Oil Prices Extend Losses After Saudi Pledge
Oil prices retreated about 2% on Wednesday, extending the previous day's declines after Saudi Arabia said it would quickly restore full production following last weekend's attacks on its facilities and as U.S. crude stockpiles rose unexpectedly.Tension in the Middle East remained elevated, however, after the Saudi Defence Ministry held a news conference, displaying drone and missile debris it said was "undeniable" evidence of Iranian aggression. U.S. President Donald Trump on Wednesday said he ordered a major increase in sanctions on Iran in the latest U.S.
Brent Oil Prices Rise Above $60
Brent crude oil futures rose above $60 a barrel on Wednesday after industry data showed a larger-than-expected drop in U.S. crude inventories, but lingering worries about a possible global recession capped gains.Brent crude had gained 26 cents, or 0.43%, to $60.29 a barrel by 0900 GMT, after settling 0.5% higher on Tuesday, while U.S. crude was up 3 cents, or 0.05%, at $56.16 a barrel.U.S. crude oil stocks fell by 3.5 million barrels in the week to Aug. 16, data from industry group the American Petroleum Institute (API) showed on Tuesday. Analysts…
Trump Calls for OPEC to Boost Production
U.S. President Donald Trump on Thursday called for the Organization of the Petroleum Exporting Countries (OPEC) to boost oil production to lower the price of the commodity."Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!" Trump wrote in a post on Twitter.Immediately following Trump's tweet, U.S. crude oil futures fell by more than $1 to $58.33 a barrel and Brent futures were down by more than $1 to a session low of $66.76 per barrel.Crude oil prices have risen this year amid supply cuts by OPEC as well as U.S. sanctions on OPEC member countries Venezuela and Iran.
Oil Prices Near Flat
Oil prices were little changed on Monday as investors shrugged off fears of a global economic slowdown and focused on the prospect of tighter supply and lower U.S. crude inventories ahead.Brent crude oil futures climbed 30 cents to $67.33 a barrel by 11:56 a.m. EST (1556 GMT), while U.S. West Texas Intermediate (WTI) futures rose 11 cents to $59.15 a barrel.Crude oil pared earlier losses as the U.S. stock market turned positive."The oil market was worried about a global recession, and now we're kind of shaking that off and thinking that if the U.S.
Oil Prices Reach 2019 Highs
Oil prices rose to new 2019 highs on Tuesday, supported by OPEC supply cuts and falling output from Iran and Venezuela because of U.S. sanctions.Brent crude oil futures were up 16 cents at $67.70 a barrel at 1415 GMT, having earlier risen to a 2019 peak of $68.20, their highest since November 2018.U.S. West Texas Intermediate (WTI) futures were at $59.17, up 8 cents from their last settlement. They also touched their highest since November at $59.57.The Organization of the Petroleum Exporting Countries on Monday scrapped its planned meeting in April…
Petronas Q4 Profit Skids 21%
Malaysian state oil firm Petronas said on Friday its fourth-quarter profit slid 21 percent as costs piled up, and warned it will have to chart a way through a volatile, challenging 2019 citing market uncertainties and geopolitical risks.Petronas, Malaysia's only Fortune 500 company, said October-December profit slipped to 14.3 billion Malaysian ringgit ($3.50 billion) from 18.2 billion ringgit in the same period a year earlier, hit by higher product costs, depreciation and amortisation of assets.The drop came despite a 13 percent jump in quarterly revenue to 69.9 billion ringgit…
Oil Steady, Supported by OPEC Cuts
Record U.S. output, exports offset some of OPEC's cuts.Oil prices were broadly steady on Friday as surging U.S. supply and concerns of a global economic slowdown were offset by falling OPEC output.International Brent crude futures were at $66.39 per barrel at 1231 GMT, up 8 cents from Thursday's settlement.U.S. West Texas Intermediate (WTI) crude oil futures were at $57.38 per barrel, up 16 cents."Oil prices are finely balanced in today's trading session," senior Interfax Energy analyst Abhishek Kumar said.The 14-member Organization of the Petroleum Exporting Countries pumped 30.68 million barrels per day (bpd) in February…
Oil Gains as OPEC Sticks to Supply Cuts
OPEC cuts expected to remain despite Trump pressure. Separately, oil supported by unexpected drop in U.S. inventories.Oil rallied for a second day on Wednesday, buoyed by an unexpected decline in U.S. crude inventories and after Saudi Arabia appeared undaunted by pressure from U.S. President Donald Trump on OPEC to prevent steeper price rises.Saudi Energy Minister Khalid al-Falih said OPEC and its partners were "taking it easy" in response to a tweet from Trump on Monday that called on the group to slacken its restrictions on crude production."We are taking it easy. The 25 countries are taking a very slow and measured approach.
