Brent Crude Drops to $26.35. Outlook Bleak
Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion emergency stimulus will bolster economic activity.Brent crude futures fell $1.04, or 3.75%, to $26.35 a barrel by 0834 GMT. West Texas Intermediate (WTI) crude futures fell 94 cents, or 3.8%, to $23.55 a barrel. Both contracts are down about 60% this year."Oil markets received a lift from the U.S.
Oil Hits Highest Since September
Oil rose towards $68 a barrel to its highest in over three months on Thursday, buoyed by a report showing lower U.S. crude inventories, hopes of an end to the China-U.S. trade dispute and OPEC-led efforts to constrain supply.The American Petroleum Institute, an oil industry group, said late on Tuesday that U.S. crude stocks fell by 7.9 million barrels last week, much more than the decline forecast by analysts.Brent crude, the global benchmark, reached $67.83 a barrel, the highest since Sept. 17, and by 1438 GMT was up 39 cents at $67.59. U.S.
Iranian Tanker Hit by Missiles, Oil Rises
Oil prices jumped more than 2% on Friday, October 11, 2019, after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.The Suezmax crude tanker Sabiti was ablaze and suffered heavy damage after being hit by two missiles, Iranian media reported.Both oil benchmarks recorded their biggest daily rise since Sept. 16, the first trading day after…
Oil Slips as Trade War Worries Outweigh Iran Sanctions
Oil prices slipped on Friday as concerns over the impact of a global trade war depressed sentiment, although impending U.S. sanctions on Iran and falling Venezuelan output limited losses.Benchmark Brent crude oil was down 40 cents at $77.37 a barrel by 1310 GMT. U.S. light crude was 30 cents lower at $69.95.U.S. President Donald Trump threatened on Thursday to withdraw from the World Trade Organization, his latest salvo in a deepening dispute between the United States…
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…
Oil Falls $2 a Barrel Ahead of OPEC Meeting
Oil prices fell sharply Friday, with benchmark Brent crude dropping more than $2 a barrel ahead of an OPEC meeting in Vienna next week as two of the world's biggest producers, Saudi Arabia and Russia, indicated they were prepared to increase output.Brent crude oil fell $2.15 a barrel to $73.79 by 10:56 a.m. EDT [1556 GMT]. U.S. light crude was $1.77 lower at $65.12 a barrel. Brent crude is on track to end the week down more than 3 percent, while U.S. crude is heading to fall 0.7 percent.Both contracts hit 3-1/2-year highs in May, but have since drifted lower as U.S.
Oil Slips Further as Focus on OPEC Mounts
U.S. crude, gasoline inventories rise unexpectedly as Brent-WTI spread nears widest margin in three years. Oil prices recorded their largest one-day drop in two weeks on Thursday, with expectations building that OPEC will end an output deal that has been in place since the start of 2017 due to concerns about supplies from Venezuela and Iran. Benchmark Brent futures were down $1.08 at $79.72 a barrel by 1118 GMT, its largest one-day fall since May 8, while U.S. crude futures dropped 86 cents to $70.98 a barrel.
Oil Drops as Demand Shows Signs of Slowing
U.S. crude stocks rise by 4.9 mln bbl to 435.6 mln bbl even as production by oil majors is rising. Oil eased on Wednesday after a rise in U.S. crude inventory added to signs demand may be slowing in spite of ongoing output cuts by producer group OPEC and imminent U.S. sanctions against Iran. Brent crude futures were last down 65 cents at $77.78 a barrel by 1147 GMT, while U.S. crude futures fell 32 cents to $70.99 a barrel, leaving the spread between the two just shy of a 2015 high of $7 a barrel.
Oil Steady Near Multi-year Highs as US Drilling Rises
Oil prices steadied below 3-1/2 year highs on Monday as resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran, while rising U.S. drilling pointed to higher North American production.Brent crude was up 15 cents at $77.27 a barrel by 1130 GMT. U.S. light crude oil was up 5 cents at $70.75.Both oil futures contracts hit their highest since November 2014 last week at $78 and $71.89 a barrel respectively as markets anticipated a sharp fall in Iranian crude supply once U.S. sanctions bite later this year.It is unclear how hard U.S.
