U.S. Oil Futures Plumb Historic Sub-Zero Lows, Brent Plunges
U.S. oil futures continued to trade in negative territory on Tuesday, after closing down nearly $40 on Monday in their first-ever sub-zero dive, as concerns grew the United States will run out of storage for a glut caused by the coronavirus lockdown.Global benchmark Brent crude also fell sharply…
Oil Hits $70 a Barrel
Oil prices rose a further 2% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after a U.S. air strike which killed a top Iranian military commander.Brent crude futures soared to a high of $70.74 a barrel and was at $69.74 at 0940 GMT, up $1.14, or 1.66%, from Friday's settlement.U.S.
Oil Rises on U.S. Crude Stocks Fall
Oil rose on Thursday after industry data showed a surprise drop in U.S. crude inventories, while comments from OPEC about lower-than-expected U.S. shale production in 2020 also provided some support.Prices were capped by mixed signs for oil demand in China, the world's biggest crude importer. Industrial output rose more slowly than expected in October…
Oil Prices Creep Higher on U.S.-China Hopes and OPEC Talks
Oil prices crept upwards on Monday, with Brent reaching its highest in more than a month after the previous day's boost from growing expectations of a U.S.-China trade deal and Iran flagging OPEC discussions over a deeper output cut next month.Brent crude futures for January rose 91 cents to $62.60 a barrel by 1429 GMT, erasing earlier losses. December U.S.
Oil Edges Above $71
Oil held above $71 a barrel on Tuesday, supported by falling Venezuelan and Iranian exports and fighting in Libya that raised concerns of more supply threats, outweighing expectations of higher U.S. inventories.In Libya, fighting between Khalifa Haftar's Libyan National Army and the internationally…
Oil Slips from Five-Month High
Oil slipped from a five-month high above $71 a barrel on Tuesday as Russian comments signalling the possible easing of a supply-cutting deal with OPEC countered concern that violence in Libya could further tighten global markets.Supply curbs led by the Organization of the Petroleum Exporting Countries…
Oil Surges 5 Percent
Oil prices jumped by more than 5 percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply.U.S. light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 percent, before easing to around $53.00 by 1240 GMT.
Oil Down After Trump Urges OPEC Not to Cut Supply
Oil prices fell more than 2 percent on Tuesday after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up the market.Brent dropped $1.97 a barrel, or 2.8 percent, to a low of $68.15 before recovering to around $68.52, down $1.60, by 1420 GMT. U.S. light crude was $1.35 lower…
Oil Rises Towards $77 After Slide, Demand Outlook Weighs
Oil rose towards $77 a barrel on Wednesday after hitting a two-month low as the focus returned to looming U.S. sanctions on oil exporter Iran, although concern about a weaker demand outlook weighed.In a sign Iranian exports will drop further once the sanctions take effect on Nov. 4, two people with…
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.
Former Banker Pleads Guilty to Role in Laundering Embezzled PDVSA Funds
A former executive with Swiss bank Julius Baer pleaded guilty on Wednesday for his role in a billion-dollar scheme to launder money embezzled from the Venezuelan state-owned oil company PDVSA, the U.S.
Oil Up as U.S. Sanctions on Iran Expected to Tighten Supply
Oil prices rose on Tuesday with revived U.S. sanctions against major crude exporter Iran expected to tighten global supply.Brent crude oil futures were up 75 cents to $74.50 per barrel at 1337 GMT and U.S. West Texas Intermediate (WTI) crude futures were up 32 cents at $69.33 a barrel.A first batch of U.S.
Oil Hits $80, Highest Since Nov 2014, on Iran Concerns
Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns that Iranian exports could fall because of renewed U.S. sanctions, reducing supply in an already tightening market.Brent crude futures reached an intraday high of $80.18 a barrel before receding to $79.67 at 1326 GMT.U.S.
Oil Hits Multi-year High on Tight Supply, Iran Sanctions
Oil prices hit a 3-1/2-year high on Tuesday, supported by tight supply and planned U.S. sanctions against Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East.Brent crude oil reached an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014, before easing to $78.28, up 5 cents, by 1345 GMT.U.S.
Oil Nears Six-week Highs on Middle East Tension
Saudi Crown Prince visits Washington as U.S., Saudi Arabia expected to put pressure on Iran. Oil rose for a second day on Wednesday, nearing its highest in six weeks after a surprise decline in U.S. inventories and as concern persisted over possible disruption to Middle East supply. Unexpectedly large inventory declines in the United States helped underpin the market…
Oil Retreats but Prices Still Supported
Brent, WTI are up more than 13 pct since early December; rising U.S. oil production nevertheless remains a threat to tightening markets. Oil prices weakened following early gains on Wednesday, but remained underpinned by tightening supply and strong global demand. Tighter fundamentals have lifted…
Oil Retreats After Hitting 2015 Highs
Brent has risen more than 10 pct since December, but soaring U.S. crude production could undermine rally. Oil prices fell on Friday, dropping from highs last seen in 2015, as soaring U.S. production undermined a 10 percent rally from December lows that were driven by tightening supply and political tensions in OPEC member Iran. U.S.
Unrest Spurs Oil to Highest Level Since 2015
Oil rose further above $68 a barrel on Thursday to the highest since May 2015, supported by unrest in Iran that has raised concerns about supply risks, cold weather in the United States which is boosting demand and OPEC-led output cuts. Six days of anti-government protests in OPEC's third-largest producer have added a geopolitical risk premium to oil prices…
Oil Near 2016 Highs on U.S. Inventory Draw
Algerian oil minister says OPEC could cut more; forced supply disruptions a significant risk. Oil prices held steady on Thursday, underpinned by a surprisingly large drop in U.S. inventory levels the previous day to stay within sight of this year's highs hit in June. Brent crude futures were virtually unchanged at $51.85 per barrel at 1120 GMT…