Brent Hits 2019 High on U.S.-China trade Hopes
U.S. crude stocks rise to 454.5 mln barrels as crude exports from U.S. hit record 3.6 mln bpd.Oil prices rose on Friday, supported by OPEC's ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute.International Brent crude futures hit a new 2019 high of $67.60 a barrel, up 53 cents from Thursday's close.Further gains were tempered by U.S. crude oil production hitting a record 12 million barrels per day (bpd) and a surge in exports from the country.By 1125 GMT, U.S. West Texas Intermediate (WTI) crude oil futures…
US Oil Rallies as Exporters Trim Production
U.S. oil prices rose on Friday, gaining for a fourth day on hopes of further supply cuts by major exporters, despite uncertainty about U.S.-China trade talks.U.S. West Texas Intermediate (WTI) crude futures were at $54.79 per barrel at 0038 GMT, up 40 cents, or 0.7 percent, from their last settlement. They rose 51 cents, or 0.95 percent, on Thursday.International Brent crude oil futures had yet to trade, after closing up 1.5 percent in the previous session."The crude oil market shrugged off concerns about the trade talks as signs of further reduction from OPEC+ continue to mount…
Oil Up On Saudi and OPEC Cuts
Oil prices gained nearly 3 percent on Tuesday, supported by OPEC-led production cuts, which Saudi Arabia said it would surpass by more than half a million barrels per day (bpd), and by U.S. sanctions against Iran and Venezuela.Brent crude futures were up $1.65, or 2.7 percent, at $63.16 a barrel by 1445 GMT. U.S. West Texas Intermediate (WTI) crude oil futures also gained 2.7 percent, rising by $1.40 to $53.81.Markets are tightening because of voluntary production cuts from Jan. 1, led by the Organization of the Petroleum Exporting Countries and allies including Russia…
Oil Falls as U.S. Adds New Rigs, China Weakness
Oil fell nearly 2 percent on Monday after U.S. companies added rigs for the first time this year, a signal that crude output may rise further, but the price is still on course for its strongest January gain for 14 years.Further weighing on oil markets, the trade dispute between the United States and China looks unlikely to end anytime soon and its impact on the Chinese economy is increasing.Brent crude oil futures were down $1.05 at $60.59 a barrel by 1300 GMT, while U.S. futures were down $1.02 at $52.67 a barrel.U.S. crude production <C-OUT-T-EIA>, which hit a record 11.9 million barrels per day late last year, has undermined sentiment in the oil market, traders said.U.S.
Oil Rises as Investors Latch on to OPEC Cuts, Supply Outlook
Oil rose on Monday, reversing earlier losses, as investors latched on to positive supply-side drivers for the market, although concern about the wider economy simmered in the background after data pointed to a slowdown in China.Brent crude oil futures were up 12 cents at $62.82 a barrel by 1520 GMT, while U.S. crude futures were up 9 cents at $53.89 a barrel.Analysts said a more robust backdrop for financial markets, together with the prospect of slower crude production growth, were the major drivers behind the rally in oil."The stock market performance is one of the reasons why oil keeps marching higher.
