Oil Edges to 2-Week High on Ukraine News
Oil prices edged up about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium.Brent futures rose 66 cents, or 0.9%, to $74.89 a barrel by 11:39 a.m. EST (1639 GMT), while U.S. West Texas Intermediate crude CLc1 rose 77 cents, or 1.1%, to $70.87.That put both crude benchmarks up over 5% for the week and on track for their highest closes since Nov. 7 as Moscow steps up its Ukraine offensive after Britain and the U.S.
Bullet Dodged? Markets Bet on Global Economy
World shares climbed back towards record highs and safe-haven bonds tumbled on Tuesday, as hopes that Washington may roll back some of the tariffs it has imposed on Chinese imports rekindled optimism about the global economic outlook.A year-end rally looked to be building. Wall Street's main markets were expected to add to their 20% gains and best year since 2013. MSCI's 49-country world index was just 1.4% shy its early 2018 peak.Europe had galloped to a 21-month high on Monday before retreating on Tuesday. Asia had raced to its highest since May.
Oil Rises 2 Percent
Oil rose nearly 2 percent on Tuesday as attention centered on geopolitical factors tightening supplies that are leading to falling exports from Venezuela and declining U.S. inventories.Despite concerns about weaker demand due to an economic slowdown, oil prices have risen more than 25 percent this year, supported by supply curbs by the Organization of the Petroleum Exporting Countries plus allies, and losses due to U.S. sanctions on Iran and Venezuela.Venezuela's…
Oil Rises Above $57 on China-U.S. Trade Talks, OPEC Cuts
Oil rose to above $57 a barrel on Friday after China said it would hold trade talks with the United States and a survey showed China's services sector expanded in December, while signs of lower crude supply also lent support.The Organization of the Petroleum Exporting Countries cut crude output in December, a Reuters survey showed, and the American Petroleum Institute (API) reported a 4.5 million-barrel drop in crude inventories.Brent crude, the global benchmark, was up $1.40 at $57.35 a barrel at 1423 GMT. U.S.
Oil Falls After OPEC Delays Output Decision
Oil fell in choppy trading on Thursday after OPEC ended a key meeting having made no decision on crude output, as it prepared to debate the matter with other exporters the next day.The Organisation of the Petroleum Exporting Countries (OPEC) met in Vienna to decide its production policy in coordination with non-OPEC producers including Russia, Oman and Kazakhstan.An OPEC delegate said the organisation had agreed a tentative deal to cut oil output…
Oil Drops as Rising Global Supply Forces Price U-Turn
Oil neared three-month lows on Thursday, surrendering early gains as investors focused on global crude supply, which is increasing more quickly than many had expected.Chinese data earlier in the day that showed record oil imports offered some temporary respite to bearishness that has developed in the past couple of weeks over the expected crude market balance in 2019.Record U.S. crude production and signals from Iraq, Abu Dhabi and Indonesia that…
Oil Rises as Investors Fret Over Iranian Supply Gaps
Oil edged higher on Thursday, driven by the prospect of a shortfall in global supply once U.S. sanctions against major crude exporter Iran come into force in just five weeks' time.U.S. President Donald Trump this week demanded that OPEC raise production to prevent further price rises ahead of key congressional elections in early November.Analysts say the Organization of the Petroleum Exporting Countries and partner Russia appear unlikely at this point to respond immediately to Trump's demands…
Oil Gains From Dollar Weakness
Oil rose on Thursday, encouraged by a weaker dollar and evidence of strong U.S. fuel demand, though demand prospects remain clouded by the turmoil engulfing emerging markets and an escalation in the U.S. trade dispute with China.Emerging market stocks, bonds and currencies have plunged in recent weeks in response to financial crises in the likes of Turkey, South Africa and Venezuela.The dollar eased by about 0.2 percent against a basket of major currencies on Thursday.
Oil Steadies but Outlook for Demand Grows Gloomy
Oil rose as global markets steadied on Thursday, recovering some of the previous day's 2 percent slide, though a weakening outlook for crude demand kept prices in check.The oil market had felt the effects on Wednesday of a large build in U.S. inventories that added to concern over the outlook for fuel demand, while crude was also swept lower by broader selling of industrial commodities such as copper.China and the United States have implemented…
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.
