Oil rises 5% in second weekly gain on output cuts, demand hopes
Oil prices settled 5% higher on Friday in their second consecutive week of gains as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic.The number of operating oil and natural gas rigs fell by 34 to an all-time low of 374 this week - reflecting data going back 80 years - as the energy industry…
Oil Prices Gain 2%
Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices.Benchmark Brent crude gained $1.13, or 1.8%, to $63.41 a barrel, while West Texas Intermediate crude rose 93 cents, or 1.6%, to $57.70 a barrel.Brent and WTI were both on track to post their second straight weekly gain. Brent was due to rise 1.4%, and WTI was set to gain 0.8%.U.S.
Oil surges as China Pushes Tariff Rollbacks
Oil prices rose more than 1% on Tuesday on hopes for a U.S.-China trade agreement and optimism that Washington could roll back some tariffs on Chinese imports.Brent crude futures rose 74 cents, or 1.2%, to $62.87 a barrel by 12:56 p.m. EST (1756 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 68 cents, or 1.2%, to $57.22 a barrel.China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a so-called Phase 1 deal…
Oil Falls Near 2% as U.S.-China Trade War Intensifies
Oil prices slipped nearly 2 percent on Tuesday, on track to fall to their lowest levels in over a month as renewed doubts over U.S.-China trade talks stoked concerns over global growth and demand even though U.S. sanctions on Iran and Venezuela tightened supply and helped stem losses.Brent futures were down $1.36, or 1.9 percent, at $69.88 a barrel by 10:39 a.m. EDT (1439 GMT), while U.S. West Texas Intermediate crude was down $1.14…
Oil Hits 2019 High
Oil prices jumped more than 2 percent on Monday to a near six-month high, on growing concern about tight global supplies after the United States announced a further clampdown on Iranian oil exports.Washington said it will eliminate in May all waivers allowing eight economies to buy Iranian oil without facing U.S. sanctions."The geopolitical risk premium is back in the oil market, in a big way," said John Kilduff, a partner at Again Capital LLC in New York.
Oil Slips 2 Percent
Oil prices dropped about 2 percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures for February delivery fell $1.16 to $60.29 a barrel, a 1.9 percent loss, by 1:15 p.m. ET (1815 GMT). U.S. West Texas Intermediate (WTI) crude futures fell $1.24 to $51.34 a barrel, a 2.4 percent loss.Global benchmark Brent was set for a weekly loss of about 2.2 percent…
Oil Slips on Falling U.S. Equity Market, Weak China Economic Data
Oil prices dropped more than one percent on Friday, weighed down by a falling U.S. stock market, while weak economic data from China pointed to lower fuel demand in the world's biggest oil importer.Brent crude futures fell 75 cents to $60.70 a barrel, a 1.2 percent loss, by 10:53 a.m. EST (1553 GMT). U.S. West Texas Intermediate (WTI) crude futures dropped 93 cents to $51.65 a barrel, a 1.8 percent loss.Global benchmark Brent was set for a weekly loss of about 1.7 percent…
Oil Rise as Global Equities Climb, Libya Output Drops
Oil futures rose on Tuesday with the help of an increase in global stock markets, an outage reducing Libyan crude production and a gradual decrease in Russian output.Brent futures rose 45 cents, or 0.7 percent, at $60.44 a barrel by 11:58 p.m. EST (1658 GMT), while U.S. West Texas Intermediate (WTI) crude was up 79 cents, or 1.5 percent, at $51.79. Earlier, both contracts rose over $1 a barrel."The complex is getting a lift from a pop in global risk appetite this morning as underscored by a strong advance in U.S.
Oil Slumps 7 Percent
Oil prices tumbled about 7 percent on Tuesday, with U.S. crude plunging to its lowest level in more than a year, caught in a broader Wall Street selloff that was fed by rising concerns about slowing global economic growth.U.S. West Texas Intermediate (WTI) crude futures were down $3.90, or 6.8 percent, at $53.30 per barrel by 2:01 p.m. EST (1901 GMT). The contract fell as much as 7.7 percent earlier in the session to $52.77 a barrel…
Oil Drops 4 pct as Equities Slide Sparks Demand Worries
Oil prices fell about 4 percent on Tuesday, with U.S. crude plunging to its lowest in over a year, caught up in Wall Street's broader selloff fed by growing concerns about slowing global growth.U.S. West Texas Intermediate (WTI) crude futures were at $54.72 per barrel, down $2.48, or 4.3 percent by 11:14 a.m. EST (1614 GMT). The contract fell as much as 6.2 percent earlier in the session to $53.63 a barrel, the lowest since October 2017.So far in the session, more than 585,000 U.S.
