Oil prices slip in line with bearish equities

Oil fell on Monday, in line with further declines in global stock markets, giving back some of the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output. International Brent crude oil futures fell 63 cents, or 1 percent, to $61.04 a barrel by 8:20 a.m. Prices rose 3 percent on Friday after OPEC and some non-OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day. They could disagree on prices and u


Oil fell on Monday, in line with further declines in global stock markets, giving back some of the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output. International Brent crude oil futures fell 63 cents, or 1 percent, to $61.04 a barrel by 8:20 a.m. Prices rose 3 percent on Friday after OPEC and some non-OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day. They could disagree on prices and u
Oil prices slip in line with bearish equities Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: spencer platt, getty images
Keywords: news, cnbc, companies, oil, opec, west, cents, equities, prices, slip, line, wanted, inventories, bearish, really, crude, fell, cut


Oil prices slip in line with bearish equities

Oil fell on Monday, in line with further declines in global stock markets, giving back some of the gains made last week when producer group OPEC and other key exporters agreed to cut their crude output.

International Brent crude oil futures fell 63 cents, or 1 percent, to $61.04 a barrel by 8:20 a.m. ET (1320 GMT), while U.S. West Texas Intermediate crude lost 85 cents, or 1.6 percent, to trade at $51.76 a barrel.

Prices rose 3 percent on Friday after OPEC and some non-OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day.

“They had one thing in common — none of them wanted to see inventories rise further. They could disagree on prices and upon the size of the cuts, but to really see inventories moving higher? No one wanted that,” SEB commodities strategist Bjarne Schieldrop said.

“Firstly, we’ll get some (price) stability, even if oil is weighed down by bearish equities. That really took the glow off oil,” he said.


Company: cnbc, Activity: cnbc, Date: 2018-12-10  Authors: spencer platt, getty images
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Oil strengthens ahead of G20 meeting, but supply rise caps gains

Oil prices ticked higher on Thursday on optimism that trade talks at the G20 meeting could aid the global economy and improve the demand outlook, while an increase in U.S. crude inventories to their highest in a year curbed gains. U.S. crude futures rose 38 cents, or 0.8 percent, to $50.67 per barrel by 0338 GMT. International benchmark Brent crude rose 27 cents, or 0.5 percent, to $59.03 a barrel, having dropped 2.4 percent on Wednesday to $58.76 a barrel. Both markets rose more than 1 percent


Oil prices ticked higher on Thursday on optimism that trade talks at the G20 meeting could aid the global economy and improve the demand outlook, while an increase in U.S. crude inventories to their highest in a year curbed gains. U.S. crude futures rose 38 cents, or 0.8 percent, to $50.67 per barrel by 0338 GMT. International benchmark Brent crude rose 27 cents, or 0.5 percent, to $59.03 a barrel, having dropped 2.4 percent on Wednesday to $58.76 a barrel. Both markets rose more than 1 percent
Oil strengthens ahead of G20 meeting, but supply rise caps gains Cached Page below :
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Keywords: news, cnbc, companies, barrel, ahead, million, crude, trade, gains, rose, markets, meeting, g20, inventories, strengthens, oil, caps, rise, supply


Oil strengthens ahead of G20 meeting, but supply rise caps gains

Oil prices ticked higher on Thursday on optimism that trade talks at the G20 meeting could aid the global economy and improve the demand outlook, while an increase in U.S. crude inventories to their highest in a year curbed gains.

U.S. crude futures rose 38 cents, or 0.8 percent, to $50.67 per barrel by 0338 GMT. The market ended the previous session down 2.5 percent at $50.29 a barrel, after hitting the lowest since early October last year.

International benchmark Brent crude rose 27 cents, or 0.5 percent, to $59.03 a barrel, having dropped 2.4 percent on Wednesday to $58.76 a barrel.

Both markets rose more than 1 percent in early Asian trade.

“We have seen huge increases in supply and the demand picture is in question. However, we might see some movement on global trade issues at the G20 meeting which starts on Friday,” said Michael McCarthy, chief strategist at CMC Markets and Stockbroking.

“I think we are seeing some positioning ahead of those potential demand-positive events.”

Investors in commodity markets are looking ahead to the meeting of leaders of the Group of 20 nations (G20), the world’s biggest economies, on Nov. 30 and Dec. 1, with the U.S.-China trade war at the top of the agenda.

U.S. President Donald Trump is open to a trade deal with China but is also prepared to hike tariffs on imports from the country if there is no breakthrough on longstanding trade issues during a dinner on Saturday with Chinese leader Xi Jinping, White House economic adviser Larry Kudlow said on Tuesday.

Xi said China will widen market access for foreign investors and step up protection of intellectual property rights.

Meanwhile, rising supplies are keeping a lid on prices.

U.S. crude inventories for the week to Nov. 23 added 3.6 million barrels to the most in a year at 450 million barrels, exceeding expectations, the Energy Information Administration said on Wednesday.

“WTI oil is now trading right around the $50 per barrel level, a price last seen well over a year ago, as the current oversupply situation has now manifested itself in 10 consecutive weekly increases in U.S. oil inventories,” said William O’Loughlin, Investment Analyst at Australia’s Rivkin Securities.

The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members will meet in Vienna, Austria on Dec. 6 to discuss a new round of production cuts of 1 million to 1.4 million barrels per day (bpd) and possibly more, OPEC delegates told Reuters earlier this month.


