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…
Oil Rises on Vaccine Hope, Weak Dollar
Oil rose for a fourth straight session on Wednesday as the market shrugged off an industry report showing U.S. crude stockpiles rose more than expected, extending a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.Brent crude was up 30 cents, or 0.6%, at $48.16 a barrel by 1211 GMT, having risen almost 4% in the previous session. West Texas Intermediate crude gained 24 cents, or 0.5%, to $45.15, after rising more than 4% on Tuesday."Crude oil prices are trading at their highest levels since early March, supported by positive market sentiment as a result of vaccine news and strong oil demand in Asia…
Oil Facing Prolonged Period of Demand Destruction
Oil prices rose on Friday as the world's richest nations poured unprecedented aid into the global economy to stop a coronavirus-driven recession and U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia.Brent crude futures were up $1.14, or 4%, at $29.61 a barrel by 1133 GMT. U.S. crude futures for April rose $1.34, or 5.3%, to $26.56. The front-month contract expires later on Friday. The more active U.S. crude contract for May was up $1.15, or 4.4%, at $27.06. "The latest bout of price strength is unlikely to have the legs to carry on. The world is awash with oil," said Stephen Brennock of oil broker PVM.
Oil Steady as Inventory Drop vies with Trade Concerns
Oil prices fell on Wednesday as worries over a possible delay in resolving the U.S.-China trade war which has hurt global oil demand competed with a drop in U.S. crude inventories which buoyed prices.Brent crude was up 4 cents, or 0.06%, at $61.63 a barrel by 0906 GMT. U.S. West Texas Intermediate (WTI) crude was down 8 cents, or 0.14%, at $55.46 a barrel.The United States and China were continuing to work on an interim trade agreement, but it may not be completed in time for U.S. and Chinese leaders to sign it next month, a U.S. administration…
Brent Oil Prices Rise Above $60
Brent crude oil futures rose above $60 a barrel on Wednesday after industry data showed a larger-than-expected drop in U.S. crude inventories, but lingering worries about a possible global recession capped gains.Brent crude had gained 26 cents, or 0.43%, to $60.29 a barrel by 0900 GMT, after settling 0.5% higher on Tuesday, while U.S. crude was up 3 cents, or 0.05%, at $56.16 a barrel.U.S. crude oil stocks fell by 3.5 million barrels in the week to Aug. 16, data from industry group the American Petroleum Institute (API) showed on Tuesday.
Oil Hovers Near Five-Month Highs
Oil prices steadied on Wednesday after Brent pushed towards a nearly five-month high of $70 a barrel on OPEC-led supply cuts and U.S. sanctions, with gains capped by a surprise increase in American inventories.Brent futures had moved up 24 cents, or 0.35 percent, to $69.61 by 1220 GMT. They earlier reached $69.96 - the highest since Nov. 12, when they last traded above $70.U.S. West Texas Intermediate crude rose a cent to $62.59, having briefly hit $62.99, the highest since Nov. 7."The psychologically important $70 a barrel threshold has proved a tough nut to crack for the Brent benchmark over the past few weeks…
Oil Rises After Saudi Pledge, Declining U.S. Inventories
Oil prices rose on Wednesday after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production, and after an industry group reported a surprise decline in U.S. oil inventories.Brent crude, the global benchmark, was up $1.07, or 1.7 percent, at $63.49 a barrel at 9:55 a.m. EST (14:55 GMT), while U.S. West Texas Intermediate futures were up 91 cents, or 1.7 percent, at $54.01."The feel-good factor is back in play but oil bulls are by no means out of the woods yet," PVM Oil Associates Stephen Brennock…
Oil Rises On U.S.-China Trade Talk Optimism
Oil prices climbed around 3 percent on Wednesday as the extension of U.S.-China talks in Beijing raised hopes that the world's two largest economies would resolve their trade standoff.U.S. West Texas Intermediate (WTI) crude oil futures were at $51.36 per barrel at 1500 GMT, up $1.58, or 3.17 percent, the first time this year that WTI has topped $50.International Brent crude futures were up $1.63, or 2.78 percent, at $60.35 per barrel.Both crude price benchmarks added to Tuesday's 2 percent gains and have now been on the rise for eight straight days - their longest rally since June 2017."After a dreadful December for risk markets…
Oil Falls Towards $53 on Economic Worries, Surging Supply
Oil fell towards $53 a barrel on Wednesday, under pressure from rising output in major OPEC and non-OPEC producers and concerns about an economic slowdown that could weaken demand.Russian production hit a post-Soviet record in 2018, figures showed on Wednesday. Other data showed U.S. output reached a record in October and Iraq boosted oil exports in December.Brent crude was 60 cents lower at $53.20 a barrel at 1422 GMT. On Dec. 26, it hit $49.93, the lowest since July 2017. U.S. crude slipped 73 cents to $44.68."The omens are far from encouraging…
Oil Rallies but Oversupply, Economic Growth Weigh
Oil prices rose on Monday after a key Middle East oil minister suggested the market was rebalancing, but investor sentiment remained under pressure from oversupply and concern over the prospects for global economic growth and fuel demand.Brent crude oil was up 30 cents a barrel at $60.58 by 1430 GMT. U.S. light crude was 10 cents higher at $51.30."Oil prices are regaining some ground on the back of bullish rhetoric from OPEC officials," said Stephen Brennock, analyst at London brokerage PVM Oil.Both benchmarks fell more than 25 percent through October and November as a supply glut inflated global inventories but have stabilised over the last three weeks…
Oil Slips 2 Percent
Oil prices dropped about 2 percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures for February delivery fell $1.16 to $60.29 a barrel, a 1.9 percent loss, by 1:15 p.m. ET (1815 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $1.24 to $51.34 a barrel, a 2.4 percent loss.Global benchmark Brent was set for a weekly loss of about 2.2 percent, while WTI was on track to decline 2.4 percent."The oil complex remains vulnerable to heavy selling into the equities especially when combined with a strengthening in the U.S.
