Bill Allowing US to Sue OPEC Drawing Renewed Interest
With oil prices hitting fresh four-year highs, long-dormant proposals to allow the United States to sue OPEC nations are getting a fresh look in Congress, though they were once considered a longshot to becoming law.A U.S. Senate subcommittee on Wednesday will hear testimony on the so-called No Oil Producing and Exporting Cartels Act, or NOPEC, which would revoke the sovereign immunity that has long shielded OPEC members from U.S. legal action.The bill would change U.S.
Oil Prices Rise After U.S. Crude Inventories Fall
Oil prices rose for a second day on Wednesday after data showed U.S. crude inventories fell more than expected, easing worries about oversupply that have dragged on markets in recent weeks.Brent crude was up 40 cents, or 0.55 percent, at $73.84 a barrel by 1310 GMT, after gaining 0.5 percent on Tuesday. U.S. light crude was 20 cents higher at $68.72, having risen nearly 1 percent in the previous session.U.S. crude and fuel stockpiles fell more than expected last week…
Oil Falls on Weaker Economic Outlook, U.S. Stocks Rise
A weaker global economic growth outlook and a report of rising U.S. crude inventories weighed on oil prices on Wednesday, even as U.S. sanctions threatened to curb Iranian crude supplies.Benchmark Brent crude oil was down 60 cents a barrel at $71.86 by 1325 GMT. U.S. light crude fell $1.02 a barrel to a low of $66.02, before recovering slightly to around $66.30, down 74 cents."Oil bears are taking their turn in the driving seat," said Stephen Brennock, analyst…
Oil Higher on Lower Iran Exports, Rising U.S. Supply
Oil prices rose on Wednesday, supported by news of a fall in Iranian crude supplies as U.S. sanctions deter buyers, but gains were limited by evidence of a rise in U.S. inventories.Benchmark Brent crude oil was up 45 cents at $76.40 a barrel by 1225 GMT. U.S. light crude was 50 cents higher at $69.03 a barrel.Iran's crude oil and condensate exports in August are set to drop below 70 million barrels for the first time since April 2017, well ahead of the Nov. 4 start date for a second round of U.S.
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. But it has gained 3.3 percent this year and has benefited from the flight out of emerging-market assets.
Oil Eases, but Iran Sanctions Keep Prices Well Above $80 a Barrel
Oil prices eased on Wednesday but were still heading for a fifth consecutive quarter of gains, driven by an impending drop in Iranian exports in the last three months of the year when global demand heats up.Brent crude futures were last down 49 cents on the day at $81.38 a barrel by 1351 GMT, after having risen to as much as $82.55 on Tuesday, the highest since November 2014.U.S. crude futures were down 35 cents at $71.93 a barrel.The United States will apply sanctions to halt oil exports from Iran…
Oil Rises as U.S. Sanctions on Iran Squeeze Supply
Oil prices rose about $1 a barrel on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.Brent crude futures rose $1.13 to $78.50 a barrel, a 1.5 percent gain, by 10:48 a.m. EDT (1448 GMT).U.S. West Texas Intermediate (WTI) crude gained $1.10, or 1.6 percent, at $68.64 a barrel.WTI's discount to Brent <CL-LCO1=R> widened to as much as $10.38 a barrel, its deepest…
Oil Climbs on Libya Force Majeure, Canada Outage
Libyan disruption cuts 850,000 bpd of oil from market; Canada outage drains U.S. crude, product inventories. Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lift U.S. crude to 3-1/2-year highs. U.S. light crude jumped 99 cents, or 1.3 percent, to $74.93 a barrel, its highest since November 2014, before easing back to $74.79, up 85 cents, by 1120 GMT. Benchmark Brent crude oil was up 70 cents at $78.00.
U.S. Crude Hits $75 as Oil Supply Risks Mount
U.S. crude oil prices rose above $75 a barrel for the first time since 2014 on Tuesday after Iran appeared to threaten to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions."The Americans have claimed they want to completely stop Iran's oil exports," the website, president.ir, quoted Iranian President Hassan Rouhani as saying. "They don't understand the meaning of this statement, because it has no meaning for Iranian oil not to be exported…
Oil Prices Retreat from 3-1/2 Year High
Crude prices fell on Tuesday in volatile trading after early gains lifted the U.S. benchmark past $75 a barrel for the first time in more than three years, which prompted traders to book some profits ahead of the U.S. July Fourth holiday. Crude rallied early on supply concerns, then slid as traders booked profits. U.S. light crude was down 25 cents to $73.69 a barrel by 12:43 p.m. EDT, rebounding from a session low of $72.73 a barrel. In early trade, the contract rose as high as $75.27, a 3-1/2 year high. Benchmark Brent crude was down 10 cents at $77.20 a barrel.
