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 Slips but Saudi-Iran Tensions Limit Losses
Middle East tensions prevent further price drops; U.S. rig count rises back to 800 - Baker Hughes. Oil prices eased on Monday after rallying at the end of last week, but tensions between Saudi Arabia and Iran helped limit losses. Prices had climbed on Friday after Saudi Crown Prince Mohammed bin Salman said the kingdom would develop nuclear weapons if arch-rival Iran did. Brent crude futures were down 10 cents at $66.11 a barrel by 1052 GMT.
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.
Petrobras Seals $1 bln Financing Deal
Brazilian state-controlled oil company Petroleo Brasileiro said on Friday it had secured $1 billion in financing from a banking syndicate headed by Standard Chartered PLC, to which it repaid $500 million of debt ahead of schedule. The syndicate includes China Construciton Bank, ABN AMRO Bank, Industrial and Commercial Bank of China, Banco Latinoamericano de Exportações and Commerzbank.
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.
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…
Oil Up After Sell-offs and Trump-Kim Meeting Hopes
Crude oil futures rose on Friday after two days of sell-offs amid optimism over a planned meeting between North Korea's Kim Jong Un and U.S. President Donald Trump. Kim also pledged to refrain from further nuclear or missile tests, lifting Asian stock markets and pulling crude oil futures along with them. Brent crude was at $64.02 per barrel at 1032 GMT, up 41 cents, or 0.64 percent, from its previous close. U.S.
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 Rises as Korea Talks Boost Confidence
IEA sees strong global oil demand growth to 2023. Oil rose on Tuesday, paring earlier losses after South Korea said it would hold a summit with North Korea for the first time in more than a decade, which investors took as a cue to sell the U.S. dollar and buy risk-sensitive assets such as commodities. The prospect of OPEC and other producers, including Russia, maintaining crude output cuts in the face of a boom in U.S.
Oil Slips after Big Jump in US Crude Stocks
Oil slipped towards $86 a barrel on Wednesday after a U.S. government report showed a large rise in crude stocks, halting a tentative recovery from a four-year low. Global benchmark Brent reversed course after the U.S. Energy Information Administration said crude inventories rose by 7.11 million barrels, more than the 2.7 million-barrel increase analysts had expected.
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.
Brent Free Falls, Production Levels Unchanged
Saudi Arabia cuts prices to Europe, Saudi king speaks. Producers show no sign of cutting output despite oversupply. Oil prices fell to fresh 5-1/2 year lows on Tuesday, extending losses after a 5 percent plunge in the previous session as worries over a global supply glut intensified. Brent crude fell close to $51 a barrel, its lowest since 2009, with cuts…
Oil Above $86, Recovery Holds
U.S. crude stocks rise less than expected - API. Oil edged further above $86 a barrel on Wednesday after an industry report showed a smaller-than-expected rise in U.S. crude inventories, extending a tentative recovery from a four-year low. Global benchmark Brent slid from $115 in June to below $83 last Thursday on abundant supply and concern that slowing economic growth in Europe and China would hit oil demand.
Oil Slips on Chinese Concerns, Record Iraq Output
Brent crude oil prices fell below $49 a barrel and U.S. crude also fell more than $1 on Monday after the global economic outlook darkened and Iraq announced record oil production. The world's biggest energy consumer, China, faces significant downward pressure on its economy, its premier Li Keqiang was quoted by state radio as saying on Monday. China is expected this week to report growth slowing to 7.2 percent from a year ago…
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 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.