US Oil Rallies as Exporters Trim Production
U.S. oil prices rose on Friday, gaining for a fourth day on hopes of further supply cuts by major exporters, despite uncertainty about U.S.-China trade talks.U.S. West Texas Intermediate (WTI) crude futures were at $54.79 per barrel at 0038 GMT, up 40 cents, or 0.7 percent, from their last settlement. They rose 51 cents, or 0.95 percent, on Thursday.International Brent crude oil futures had yet to trade, after closing up 1.5 percent in the previous session."The crude oil market shrugged off concerns about the trade talks as signs of further reduction from OPEC+ continue to mount…
Oil Up On Supply Concerns Ahead of OPEC Meeting
Oil prices rose on Friday ahead of a meeting of OPEC and other large crude exporters that will focus on production increases as U.S. sanctions restrict Iranian exports.OPEC and its allies are scheduled to gather in Algeria on Sunday to discuss how to allocate higher supply to offset the shortage of Iranian supplies.Brent crude oil was up 90 cents at $79.60 a barrel by 1340 GMT. U.S. light crude was up 65 cents at $70.97.Brent is close to four-year highs, trading just below $80 a barrel…
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 note that investors took…
Oil Rises as U.S. Sanctions on Iran Cloud Supply Outlook
Oil prices rose more than 1 percent on Friday, supported by signs that U.S. sanctions on Iran are already reducing global crude supply.Benchmark Brent crude oil rose $1.30 a barrel to a high of $76.03 by 1425 GMT, on track for gains of more than 5 percent this week. U.S. crude was $1.20 higher at $69.03, heading for a weekly rise of more than 4 percent."Both crude markers are on track to end a steady run of weekly declines. This is largely due to a tightening fundamental outlook on the back of looming Iranian supply shortages…
Oil Prices Dip as Markets Eye Potential Supply Increases
Oil prices fell on Monday as concerns about supply disruptions eased and Libyan ports resumed export activities, while traders eyed potential supply increases by Russia and other oil producers.Brent crude futures were down 26 cents, or 0.4 percent, at $75.07 a barrel at 0057 GMT.U.S. West Texas Intermediate (WTI) crude was down 27 cents, or 0.4 percent, at $70.74 a barrel.Supply outages in Libya and strike action in Norway and Iraq pushed oil prices higher late last week, although prices still ended down for a second straight week."Crude oil prices fell as fears of supply disruptions eased.
U.S. Oil Prices Steady Ahead of Sanctions on Iran
Oil prices steadied on Thursday, with U.S. crude near a 3-1/2-year high, but supply remained tight with investors concerned by the prospect of a big fall in crude exports from Iran due to U.S. sanctions.U.S. light crude was down 5 cents at $72.71 per barrel by 1331 GMT, after hitting $73.06 on Wednesday, its highest since November 2014. Benchmark Brent was up 5 cents at $77.67.The United States this week demanded all countries halt imports of Iranian oil from November, a hardline position…
U.S. Oil Steadies Ahead of Iran Sanctions
U.S. sanctions likely to cut Iranian crude exports sharply; supply disruptions, record demand leave little spare capacity. Oil prices steadied on Thursday, with U.S. crude near a 3-1/2-year high, but supply remained tight with investors concerned by the prospect of a big fall in crude exports from Iran due to U.S. sanctions. U.S. light crude was unchanged at $72.76 per barrel by 1100 GMT, after hitting $73.06 on Wednesday, its highest since November 2014. Benchmark Brent was up 30 cents at $77.92.
Oil Falls as Stronger Dollar Eclipses U.S. Inventory Drop
Stronger dollar makes oil costlier for some buyers; API report showed lower U.S. crude inventories. Oil prices fell on Thursday, dragged lower by a firmer dollar that offset support from a surprise decline in U.S. crude inventories. Brent crude futures were down 11 cents at $65.31 per barrel by 1218 GMT, while West Texas Intermediate (WTI) futures eased 24 cents to $61.44 a barrel. The dollar rose to a one-week high against a basket of major currencies on Thursday, after minutes of the Federal Reserve's January meeting showed policymakers were more confident of the need to keep raising interest rates.
Oil Falls as U.S. Output Outweighs Crude Stock Dip
U.S. crude output expected to break through 10 mln bpd. Oil prices slid on Friday, putting them on course for the biggest weekly falls since October, as a bounce-back in U.S. production outweighed ongoing declines in crude inventories. Brent crude futures were at $68.70 a barrel at 0949 GMT, down 61 cents from their last close. On Monday, they hit their highest since December 2014 at $70.37. U.S. West Texas Intermediate (WTI) crude futures were at $63.38 a barrel, down 57 cents from their last settlement. WTI marked a December-2014 peak of $64.89 a barrel on Tuesday.
Oil Slips But Hovers Near Recent Highs
Gulf refineries restarting after Hurricane Harvey as U.S. U.S. crude oil prices slipped below $50 per barrel on Monday but stayed close to multi-month highs amid a drop in shale drilling and as refineries continued to restart after Hurricane Harvey. U.S. West Texas Intermediate (WTI) crude futures were down 27 cents at $49.62 at 1115 GMT, but still close to Thursday's near-four month high of $50.50. Brent crude futures were 33 cents lower at $55.29 a barrel, near an almost five-month high of $55.99 touched on Thursday. "Demand forecasts from OPEC and IEA ... continued to improve sentiment in the market.