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.
Oil Falls on Slowing Chinese Demand, US-China Trade Spat
Oil prices fell on Wednesday after Chinese import data showed a slowdown in demand and as a trade dispute between Washington and Beijing escalated further.U.S. crude futures fell more than $1 per barrel to $68.13 after China said it was retaliating against U.S. tariffs by slapping additional import duties of 25 percent on $16 billion worth of U.S. goods, including oil and diesel .Front-month Brent crude oil futures were down 67 cents at $73.98 a barrel by 1300…
Oil Falls After Libyan Ports Reopen, Trump Tariff Threat
Global oil benchmark Brent fell more than $2 a barrel on Wednesday after U.S. President Donald Trump threatened to levy new tariffs on China and Libya announced the reopening of key oil export terminals.The spectre of tariffs on a further $200 billion of Chinese goods sent commodities lower along with stock markets, as tension between the world's biggest economies intensified.Brent crude fell $2.10, or 2.7 percent, to a low of $76.76 before recovering slightly to $77.20, down $1.66, by 1325 GMT. U.S.
Oil Approaches $80 a Barrel
The oil price rallied towards its highest level this year on Wednesday, after a drop in U.S. crude inventories and as the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production.Brent crude futures were last up 41 cents on the day at $79.47 a barrel by 1323 GMT, having touched a session peak of $79.66, the highest since late May, when the price pushed above $80. U.S. crude futures rose 91 cents to $70.16 a barrel."We think oil market fundamentals are increasingly supportive of crude prices…
Oil Steady as U.S.-Iran Row Balances Trade Worries
Oil prices steadied on Tuesday as tension between the United States and Iran highlighted risks to supply and trade disputes raised the prospect of slower economic growth and weaker energy demand.Brent crude oil was down 10 cents at $72.96 a barrel by 1328 GMT. U.S. light crude was unchanged at $67.89."The impact on oil supplies if U.S.-Iran tensions escalate significantly cannot be underestimated," said Abhishek Kumar, senior analyst at Interfax Energy. "Market…
Oil prices rise on signs of falling Iranian oil exports
Oil prices rose on Tuesday on signs of falling Iran oil exports ahead of U.S. sanctions against Tehran in November, while geopolitical tensions remain over a missing Saudi journalist.International benchmark Brent crude for December delivery rose 9 cents, or 0.1 percent, to $80.87 per barrel by 0032 GMT.U.S. West Texas Intermediate crude for November delivery was up 5 cents at $71.83 a barrel.Iran has exported 1.33 million barrels per day (bpd) to a few countries including India and China in the first two weeks of October…
Oil Holds Just Below $80, Supported by Supply Concerns
Brent oil prices eased modestly on Wednesday but stayed near their highest level this year, supported by concerns that producers may fail to cover a supply shortfall once U.S. sanctions on Iran come into force in November.Brent, the global oil benchmark, slipped 18 cents to $78.85 a barrel by 1336 GMT, after Tuesday's 1.3 percent rise on a media report that Saudi Arabia, the world's largest oil exporter, was comfortable with prices above $80.ANZ bank said in a…
Oil Prices Fall Ahead of U.S. Crude Stocks Data
Oil prices fell on Wednesday after three days of gains as markets awaited key U.S. inventory data expected to show a build in U.S. crude stockpiles.Brent crude was down 65 cents at $80.76 a barrel by 1325 GMT, after gaining $1.15 over the previous three sessions. The benchmark, which hit a two-week low last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 reached on Oct. 3.U.S. light crude oil was 80 cents lower at $71.12.Official oil inventory data from the U.S.
Oil Falls Below $73 on Rising Supply, Trade Worries
Oil extended losses on Wednesday to fall below $72 a barrel, pressured by an industry report that U.S. stockpiles of crude rose unexpectedly and higher OPEC production, adding to indications of more ample supply.Concern of an imminent escalation in the trade war between the United Sates and China pressured equities and boosted the U.S. dollar, and also weighed on oil as slowing economies would curb demand.On Tuesday, the American Petroleum Institute said crude inventories rose by 5.6 million barrels last week. Analysts had expected a decrease of 2.8 million. The U.S.
Oil Rises Above $74 on Report of U.S. Inventory Drop, Iran Sanctions
Oil hit a two-week high above $74 a barrel on Wednesday as an industry report showing a sharp drop in U.S. crude inventories and U.S. sanctions on OPEC producer Iran pointed to tighter supplies.The American Petroleum Institute reported U.S. crude stocks fell last week by 5.2 million barrels, more than three times the decline analysts expected. The government's official figures are due at 1430 GMT."The API inventory data published after the close of trading yesterday are lending buoyancy to prices…