Oil Gains Despite Potential Supply Glut on the Horizon
Oil rose on Thursday, steadying after losing nearly 7 percent over the previous three days, though concern about the prospect of an oversupplied market next year continued to weigh on prices despite OPEC's message that it may cut crude output.The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, is considering a cut of up to 1.4 million barrels per day (bpd) next year to avoid the kind of build in global inventories that prompted the oil price to crash between 2014 and 2016.Brent crude oil futures were last up 63 cents on the day at $66.75 a barrel at 1454 GMT, while U.S.
Cepsa Float Fail Could Jeopardize Other Energy Listings
The shelving of Spanish energy company Cepsa's initial public offering (IPO) may damage prospects for a string of oil-related companies planning to go public.Returning Cepsa to the Madrid stock exchange this week in a flotation valuing the firm at up to 8 billion euros ($9.3 billion) had been expected to test investor appetite for energy listings amid resurgent oil prices.But the company, owned by Abu Dhabi's Mubadala, postponed the IPO on Monday after a tough book-building process."We don't think there will be new energy IPOs for now," a financial adviser to the deal said after the announcement.Out of 21 energy IPOs so far this year…
Oil Prices Edge Up
Oil prices edged up on Monday, supported by ongoing supply cuts from producer club OPEC and Russia and by a drop in U.S. drilling activity.International Brent crude oil futures were at $60.75 per barrel at 0040 GMT, up 27 cents, or 0.5 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were up 22 cents, or 0.4 percent, at $51.81 a barrel.Economic research firm TS Lombard said oil "prices are likely to stabilize around current levels and quite possibly drift upwards", pointing to supply cuts from the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies…
Oil Rises On U.S.-China Trade Talk Optimism
Oil prices climbed around 3 percent on Wednesday as the extension of U.S.-China talks in Beijing raised hopes that the world's two largest economies would resolve their trade standoff.U.S. West Texas Intermediate (WTI) crude oil futures were at $51.36 per barrel at 1500 GMT, up $1.58, or 3.17 percent, the first time this year that WTI has topped $50.International Brent crude futures were up $1.63, or 2.78 percent, at $60.35 per barrel.Both crude price benchmarks added to Tuesday's 2 percent gains and have now been on the rise for eight straight days - their longest rally since June 2017."After a dreadful December for risk markets…
Oil Falls on Gloomier Economic Forecast
Fund managers cut bullish crude holdings to 15-month low.Oil prices fell on Monday, as concern over the global economy put crude on track for its biggest monthly fall since mid-2016.Brent crude oil futures were down 34 cents at $77.28 a barrel at 1005 GMT, while U.S. crude futures fell by 30 cents to $67.29.Even with U.S. sanctions on Iranian exports due to come into force in under a week, oil has lost nearly 7 percent in value this month, the largest percentage decline since July 2016.Industrial commodities such as crude and copper have been rattled by hefty losses in global equities due to concern over corporate earnings…
Oil Falls as Concern Deepens Over Global Economic Outlook
Oil prices dropped on Monday as concern over the global economy put crude on track for its biggest monthly fall since mid-2016.Brent crude oil futures had fallen 58 cents to $77.04 a barrel by 1423 GMT. U.S. crude futures were down 63 cents at $66.96 a barrel.Even with U.S. sanctions on Iranian exports due to come into force in under a week, oil has lost nearly 7 percent in value this month, the largest percentage decline since July 2016.Industrial commodities such as crude and copper have been rattled by hefty losses in global equities due to concern over corporate earnings…
Oil Surrenders Some of its OPEC Gains as Stock Markets Soften
Oil eased on Monday, echoing the weakness in global stock markets and erasing some of the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output from January to prevent oversupply.Brent crude oil futures fell 90 cents on the day to $60.77 a barrel by 1510 GMT, while U.S. futures fell $1.06 to $51.55 a barrel.Prices closed 3 percent higher on Friday after the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day (bpd)."They had one thing in common - none of them wanted to see inventories rise further.