Oil Steady as Irma Heads for Florida
Hurricane Harvey shut 8 pct of U.S. oil production; even bigger Hurricane Irma heads for Florida. Oil prices steadied on Friday after almost a week of sharp rises as Hurricane Irma, one of the most powerful storms in a century, drove towards Florida after tearing through the Caribbean. Irma is the second major hurricane to approach the United States in two weeks and has already killed 14, flattening whole islands. Its predecessor, Harvey, shut a quarter of U.S. refineries and 8 percent of U.S. oil production.
Oil Dips as Rally Encourages Profit-Taking
Oil prices fell on Monday as a rally at the end of last week prompted investors to close positions at a higher price, against a backdrop of signs the global market is starting to rebalance. Benchmark Brent crude futures were down 15 cents at $52.57 a barrel at 1214 GMT, after surging more than 3 percent in the previous session. U.S. West Texas Intermediate crude futures traded at $48.50 a barrel, down 1 cent. The contract had also risen 3 percent in the previous session. "We are currently seeing some profit-taking after Friday's strong rally ahead of this week's inventory data…
Oil Up as Saudis Announce Output Cuts
Saudis reportedly trim supplies to some Asian buyers; India, Malaysia so far notified of cuts. Oil prices rose for the first time in three days on Wednesday, following news of Saudi supply cuts to Asia, but persistent doubt over output reductions and signs of rising shipments from other producers kept gains in check. Brent crude futures were up 41 cents at $54.05 a barrel by 1133 GMT, while U.S. West Texas Intermediate crude futures were up 39 cents at $51.21 a barrel. Brent has surrendered nearly 40 percent of the gains made between late November and early January.
Oil Falls as Global Supplies Increase
OPEC may ask Libya, Nigeria to cap output. Oil fell on Monday, adding to heavy losses at the end of last week due to rising drilling activity in the United States and no let-up in supply growth from both OPEC and non-OPEC exporters. Prices dropped even as OPEC signalled it may widen its production caps to include Nigeria and Libya, whose output has recovered in recent months after being curtailed by years of unrest. Brent crude futures fell 51 cents on the day to $46.20 per barrel by 1120 GMT, while U.S. crude futures were last 49 cents lower on the day at $43.74 a barrel.
Oil Steady as Fuel Stock Dip Fuels Demand Hopes
Big drop in gasoline, diesel stocks lifts refinery margins. Oil prices were steady on Thursday, holding gains made the previous session after falling U.S. crude and oil product inventories lifted the market. Brent crude futures, the international benchmark for oil prices, stood at $49.72 per barrel at 0939 GMT, 2 cents up from their last settlement. U.S. West Texas Intermediate (WTI) crude futures were at $47.10 per barrel, 2 cents below their last close. Prices for both rose more than 1.5 percent in the previous session on a report showing U.S. crude and fuel inventories fell last week. U.S.
Oil Falls on Oversupply, Vens Plea Falls on Deaf Ears
Venezuela calls for producer meeting to prop up oil prices. Oil fell on Wednesday, hit by improved prospects for U.S. output and a glut in refined products, while analysts largely expected no impact on supplies from talk of a potential producer meeting to discuss propping up prices. International benchmark Brent crude futures were down 63 cents at $44.35 per barrel at 0839 GMT. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $42.13 per barrel, down 64 cents from their last settlement.
Oil Up on Saudi Production Cut Offer
Sources tell Reuters Saudi Arabia could cut output; analysts cautious about upcoming oil producer meeting. Oil prices jumped on Friday after sources told Reuters Saudi Arabia could reduce its crude production should regional foe Iran cap its own output this year. The Saudi offer, ahead of next week's meeting of OPEC ministers trying to staunch oil price losses, has yet to be accepted by Tehran, three sources familiar with the discussions told Reuters. Brent crude oil and U.S. West Texas Intermediate (WTI) futures turned positive immediately after the news…
Oil Prices Fall as Dollar Hits 14-year High
Oil prices fell on Thursday as the dollar rallied in the wake of a rise in U.S. interest rates, despite forecasts of a tighter oil market in 2017 due to planned output cuts. The dollar neared a 14-year high against a basket of other currencies after the U.S. Federal Reserve raised rates for the first time in a year and hinted rates could rise more quickly than investors had anticipated in 2017. A stronger dollar, in which oil is traded, tends to hit demand for crude as it makes fuel purchases more expensive for users of other currencies.
Oil Rises as Market Balances, and Dollar Weakens
OPEC and rivals have announced cuts of almost 1.8 mln bpd; analysts expect relatively high compliance with targeted cuts. Oil prices rose on Monday as a weaker dollar and the delay of new Libyan oil exports boosted benchmarks, amid expectations of tighter crude supply going into 2017. Brent crude futures traded at $55.47 per barrel at 0946 GMT, up 26 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 30 cents at $52.20 a barrel. Analysts said the increases, which built on gains of around 2 percent on Friday, were driven by a delay in crude oil supplies from Libya.
Oil Steady, Supply Outlook Unclear
Oil prices were little changed on Monday, with little news to influence a market waiting to see whether U.S. production from shale fields will grow enough to offset planned output cuts by OPEC, Russia and other producers next year. Brent futures for February delivery were down 24 cents, or 0.4 percent, at $54.97 a barrel by 11:43 a.m. EST (1643 GMT). U.S. West Texas Intermediate crude for January rose 6 cents, or 0.1 percent, to $51.96 per barrel on its last day as the front-month. "Implied U.S.