Oil Rises on Iran Sanctions Talk, PDVSA Output
Price gains built on likely U.S. sanctions against Iran; falling Venezuelan output further tightens markets. Oil rose on Thursday, supported by expectations of renewed U.S. sanctions on Iran, declining output in Venezuela and continuing strong demand. Brent crude oil futures were last up 90 cents at $74.90 a barrel at 1204 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 66 cents to $68.71 per barrel. The oil price has risen by 15 percent in the last four weeks thanks to expectations that the United States will reimpose sanctions on Iran…
Oil Climbs on Saudi Ambitions, U.S. Stock Draw
Saudi Arabia seen seeking oil price of $80-$100 a barrel as U.S. commercial crude stocks decline towards five-year average. Oil prices kept rising to their highest since late 2014 as U.S. crude inventories declined, moving closer to five-year averages, and after sources told Reuters that top exporter Saudi Arabia aims to push prices even higher. Brent crude futures reached $74.73 a barrel, the highest since Nov. 27, 2014 -- the day OPEC decided to pump as much as it could to defend market share, sending the price to a low of $27 just over a year later.
Brent Crude Nears $70 on OPEC Cuts, Demand
UBS sees upside for demand growth in 2018. Reuters survey shows strong compliance with output cuts. Brent oil prices held near $70 per barrel, supported by strong compliance with output cuts by OPEC and its ally Russia, as well as expectations for strong demand growth in 2018. Brent futures, the global benchmark, were down 8 cents at $69.57 a barrel by 1104 GMT. U.S. West Texas Intermediate (WTI) crude was up 4 cents at $65.84 a barrel. "The OPEC/non-OPEC production and U.S. tight oil have justifiably been a focus this year.
Oil Prices Rise on Supply Cuts, Tensions
Oil prices rose nearly 1 percent on Thursday, supported by supply cuts by major exporters as well as continuing concern about political developments in Saudi Arabia. Brent crude oil was up 59 cents or 0.9 percent to $64.08 a barrel by 11:30 a.m. (1630), still close to Tuesday's intra-day high of $64.65, which was the highest since June 2015. U.S. light crude was up 46 cents or 0.8 percent at $57.27, just shy of this week's more than two-year high of $57.69 a barrel. Saudi Arabia plans to cut its crude exports by 120…
Oil Down as OPEC Output Outweighs U.S. Decline
U.S. drillers cut rig count for first time in 23 weeks. Oil prices eased on Monday after rising for seven sessions in a row, as evidence of increasing OPEC crude production snuffed out earlier gains made on the back of data that pointed to moderating U.S. output. Brent crude futures were down 13 cents on the day at $48.64 a barrel by 1000 GMT, off a session high of $49.15. The price rose 5.2 percent last week in its first weekly gain in six weeks. U.S. crude futures fell 4 cents to $46.00 a barrel.
Oil Slips on Mideast Rift Worries
Group of Arab states cuts all ties with Qatar; tankers going to/from Qatar barred from Fujairah port. Oil prices slipped further below $50 a barrel on Tuesday on concerns that a diplomatic rift between Qatar and several Arab states including Saudi Arabia could undermine efforts by OPEC to tighten the market. Benchmark Brent crude oil was 10 cents a barrel lower at $49.37 by 1110 GMT, down around 8 percent from the open of futures trading on May 25, when an OPEC-led policy to cut oil output was extended into the first quarter of 2018. U.S. light crude was down 10 cents at $47.30.
Oil Rebounds Output Cut Extension Hopes
Reuters poll shows analysts expect extension of output deal, but despite gain, oil set for second week, month of losses. Oil prices rebounded on Friday after dropping to a one-month low the previous day, prompting investors to buy at cheaper levels ahead of a May OPEC meeting at which producers could extend output cuts. Optimism is rising about the prospect of a year-long production curb deal, with most analysts polled by Reuters expecting the accord between the Organization of the Petroleum Exporting Countries and non-OPEC producers…
Oil Rises on Libya Turmoil, OPEC Cut Extension
Armed protesters block 250,000 bpd of production in Libya; OPEC-led production cut expected to be extended into H2. Oil prices extended gains on Wednesday despite an increase in U.S. crude inventories, lifted by Libyan supply disruptions and expectations of an OPEC-led output cut being extended. Front-month Brent crude futures rose 25 cents to $51.58 a barrel by 1217 GMT, while West Texas Intermediate (WTI) crude futures were up 22 cents at $48.59 a barrel. Oil production from the western Libyan fields of Sharara and Wafa has been blocked by armed protesters…
Oil Dips on Rising U.S. Stocks, OPEC Output Doubts
API reports unexpected rise in U.S. crude inventories; IEA thinks OPEC produced more than it said in November. Oil prices fell on Wednesday following a reported rise in U.S. crude inventories and an estimate that OPEC may have produced more crude in November than previously thought, potentially undermining a planned output cut. International Brent crude futures were down 58 cents at $55.14 per barrel at 1054 GMT. U.S. West Texas Intermediate (WTI) crude oil futures were down 61 cents at $52.37 a barrel.