Oil Prices Fall After Trump's Tariff Threat Against China
Oil prices fell on Monday after U.S. President Donald Trump said he would sharply raise tariffs on Chinese goods this week, risking the derailment of trade talks between the world's two biggest economies.U.S. West Texas Intermediate (WTI) crude futures were at $61.68 per barrel at 1338 GMT, down 26 cents. WTI hit $60.04 earlier in the session, its lowest since March 29.Brent crude futures were broadly steady at $70.88 per barrel…
Oil Rises on Mounting PDVSA Woes
PDVSA warns of force majeure as it struggles to meet obligations; surging U.S. crude output pulls WTI discount to Brent over $10/b. Oil rose on Thursday on concerns about a plunge in exports from Venezuela, although surging U.S. production kept gains in check. Brent crude futures were up 23 cents at $75.59 a barrel by 0900 GMT, while U.S. West Texas Intermediate (WTI) crude was 14 cents higher at $64.87 a barrel. Venezuela, which faces the threat of 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 crude futures were up $1.39 at $70.04 a barrel by 1131 GMT…
Oil Falls as Stronger Dollar Eclipses U.S. Inventory Drop
Stronger dollar makes oil costlier for some buyers; API report showed lower U.S. crude inventories. Oil prices fell on Thursday, dragged lower by a firmer dollar that offset support from a surprise decline in U.S. crude inventories. Brent crude futures were down 11 cents at $65.31 per barrel by 1218 GMT, while West Texas Intermediate (WTI) futures eased 24 cents to $61.44 a barrel. The dollar rose to a one-week high against a basket of major currencies on Thursday…
Oil Rises as OPEC Compliance Eclipses US Output
U.S. production tops 10 mln bpd for first time since 1970 as U.S. inventories rise by 6.8 mln bbls. Oil prices rose on Thursday after a survey showed OPEC's commitment to its supply cuts remains in place, even as U.S. production topped 10 million barrels per day for the first time since 1970. Brent April crude futures were up 53 cents on the day at $69.42 a barrel by 1150 GMT, while NYMEX crude for March delivery rose 42 cents to $65.15 a barrel.
Oil Falls on U.S. Stocks, Global Demand Doubts
U.S. gasoline, distillate stocks increase but OPEC/Russia-led supply cuts lend market support. Oil prices fell on Wednesday after a surprise rise in U.S. inventories of refined products in what the market interpreted as a sign of flagging demand. Brent crude futures were down 48 cents at $62.38 a barrel by 1002 GMT, down 2 percent since last Wednesday, while U.S. crude futures were off 46 cents at $57.16 a barrel.
Oil Steady Near Two-Year Highs
Middle East tensions raise risk of supply disruptions; Increase in U.S. oil drilling caps prices. The Brent oil price was steady at close to two-year highs on Monday, with support from Middle East tensions and record long bets by fund managers balanced by rising U.S. production. Benchmark Brent crude futures were down a modest 5 cents at $63.47 a barrel by 1228 GMT but up 14 percent so far this month. U.S. West Texas Intermediate (WTI) crude futures rose 6 cents to $56.68.
Oil Falls as Speculators Cool on Crude, US Drillers Add Rigs
Oil prices fell for a second day running on Monday, driven lower by evidence of speculators cooling towards crude and after U.S. drillers added more rigs for a tenth week running. Brent crude futures were down 60 cents at $47.41 a barrel by 1352 GMT, having recovered from a session low of $46.90, while U.S. crude rose from an intraday low of $44.72 to trade at $45.23, down 65 cents. Traders…
Oil Falls as U.S. Drills More
Brent, WTI prices down by over 1.5 percent; speculators cut long holdings, cash in on rally. Oil was on course for its largest two-day fall since late June on Monday, after speculators delivered hefty cuts to their bullish bets last week and U.S. crude drillers added more rigs for a tenth week running. Brent crude oil futures had fallen $1.06 on the day to $46.95 a barrel by 1125 GMT, bringing the percentage loss for the last two sessions to 6.1 percent…
Oil Prices Dip on Supply Concerns
Fears grow that recent price rally could fade. Oil prices fell for a second day on Tuesday, as concerns took hold that a six-week rally may have run its course after OPEC doused hopes for a speedy erosion of an overhang of unwanted crude. The Organization of the Petroleum Exporting Countries said on Monday demand for its crude would be less than previously thought in 2016 as supply from rivals proves more resilient to low prices, increasing excess supply in the market.
Oil Dips, Even After Output Freeze
Saudi Arabia, Russia, Qatar and Venezuela agree freeze; market sceptical about cuts but wary of being wrong. Oil prices slipped off session highs on Tuesday after four of the world's largest producers agreed to freeze output at January levels if other major exporters joined the pact, dashing hopes among the price bulls for an outright cut to supply. Qatari energy minister Mohammad bin Saleh al-Sada told a news conference that the step would help to stabilise the oil market…
Oil Up as Market Ponders Iran Variables
Oil prices edged up on Monday after a breakdown in diplomatic ties between Saudi Arabia and Iran that some speculated could result in supply restrictions, although gains were tempered by data showing some of Asia's largest economies are struggling. Saudi Arabia, the world's biggest oil exporter, cut diplomatic ties with Iran on Sunday in response to the storming of its embassy in Tehran following Riyadh's execution of a prominent Shi'ite cleric on Saturday.
Oil Steady Amidst Strong Dollar, Oversupply
Fed rate hike adds to pressure on commodities; U.S. oil inventories rose more than expected. Oil steadied on Thursday, close to an 11-year low, pressured by a relentless build in oversupply, and as the dollar strengthened after the U.S. Federal Reserve raised interest rates for the first time in nearly a decade. Brent crude for February delivery, the front-month contract from Thursday, rose 4 cents to $37.43 a barrel by 1259 GMT.
Oil falls on U.S. Supplies, Fed Rate Hike Talk
API data shows surprise rise in stocks. Oil fell on Wednesday on fresh evidence of growing global oversupply and as investors awaited the outcome of a U.S. Federal Reserve meeting where interest rates are likely to be raised, boosting the dollar and pressuring commodities. Brent was down 85 cents at $37.60 as of 1229 GMT. On Tuesday the contract closed up 53 cents at $38.45 a barrel in its first gain in eight days.
Oil Falls as Investors Fret About Oversupply
Oil prices fell on Thursday, after a report from OPEC showed that while the group anticipates a pick-up in demand next year it also suggests a market surplus will persist. In its monthly report, the producer group said its oil output fell in October and forecast supply from rival producers next year would decline for the first time since 2007 as low prices prompt investment cuts, reducing a global supply glut.
