faces significant headwinds. U.S. oil prices fell more than 2 percent on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years. Industry data from the American Petroleum Institute (API) showed on Tuesday that U.S. crude inventories had risen by 4.5 million barrels in the week ending Aug. 19. Analysts had expected a 455,000-barrel fall. This pushed U.S. West Texas Intermediate (WTI) crude down more than $1, erasing gains made in the previous session. WTI was down $1.03, or 2.1 percent, at $47.07 a barrel at 1137 GMT.
Oil hits Three-month Low
Brent on track for first monthly loss since January; weekly U.S. crude stocks fall less than expected. Oil prices fell close to three-month lows on Wednesday after U.S. industry data showed weekly oil stocks declined by less than expected, feeding into concerns over persistent oversupply dragging down prices. Global benchmark Brent crude was on track for the first monthly loss since January and the largest of 2016. Futures traded 51 cents down at $44.36 a barrel by 1045 GMT. U.S. West Texas Intermediate (WTI) crude was trading down 22 cents at $42.70 a barrel, close to a three-month low of $42.36 reached on Tuesday.
Oil Prices Slide as Market Shrugs off Turkey Coup Bid
Oil prices fell nearly 2 percent on Monday as traders shrugged off the impact of the attempted coup in Turkey and the market turned its attention to bearish fundamentals, while disruptions to crude exports in Libya lent prices some support. Brent crude futures fell 85 cents to $46.76 a barrel by 1311 GMT, while U.S. crude futures were 82 cents lower at $45.13 a barrel. "The market is looking past the coup," CMC Markets' chief market analyst in Sydney Ric Spooner said. Istanbul's Bosphorus Strait, a chokepoint for oil that handles about 3 percent of global shipments…
Oil Eases as Market Discounts Turkey Coup Bid
Guards shut Libya's Hariga oil terminal in pay dispute. Headwinds growing for oil demand growth - Morgan Stanley. Oil prices fell on Monday as traders shrugged off the impact of the attempted coup in Turkey and the market turned its attention to bearish fundamentals, while disruptions to crude exports in Libya lent prices some support. Brent crude futures fell 36 cents to $47.25 a barrel by 1131 GMT, while U.S. crude futures were 31 cents lower at $45.64 a barrel. "The market is looking past the coup," CMC Markets' chief market analyst in Sydney Ric Spooner said.
Oil Dips on Oversupply, Economic Concerns
Global overproduction, slowing growth weigh on markets; strong gasoline demand helps stem losses. Oil prices fell on Thursday on concerns about oversupply against a backdrop of a slowing global economy, although strong U.S. gasoline demand helped limit losses. The lack of any immediate action by the world's largest exporters to follow through on a proposal to freeze production at January's levels also continued to undermine the market. Brent crude futures were down 12 cents at $34.29 a barrel at 1250 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 2 cents at $32.13 per barrel.
Analysts See Oil Rising, Some Traders Disagree
Many traders bet against analyst forecasts of late 2016 recovery. A year ago, after oil prices had halved in six months, analysts were forecasting a price recovery in 2015 while many traders were busy shorting the market. As it turned out, the traders were correct and oil prices fell by another third this year. Analysts have now forecast a pick-up in prices over 2016, while traders built short positions on U.S. oil futures to a record in early December. The difference in the two views is on what happens in response to an oil output surplus that has been estimated as high as 2 million barrels per day (bpd) by some analysts.
Oil Prices Fall, Supply Worries Weigh
Oil prices fell on Tuesday, extending losses into a third week, on worries over a supply glut and with U.S. inventory data expected to show another increase in crude stocks. Brent for December delivery had fallen 30 cents to $47.24 a barrel by 1150 GMT, after settling the previous session down 45 cents. U.S. crude dropped 55 cents to $43.43 a barrel, having touched a nine-week low of $43.20 earlier on Tuesday. An expected further build in U.S. crude stocks and a glut of refined products again raised concerns of an oversupplied market. "We expect that the focus of the oil markets is rapidly shifting to the surplus of refined products…
Oil at Six-Month Low as OPEC Ramps Up
Brent hits lowest since late January as OPEC oil output hits new high in July. Oil hit six-month lows on Monday, knocked by fresh evidence of growing oversupply and data highlighting slowing demand in China, leaving crude prices on course for their weakest third-quarter performance since the financial crisis in 2008. A Reuters survey last week showed oil output by the Organization of the Petroleum Exporting Countries (OPEC) reached the highest monthly level in recent history in July. Saudi Arabia and other key members are showing no sign of wavering in their focus on defending market share instead of prices, which have fallen 9 percent this year.