Oil Slips on Falling U.S. Equity Market, Weak China Economic Data
Oil prices dropped more than one percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures fell 75 cents to $60.70 a barrel, a 1.2 percent loss, by 10:53 a.m. EST (1553 GMT). U.S. West Texas Intermediate (WTI) crude futures dropped 93 cents to $51.65 a barrel, a 1.8 percent loss.Global benchmark Brent was set for a weekly loss of about 1.7 percent, while WTI was on track to decline 1.9 percent."The oil complex remains vulnerable to heavy selling into the equities especially when combined with a strengthening in the U.S.
Oil Falls Below $60 a barrel as Inventories Stay High
North Sea Brent crude oil fell below $60 a barrel on Thursday, under pressure from high global inventories and a smaller-than-expected drawdown in U.S. crude stockpiles."The energy complex is drifting lower as sellers continue to bask in the bearish afterglow of yesterday's (U.S.) stats," PVM Oil analyst Stephen Brennock said.Brent crude was down 30 cents at $59.85 per barrel by 1425 GMT. U.S. light crude was 50 cents lower at $50.65.Global oil supply has outstripped demand over the last six months, inflating inventories and pushing crude oil to its lowest in more than a year at the end of November.U.S. crude inventories fell by 1.2 million barrels in the week to Dec.
After Trump Calls, Gulf OPEC Members Cover Most of Iran Oil Loss
OPEC oil supply has fallen in November from a two-year high due to U.S. sanctions on Iran, a Reuters survey found, although most of the output gap left by Iran was plugged by Saudi Arabia and the UAE in response to calls from U.S. President Donald Trump.The 15-member Organization of the Petroleum Exporting Countries has pumped 33.11 million barrels per day this month, the survey on Friday found, down 160,000 bpd from October, which was the highest by OPEC as a group since December 2016.The survey adds to indications that OPEC output remains ample despite U.S. sanctions imposed on Iran this month.
Oil Falls as High Inventories Outweigh Likely OPEC Cuts
Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week.The two global oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November, losing more than 20 percent as global supply has outstripped demand.Brent fell $1.20, or 2.0 percent, to a low of $58.31 a barrel on Friday, before recovering to around $58.50 by 1425 GMT. U.S. light crude futures dropped $1.39, or 2.9 percent, to $49.97.
Oil Slips Below $60
Oil slipped to below $60 a barrel on Wednesday, pressured by rising U.S. inventories and doubts over whether an OPEC-led output cut will be agreed next week.U.S. crude stockpiles rose last week, the American Petroleum Institute (API) industry group said on Tuesday. Saudi Arabia on Wednesday dampened hopes of production cuts by OPEC and its allies by saying it would not act alone and Nigeria stopped short of committing to a new push to curb supplies.The outcome of next week's OPEC meeting "remains clouded by uncertainty", said Stephen Brennock of oil broker PVM. "Elsewhere, a glut of stored oil in the U.S.
Oil Prices Steady Near Year Lows Ahead of G20 and OPEC
Oil prices steadied on Tuesday, depressed by record Saudi production but supported by expectations that oil exporters would agree to cut output at an OPEC meeting next week.Brent crude oil was up 10 cents a barrel at $60.58 by 1445 GMT, not far above a 13-month low of $58.41 reached on Friday. U.S. light crude was up 10 cents at $51.73.Oil prices are down by almost a third since early October, weighed down by an emerging supply overhang and widespread financial market weakness.Prices rallied sharply on Monday, with Brent rising almost 2.9 percent…
Oil Prices Fall as Global Supply Rises
Oil prices fell for a third day on Wednesday on evidence of rising global supply despite the imposition of U.S. sanctions next week that are already curbing Iranian crude supply.Benchmark Brent crude oil was down 40 cents at $75.51 a barrel by 1410 GMT. The contract fell 1.8 percent on Tuesday, at one point touching its lowest since Aug. 24 at $75.09.U.S. light crude was 25 cents down at $65.93. It hit a two-month low of $65.33 a barrel on Tuesday.New U.S. sanctions on Iran begin on Nov. 4 and Washington has made it clear to Tehran's customers…
Oil Prices Fall 2% on Rising Supply and Trade War
Oil prices fell more than 2 percent on Tuesday on signs of rising supply and concerns that global economic activity and fuel demand would be hit by a deepening U.S.-China trade dispute.Benchmark Brent crude oil fell by $2.25 a barrel to a low of $75.09 before recovering slightly to around $75.50, down $1.84, by 1345 GMT. U.S. light crude was down $1.30 at $65.74.Both contracts had recovered some ground over the past few days but are now more than $10 a barrel below four-year highs reached in the first week of October."Positives remain in short supply for oil bulls as a softening demand backdrop continues to underpin selling pressures…
Oil Falls as Concern Deepens Over Global Economic Outlook
Oil prices dropped on Monday as concern over the global economy put crude on track for its biggest monthly fall since mid-2016.Brent crude oil futures had fallen 58 cents to $77.04 a barrel by 1423 GMT. U.S. crude futures were down 63 cents at $66.96 a barrel.Even with U.S. sanctions on Iranian exports due to come into force in under a week, oil has lost nearly 7 percent in value this month, the largest percentage decline since July 2016.Industrial commodities such as crude and copper have been rattled by hefty losses in global equities due to concern over corporate earnings…