Oil Prices Fall Ahead of U.S. Crude Stocks Data
Oil prices fell on Wednesday after three days of gains as markets awaited key U.S. inventory data expected to show a build in U.S. crude stockpiles.Brent crude was down 65 cents at $80.76 a barrel by 1325 GMT, after gaining $1.15 over the previous three sessions. The benchmark, which hit a two-week low last week as equity markets dropped, is trading around $5 below a four-year high of $86.74 reached on Oct. 3.U.S. light crude oil was 80 cents lower at $71.12.Official oil inventory data from the U.S.
Oil Rises as U.S. Sanctions on Iran Squeeze Supply
Oil prices rose about $1 a barrel on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.Brent crude futures rose $1.13 to $78.50 a barrel, a 1.5 percent gain, by 10:48 a.m. EDT (1448 GMT).U.S. West Texas Intermediate (WTI) crude gained $1.10, or 1.6 percent, at $68.64 a barrel.WTI's discount to Brent <CL-LCO1=R> widened to as much as $10.38 a barrel…
Oil Slips as Focus Shifts to Demand in Coming Months
Oil prices edged lower on Monday as troubled emerging markets and trade tensions dented the outlook for fuel demand, though U.S. sanctions against Iran could mean tighter supply ahead. Brent crude futures fell 14 cents to $72.67 a barrel by 11:18 a.m. EDT (1518 GMT). U.S. West Texas Intermediate (WTI) crude fell 29 cents to $67.34 a barrel.Futures have struggled to find a footing since Wednesday, after they fell about 3 percent as…
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. "We have a little bit of a rally that's materialized" for WTI, said Bob Yawger, director of energy futures at Mizuho in New York.
Oil Slips On U.S./China Trade Dispute, OPEC Supply Outlook
Oil fell on Tuesday ahead of a possible increase in OPEC crude supply, and as an escalating trade dispute between the United States and China unleashed sharp selloffs in many global markets.Brent crude futures eased 60 cents, or 0.8 percent, to $74.74 a barrel by 11:31 a.m. EDT (1531 GMT), while U.S. West Texas Intermediate crude futures fell $1.01, or 1.6 percent, to $64.84 a barrel."WTI is more vulnerable to spillover from today's…
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. "We rallied as the day went on," said Gene McGillian, manager of market research at Tradition in Stamford.
Brent Crude at 27-month High Even as U.S. Exports spike
Saudi Crown Prince takes bullish stance on supply cut deal; U.S. crude inventories show surprise build even as crude exports hit new record four-week average. Brent crude closed at a 27-month high on Thursday as the market focused more on comments from Saudi Arabia about ending a global supply glut instead of an unexpected increase in U.S. crude inventories and high U.S. production and exports. Brent futures gained 86 cents, or 1.5 percent, to settle at $59.30 a barrel, its highest close since July 3, 2015. U.S.
Oil Steady; Record High Russian Output Forecast Offsets Weak Dollar
Oil prices were little changed on Tuesday as forecasts for record production out of Russia in 2017 helped offset earlier gains related to a decline in the U.S. dollar and Saudi Arabia saying it would adhere to OPEC's commitment to cut output. Brent futures were up 5 cents, or 0.1 percent, at $55.91 a barrel by 11:26 a.m. EST (1626 GMT), while U.S. West Texas Intermediate crude rose 32 cents, or 0.6 percent, to $52.69. Both contracts were up by $1 earlier Tuesday. Earlier gains were capped by forecasts for rising U.S.
Oil Prices Little Changed Before US Weekly Inventory Report
Oil futures held mostly steady on Wednesday as the market waits for direction from a U.S. crude inventory report that is expected to show a big draw. Analysts estimate U.S. commercial crude inventories probably fell by 2.5 million barrels, down for the fifth straight week, according to a Reuters poll. The U.S. Energy Information Administration will release its weekly petroleum status report at 10:30 a.m. EST (1530 GMT). Brent futures for February delivery were up 1 cent at $55.36 a barrel at 9:51 a.m. EST (1451 GMT). U.S.
Oil Dips Before Holiday Week; Libyan Output Boost Weighs
Oil edged lower on Friday ahead of the Christmas and New Year holiday week as the market waited to see how OPEC would manage its planned output cuts with Libya expecting to boost production. Brent futures for February delivery were down 16 cents, or 0.3 percent, at $54.89 a barrel by 10:29 a.m. EST (1529 GMT). U.S. West Texas Intermediate crude fell 22 cents, or 0.4 percent, to $52.73 per barrel. That put WTI on track for its first daily decline in six sessions. For the week, the U.S.