Oil Tight on Libyan Port Struggles
Libyan oil production could face protracted disruption as factions in the east seek to seize control of crude exports, adding pressure to a tight global market. Eastern factions have tried to take over oil exports in the past but have struggled to find buyers because Western nations insist they will deal only with the internationally recognised National Oil Corporation (NOC) based in the Libyan capital of Tripoli.
Oil Mixed as Investors Short-cover and Saudi Boosts Output
On July 6th, 2018, oil was mixed with short-covering, pushing up U.S. crude futures while Brent slipped on global trade tensions and increased Saudi production. West Texas Intermediate (WTI) crude futures gained 61 cents to $73.55 by 11:30 a.m. Global benchmark Brent was down 39 cents at $77 a barrel. For the week, WTI was on track for a loss of about 0.4 percent while Brent was down about 3 percent.
OPEC Sees Strong Oil Market, Possible Need for More Output
Global oil demand is set to stay strong in the second half of 2018, an OPEC technical panel forecast this week, suggesting the market could absorb extra production from the group.The Organization of the Petroleum Exporting Countries meets on Friday to decide output policy amid calls from major consumers such as the United States and China to cool down oil prices and support the global economy by producing more crude.OPEC's de facto leader…
Oil Rises as Outages Balance Trade Dispute, OPEC
Oil prices rose on Tuesday, supported by production losses in Canada, Libya and from the Neutral Zone between Saudi Arabia and Kuwait, but under pressure from higher supply from elsewhere in OPEC and escalating trade conflicts.Brent crude was up 45 cents at $75.18 a barrel by 1335 GMT. U.S. light crude was 65 cents higher at $68.73.Kuwait's energy minister…
Oil Gains After Larger than Expected U.S. Stock Draws
U.S. crude stocks fall by 1.4 million barrels. Global oil demand likely to moderate this year. Oil prices gained on Wednesday, shaking off the effects of a strengthening dollar, after an inventory report showed U.S. crude and gasoline stocks fell more than expected. Brent crude futures gained 85 cents to settle at $79.28 a barrel, while U.S. crude futures gained 18 cents to settle at $71.49 a barrel.
Struggle to Control Libyan Oil Ports Adds to Global Supply Worries
Libyan oil production could face protracted disruption as factions in the east have sought to seize control of crude exports, adding pressure to a tight global market.Eastern factions have tried to take over oil exports in the past yet struggled to find buyers as Western nations insist they will only deal with the internationally recognised National Oil Corporation…
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.
Oil Slips as U.S. Crude Stockpiles Show Surprise Build
U.S. crude stocks up 1.3 mln bbls vs 3.5 mln draw forecast-EIA. Oil fell on Thursday after U.S. government data showed an unexpected build in crude oil stockpiles. U.S. crude futures fell $1.20 to settle at $72.94 a barrel, retreating from Tuesday's 3-1/2-year high of over $75. Brent crude futures lost 85 cents to settle at $77.39 a barrel. U.S. crude stockpiles rose 1.3 million barrels last week, according to 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…
Oil Rises Ahead of OPEC, Pressured by China Tariffs
Oil prices rose on Monday ahead of an OPEC meeting this week and as investors assessed the impact of a trade dispute between the United States and China.U.S. light crude oil hit a two-month low of $63.59 a barrel but then recovered strongly to trade at $65.40, up 34 cents, by 1350 GMT. Brent to a high of $74.59 a barrel and was trading at $74.50, up $1.06…
Oil Approaches Six-Week Highs
Oil neared its highest in six weeks on Wednesday 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, even though refinery maintenance reaches a peak this month, but with the hardening stance of the United States towards Iran, most investors were reluctant to sell oil aggressively.
Oil Eases Back from 2018 Highs
Brent falls below $70/barrel amidst high volumes for Shanghai crude, but also high volatility. Oil fell on Wednesday as investors took profit on a rally the previous day to this year's highs after a report showed a surprisingly large increase in U.S. crude inventories. May Brent crude futures, which expire on Thursday, were at $69.70 per barrel, down 41 cents on the day by 0917 GMT, while June futures were down 44 cents at $69.02.
Oil Steady as Easing Trade Tensions, U.S. Inventories Support
Investors hope for U.S., China trade negotiations as U.S. crude stockpiles fell by 4.6 mln barrels. Oil prices steadied on Thursday as an easing of trade tensions between the United States and China and a surprise draw in U.S. crude inventories last week supported the market. Front-month Brent crude for June delivery was virtually unchanged at $68.01 at 0935 GMT. U.S.
Oil Breaks Above $70 as Trade War Shadow Wanes
Dispute between top two oil consumers has rattled markets; China promises to open economy further, cut import tariffs. Oil broke above $70 a barrel on Tuesday, extending strong gains from the previous day, as investors grew more optimistic that a trade dispute between the United States and China may be resolved without greater damage to the global economy.
Brent at Three-Year High on Possible U.S. Syria Response
Rising U.S. output, inventories weigh, however. Oil hit its highest in more than three years on Wednesday after U.S. President Donald Trump threatened to fire missiles at Syria in response to a suspected chemical attack last week. Some major airlines were re-routing flights on Wednesday after Europe's air traffic control agency warned aircraft flying in the eastern Mediterranean to exercise caution due to possible air strikes on Syria.
US Crude Hits Highest Since 2014
Oil prices jumped on Wednesday, hitting their highest in more than three years on Wednesday after Saudi Arabia said it intercepted missiles over Riyadh and U.S. President Donald Trump warned Russia of imminent military action in Syria.Both U.S. crude and global benchmark Brent traded at the highest levels since 2014 as geopolitical concerns overshadowed a surprise build in U.S.
Oil Breaks Above $72 as Supply Concerns Build
Supply risks in Middle East, Venezuela also buoy crude. Oil prices extended gains on Wednesday, lifted by a reported decline in U.S. crude inventories and the risk of supply disruptions. Brent crude oil futures rose 87 cents to $72.45 a barrel by 1143 GMT, while U.S. WTI crude futures rose 95 cents to $67.47. "Yesterday evening saw the API report a surprising decrease in U.S.
Oil Tops $75, Highest Since November 2014
Oil also buoyed by threat of U.S. sanctions on Iran; U.S. crude inventories expected to have fallen. Oil rose above $75 a barrel on Tuesday to its highest since November 2014 before paring some gains, supported by OPEC-led production cuts, strong demand and the prospect of renewed U.S. sanctions on Iran. Brent crude, the global benchmark, rose to its highest level since OPEC on Nov.
Oil Slips as OPEC, Iran Worries Balance U.S. Output
Potential of new U.S. sanctions against Iran keep market on edge as OPEC cuts bolstered by Venezuelan declines also support. Oil prices slipped on Thursday as swelling U.S. crude inventories and record weekly U.S. production clashed with OPEC supply cuts and the potential for new U.S. sanctions against Iran. Brent crude oil futures were at $72.91 per barrel at 1113 GMT, 45 cents below their last close. U.S.
Oil Surges to Fresh Highs on Growing Supply Worries
Brent jumps to over $75/barrel as WTI rises above $70/barrel. The continuting economic crisis in Venezuela threatens its oil exports. Oil prices rose to their highest levels since late-2014 on Monday, boosted by Venezuela's deepening economic crisis and a looming decision on whether the United States will re-impose sanctions on Iran. Brent crude oil futures were at $75.67 per barrel at 1126 GMT, up 80 cents from their last close.