Oil at Highest Level since June 2015
Iran unrest expected to keep prices firm; but U.S. expected to see its output pass 10 mln bpd. Oil prices rose on Wednesday to new two-and-a-half year highs as robust output in the United States and Russia balanced tensions from a sixth day of unrest in OPEC member Iran. U.S. West Texas Intermediate (WTI) crude futures were at $60.87 a barrel at 1241 GMT, up 49 cents from their last close and their highest level since June 2015.
Oil Hits Fresh Highs as Analysts Urge Caution
Brent, WTI at highest since start of oil slump; physical Brent above $70 per barrel. But analysts warn of overheating. Crude oil prices hit new multi-year highs on Wednesday as OPEC-led production cuts and healthy demand helped to balance the market, but analysts warned of possible overheating. A broad, global market rally, including stocks, has also been fuelling investment into crude oil futures. U.S.
Oil Above $68 on Tighter Markets, Lower Inventories
OPEC-led output cuts, dip in U.S. rig count support prices; U.S. crude inventories expected to fall for 8th week. Oil rose further above $68 a barrel on Tuesday, touching its highest since May 2015, supported by OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week. The Organization of the Petroleum Exporting Countries and allies including Russia are keeping supply limits in place in 2018…
Oil Edges Below $99 but Supply Risks in Focus
Oil traded slightly lower below $99 a barrel on Thursday, pressured by ample supply and concern over the weakening of demand growth in major consumer nations, as well as a rise in the U.S. dollar. Threats to supply as Libya's output fell and talk of OPEC production cuts limited the decline for global benchmark Brent, which hit a 26-month low on Monday after data showing a slowdown in China's factory output raised demand concerns.
Oversupply, Ebola Fears Drive Oil Below $86
Brent crude fell below $86 a barrel on Friday on news of strong supply from Middle Eastern OPEC producers and as a confirmed case of Ebola in New York spooked global equities markets. Iraq increased its oil supply in October, and Libya's production remained high, despite deep instability in both countries. Brent crude for December fell $1.02 a barrel to a low of $85.81 and was trading around $85.90 by 1205 GMT. U.S.
Brent Slips Towards $50, Weak Demand Weighs
ECB cuts euro zone growth forecast to 1.4 percent. Commerzbank, Barclays, BNP Paribas cut oil price forecasts. Oil prices fell on Friday, pushing benchmark North Sea Brent crude down towards $50 a barrel, after a cut in European growth forecasts heightened worries over the outlook for demand at a time of huge oversupply. The European Central Bank (ECB) said…
Brent Tops $110 on Libya Violence, Lower Output
Armed men storm Libya's parliament on Sunday; Libyan output falls to 200,000 bpd, 300,000 bpd last week. Brent crude rose above $110 a barrel on Monday on renewed concerns over Libya's oil output following some of the worst violence in Tripoli since the 2011 war against Muammar Gaddafi. Heavily armed men stormed Libya's parliament on Sunday and demanded its suspension…
Oil Up as U.S. Crude Build Slows
Crude prices rise after falling as much as 3 percent on Tuesday. Oil prices firmed on Wednesday after falling by as much as 3 percent in the previous session, as data from an industry group showed a smaller-than-expected build in U.S. crude stockpiles. The American Petroleum Institute (API) reported a crude build of 1.4 million barrels for the week ended Sept. 9, smaller than the 3.8 million barrel rise expected by analysts. The U.S.
LPC-Vitol Signs $8bn Loan Refinancing
Geneva-headquartered energy trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2015, the company announced on Wednesday. The transaction includes a 12-month maturity extension to the company's existing US$7.076bn three-year revolver. The company's existing US$924.2bn 364-day revolving credit facility has also been refinanced…
Vitol Returns for $8 Bln Loan Refinancing
Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn.
Oil Firm as Signs of Higher Demand Outweigh Worries of Excess
Oil prices edged higher in choppy trading on Friday and were on track for solid weekly gains following positive demand signals and a reported decline in stocks. Brent crude futures, the international benchmark for oil, were 27 cents higher at $48.69 per barrel at 0915 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $46.31 per barrel, 23 cents higher.
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.
Oil Advances on Talk of Extension to OPEC Cuts, Inventories Weigh
Oil prices edged higher on Tuesday, helped by expectations that OPEC-led output cuts would be extended beyond June, though gains were capped by persistently high crude inventories. The Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to curb production from Jan. 1 by 1.8 million barrels per day (bpd) for six months to drain crude from record stockpiles. But inventories remain stubbornly large.
Oil Firms, on Track for Biggest Gain in Five Weeks
U.S. oil inventories fell by more than forecast last week; OPEC-led production curbs expected to be extended. Oil prices on Friday were on track for their biggest weekly gain in five weeks, helped by expectations of an extension of OPEC-led output cuts and buoyed by falling U.S. crude inventories. Benchmark Brent was trading 5 cents higher at $50.82 per barrel at 1141 GMT, on target for a 3.5 percent rise on the week. U.S.
Oil Climbs on U.S. Inventory Data
OPEC members to hold informal talks; meeting could lay foundation for output agreement in November. Oil prices rose on Wednesday, after sharp losses in the previous session, as industry data showed a surprise draw in U.S. crude stocks, although worries over a lack of agreement among producers to curb output kept a lid on gains. Brent crude rose 28 cents to $46.25 a barrel by 0905 GMT after settling down $1.38 on Tuesday. U.S.
Oil Extends Rally on Possible Producer Action
Oil prices were up about 1 percent on Friday, on track for their biggest weekly gains since May, after a short covering rally was triggered by comments from Saudi Arabia's oil minister in the previous session about possible action to help stabilize the market. The market, however, pared some gains after data showed U.S. oil drillers added rigs for a seventh straight week, the longest recovery in the rig count in over two years.
Oil at 11-Year Low as Saudi-Iran Row Impacts Markets
Saudi-Iran split dashes chance of OPEC deal to curb oil glut; analysts expect rise in U.S. crude stocks. Oil prices slid more than 4 percent to new 11-year lows on Wednesday as the row between Saudi Arabia and Iran made any cooperation between major exporters to cut output even more unlikely. The furore over Saudi Arabia's execution of a Shi'ite cleric has stripped nearly 8 percent off the price of oil in the last three trading days…
Crude Drops Again, Iranian Oil Looms
Brent, U.S. crude heading for third weekly loss; Iran sanctions could be lifted within days. Brent crude futures plunged more than 4 percent to fresh 12-year lows on Friday as the market braced for increased Iranian oil exports, with the lifting of international sanctions possible within days. Brent and U.S. crude oil were on track to close lower for a third consecutive week, down roughly 20 percent from their 2016 highs.
Oil Steady, Weak Fundamentals Weigh
Speculative activity largely behind price volatility. Oil steadied on Friday in a volatile session, as bearish fundamentals pressured prices despite bullish indications earlier in the week. International benchmark Brent crude futures were 2 cents higher at $34.48 per barrel at 1135 GMT, trading in a range of around $34-$35 a barrel so far this session. U.S. West Texas Intermediate (WTI) crude futures were up 11 cents at $31.83 a barrel.
Crude Prices Ease after Hitting 2016 Highs
Traders take profits after steep April Brent, WTI rallies; falling U.S. production, weak dollar seen as supports. Oil futures slid after setting a 2016 high on Thursday as traders locked in profits, though analysts said supply disruptions, strong investor appetite and a weakening dollar could push prices higher soon. Brent crude futures were trading at $47.05 per barrel at 1129 GMT…