Oil Falls, Market Wary of OPEC Commitment
Brent, U.S. crude drop on expectations of higher OPEC output. Oil fell on Wednesday, under pressure from a potential increase in OPEC crude output to cool the market's recent rally and cover any shortfalls in supply from Iran and Venezuela. Brent crude futures were down 75 cents at $78.82 a barrel by 0940 GMT, while U.S. crude fell 46 cents to $71.74 a barrel. Oil prices have gained nearly 20 percent so far this year, with Brent briefly rising above $80…
Oil Eases as Iran Exports Soar, U.S. Inventories Rise
U.S. could reimpose sanctions on Iran this month but surging U.S. supplies, stronger dollar cap market. Brent crude futures eased on Wednesday, surrendering early gains after evidence of further increases in U.S. shale supply and a rise in Iranian exports ahead of a possible renewal of U.S. sanctions on Tehran. July Brent futures were down 16 cents at $72.97 a barrel by 1100 GMT, after falling nearly 3 percent on Tuesday to their lowest in two weeks. U.S. West Texas Intermediate crude futures were up 18 cents at $67.43, off a session high of $67.85.
Oil Dips as Rising U.S. Yields Steer Bulls
U.S. rig count rises to 820, highest since March 2015; but strong demand, OPEC cuts still support prices overall. Oil prices were little changed at around $74 a barrel on Monday on rising U.S. borrowing costs and the prospect of further output rises after another increase in the weekly rig count, although the overall picture for crude remained bullish. Brent crude futures were down 1 cent at $74.05 a barrel by 1145 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 11 cents at $68.29 a barrel.
Oil Hits Two-week Low After China Hits U.S. Goods With Tariffs
U.S. crude inventories also likely saw build for 2nd week. Oil fell to its lowest in two weeks on Wednesday after China said it would impose tariffs on a number of U.S. goods including agricultural products, raising the prospect of a growing trade war that could impact global growth. China, the world's largest importer of raw materials, hit back at the Trump administration's plan to levy tariffs on $50 billion of its goods, retaliating with a list of duties on U.S. imports including soybeans, planes, cars, whiskey and chemicals.
Oil Retreats After Failing to Hit $70 a Barrel
Oil prices fell on Thursday as investors booked profits after this week's rally, but losses were limited by the continuing efforts of OPEC and its allies to curb supplies. Brent crude futures were down 66 cents at $68.81 a barrel by 1410 GMT, having retreated from a session peak of $69.70, close to its highest level since early February. U.S. West Texas Intermediate (WTI) futures fell 69 cents to $64.48. Oil prices have risen nearly 10 percent in the past two weeks, boosted by a weaker U.S.
Oil Retreats After Hitting Six-Week Highs Near $70
Investors book profits after two-week surge in prices; Wednesday's gains biggest in one day since November. Oil prices surrendered early gains on Thursday as investors booked profits after this week's rally, but losses were limited by the ongoing efforts of OPEC and its allies to curb supplies. Brent crude futures were down 35 cents at $69.12 a barrel by 1048 GMT after rising to $69.70, which was close to the highest level since the start of February. U.S. West Texas Intermediate (WTI) futures fell 24 cents to $64.93.
Oil Rises as Korea Talks Boost Confidence
IEA sees strong global oil demand growth to 2023. Oil rose on Tuesday, paring earlier losses after South Korea said it would hold a summit with North Korea for the first time in more than a decade, which investors took as a cue to sell the U.S. dollar and buy risk-sensitive assets such as commodities. The prospect of OPEC and other producers, including Russia, maintaining crude output cuts in the face of a boom in U.S. shale production has helped to push oil back above $65 a barrel this week.
Brent Crude Eases after Surprise Rise in U.S. Inventories
U.S. crude, gasoline inventories climb as traders take put options to sell crude. Brent oil prices eased on Wednesday, under pressure from a rise in U.S. crude and gasoline inventories although crude prices remained near three-year highs. Benchmark Brent futures dipped 8 cents to $69.88 a barrel at 0930 GMT, after climbing above $70 this month for first time since 2014. U.S. West Texas Intermediate (WTI) futures were up 16 cents at $64.63 a barrel.
Oil Passes $65 on UK Pipeline Outage
North Sea's Forties pipeline shut after cracks found; Forties crude underpins the Brent benchmark. Oil rose above $65 a barrel for the first time since mid-2015 on Tuesday following a shutdown of the UK's biggest North Sea oil pipeline, which helps set the benchmark for global prices. The Forties pipeline, which was scheduled to pump 406,000 barrels per day (bpd) in December, was shut down on Monday after cracks were found in what traders believe is the first unplanned outage for some years.
Oil at Highest Level since June 2015
Iran unrest expected to keep prices firm; but U.S. expected to see its output pass 10 mln bpd. Oil prices rose on Wednesday to new two-and-a-half year highs as robust output in the United States and Russia balanced tensions from a sixth day of unrest in OPEC member Iran. U.S. West Texas Intermediate (WTI) crude futures were at $60.87 a barrel at 1241 GMT, up 49 cents from their last close and their highest level since June 2015. Brent crude futures - the international benchmark for oil prices - were at $67 a barrel…
