Record Oil Output Cuts Fail to Make Waves in Coronavirus-hit Market
The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said.After several days of discussions…
Oil Prices Climb on Global Demand and U.S. Sanctions on Iran
Oil prices rose on Monday as increased global demand and U.S. efforts to shut out Iranian output through the use of sanctions outweighed drilling data suggesting that U.S. shale production would climb.Benchmark Brent crude oil was up 60 cents at $77.71 a barrel by 1330 GMT. U.S.
Oil Prices Slip On Expectations of Higher Supply
Oil prices fell on Wednesday on increasing signs that Saudi Arabia and other big crude producers may raise supply to balance a surge in demand during the peak U.S. summer driving season.Global oil benchmark Brent crude climbed above $80 a barrel last month…
Oil Backs off 2014 Highs ahead of Trump Iran Decision
Oil retreated from its highest level in 3-1/2 years on Tuesday ahead of an announcement by President Donald Trump later in the day on whether the United States will reimpose sanctions on Iran.Should Trump pull the United States out of a multi-nation agreement on Tehran's nuclear program…
Saudis Tighten Grip on Japan, its Biggest Asian Oil Market
Japan's H1 2017 Saudi crude imports rise 7.7 pct; Japan is top buyer of Saudi oil in Asia at 1.3 mln bpd in H1. Saudi Arabia has boosted its market share in Japan, the world's top oil exporter's biggest Asian market, by selling more light crude to the country…
China Demand Drives Singapore Crude Storage Sales
22.6 million barrels of crude sold from storage in March; Chinese demand, more crude deliveries to Asia trigger sales. Crude oil sales from storage tanks around Singapore rose to an 11-month high in March, with nearly half of the volumes going to China and…
China's March Crude Imports Shatter Record
March crude imports 9.17 mln bpd, previous record 8.57 mln bpd; beats U.S. as top crude oil importer for March, year so far. China's crude oil imports surged to an all-time high in March to nearly 9.2 million barrels per day (bpd), customs data showed on Thursday…
By Shielding Asia from Supply Cuts, OPEC Risks Prolonging Glut
OPEC's efforts to hold market share in Asia by keeping its customers, which take about two-thirds of its exports, supplied amid wider output cuts could prolong the global fuel glut and frustrate its attempt to bolster prices. Saudi Arabia, the de-facto leader…
Oil Bounces Back From Two-month Lows on Weaker Dollar
Crude futures on Tuesday bounced back from two-month lows, helped by a weaker dollar, but an oil inventory glut and a drop in bullish bets by investors weighed on prices. Brent crude was up $1.29 at $47.54 per barrel at 1218 GMT. U.S. West Texas Intermediate crude was up $1.10 at $45.86 a barrel.
Saudis, Russians in Teapot Turf War
Russia has so far dominated oil sales to China's teapot refiners. Saudi Arabia's sale of a spot crude cargo to an independent Chinese refiner marks a new phase in the turf war for dominance over Asia's oil market and sends a strong message to its rivals Russia and Iran: the fight for market share is on.
Oil Eases Off Multi-Month Highs
Record U.S. crude stocks, global glut cap recent gains. Oil prices dipped on Thursday, after hitting three-month highs this week, with analysts warning that larger gains would be unwarranted as refineries enter seasonal maintenance and a global glut weighs.
China Crude Imports at Record High
Feb daily crude imports jump 20 percent from year ago. China's February crude oil imports jumped 20 percent on year to their highest ever on a daily basis, as prices at their lowest in more than a decade drove buying from a group of new importers and state and commercial stockpiling.
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.
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.
Rare Oman Crude Cargo May Ship to U.S.
WTI's premium to DME Oman at more than 5-year high; Koch may ship Oman crude to U.S. Gulf Coast. The United States could receive its first Oman cargo in three years after a brief opening of the arbitrage window earlier this month when U.S. crude prices strengthened against Omani oil futures, traders said on Monday.
Falling U.S. Inventories Boost Oil Prices
Official U.S. inventory data to be published on Wednesday; brimming oil tanks compound oversupply. Oil rose on Wednesday on reports of falling stockpiles and rising refinery activity in the United States, but analysts said a global supply glut would keep prices under pressure.
Brent Eases on Glut Concerns
Bets rise on drop to $40 a barrel. Oil prices eased on Tuesday, reversing the previous day's gains, as the risk premium stemming from the Paris attacks faded, and the focus returned to the global oversupply in crude and petroleum products. Analysts said that…
China Looks at Record Crude Buying Year
China's Jan-Sept crude imports up 8.8 pct on year ago. As China closes in on the United States as the world's biggest crude oil importer, demand from private refiners and stockpiling of cheap oil is expected to keep imports at record levels after a wobble in the third quarter.
Brent Oil Edges Up, Set for Third Straight Weekly Gain
Brent crude edged up on Friday, poised to mark a third consecutive week of price increases as air strikes in Yemen stoked concerns over the security of Middle East oil shipments. A softer U.S. dollar and strong economic indicators in Europe and Asia also lent…
Brent Tops $61 on Iraq, Libya Violence
Libya has declared force majeure on 11 oilfields. Brent crude future prices rose above $61 a barrel on Thursday, as investors brushed aside bearish U.S. inventories data to focus on tensions in Iraq and Libya. A deteriorating security situation led Libya's…