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Oil dips on swelling US inventories, but expected OPEC supply cut stems losses

Front-month Brent crude oil futures were at $63.28 per barrel, down 20 cents, or 0.3 percent, from their last close. U.S. crude oil production remained at a record 11.7 million barrels per day (bpd), the EIA said. Some analysts have warned that despite high global production, oil markets have little spare capacity to handle unforeseen supply disruptions. Trump on Wednesday praised Saudi Arabia over recent oil prices and called for prices to go even lower. “Oil prices getting lower.


Front-month Brent crude oil futures were at $63.28 per barrel, down 20 cents, or 0.3 percent, from their last close. U.S. crude oil production remained at a record 11.7 million barrels per day (bpd), the EIA said. Some analysts have warned that despite high global production, oil markets have little spare capacity to handle unforeseen supply disruptions. Trump on Wednesday praised Saudi Arabia over recent oil prices and called for prices to go even lower. “Oil prices getting lower.
Oil dips on swelling US inventories, but expected OPEC supply cut stems losses Cached Page below :
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Keywords: news, cnbc, companies, cut, dips, stems, opec, swelling, oil, production, inventories, prices, crude, global, expected, losses, supply, million, lower


Oil dips on swelling US inventories, but expected OPEC supply cut stems losses

Oil prices dipped on Thursday after U.S. crude inventories increased to their highest level since December 2017 amid concerns of an emerging global glut, although an expected supply cut by producer cartel OPEC prevented further drops.

U.S. West Texas Intermediate (WTI) crude futures, were at $53.38 per barrel at 0141 GMT, 25 cents, or 0.5 percent below their last settlement.

Front-month Brent crude oil futures were at $63.28 per barrel, down 20 cents, or 0.3 percent, from their last close.

U.S. commercial crude oil inventories rose by 4.9 million barrels to 446.91 million barrels last week, the Energy Information Administration (EIA) said in a weekly report on Wednesday. That was the highest level since December last year.

U.S. crude oil production remained at a record 11.7 million barrels per day (bpd), the EIA said.

“U.S. inventory data…continued to show significant supply builds, which comes on the back of sustained record U.S. crude oil production,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

Some analysts have warned that despite high global production, oil markets have little spare capacity to handle unforeseen supply disruptions.

However, Innes said that once U.S. pipeline bottlenecks were alleviated, which he said he expected in 2019, “the entire notion of a tight global spare capacity argument goes down the well”.

Fearing a glut, the Middle East-dominated producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) is considering supply cuts when it next meets on Dec. 6, although some members, like Iran, are expected to resist any voluntary reductions.

“While there is talk that OPEC plus Russia may again agree to a production cut, the concern is that not all relevant parties will be able to come to an agreement,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities.

“Saudi Arabia has hinted at a unilateral cut, but it will want to be careful about annoying the U.S. given that President Trump has been vocal about his desire for lower oil prices,” he added.

Trump on Wednesday praised Saudi Arabia over recent oil prices and called for prices to go even lower.

“Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy!… Thank you to Saudi Arabia, but let’s go lower!” Trump tweeted.


Company: cnbc, Activity: cnbc, Date: 2018-11-22  Authors: getty images
Keywords: news, cnbc, companies, cut, dips, stems, opec, swelling, oil, production, inventories, prices, crude, global, expected, losses, supply, million, lower


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Wholesale inventories gain slightly more than expected in September

U.S. wholesale inventories gained slightly more than estimated in September. The Commerce Department said that wholesale inventories rose 0.4 percent in September, better than the 0.3 percent gain expected by economists surveyed by Refinitiv. Wholesale inventories gained 0.9 percent in August, the biggest gain for the measurement since November 2016. This story is developing. Please check back for updates.


U.S. wholesale inventories gained slightly more than estimated in September. The Commerce Department said that wholesale inventories rose 0.4 percent in September, better than the 0.3 percent gain expected by economists surveyed by Refinitiv. Wholesale inventories gained 0.9 percent in August, the biggest gain for the measurement since November 2016. This story is developing. Please check back for updates.
Wholesale inventories gain slightly more than expected in September Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: michael sheetz, jim young, bloomberg, getty images
Keywords: news, cnbc, companies, gained, septemberthe, gain, slightly, rose, surveyed, refinitivwholesale, wholesale, updates, expected, inventories


Wholesale inventories gain slightly more than expected in September

U.S. wholesale inventories gained slightly more than estimated in September.

The Commerce Department said that wholesale inventories rose 0.4 percent in September, better than the 0.3 percent gain expected by economists surveyed by Refinitiv.

Wholesale inventories gained 0.9 percent in August, the biggest gain for the measurement since November 2016.

This story is developing. Please check back for updates.


Company: cnbc, Activity: cnbc, Date: 2018-11-09  Authors: michael sheetz, jim young, bloomberg, getty images
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Oil extends losses as other markets fall, inventories rise

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due


Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due
Oil extends losses as other markets fall, inventories rise Cached Page below :
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Oil extends losses as other markets fall, inventories rise

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected.

Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused at least one death, injuries and widespread destruction.

Brent crude futures were down $1.22, or 1.5 percent, at $81.87 a barrel by 0237 GMT. They earlier touched their lowest since Sept. 28 at $81.61, after closing 2.2 percent lower on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were down by $1, or 1.4 percent, at $72.17, having also fallen to their lowest since Sept. 28. They dropped 2.4 percent in the previous session.

Stocks on major world markets slid to a three-month low on Wednesday, with the benchmark S&P500 stock index falling more than 3 percent, its biggest one-day decline since February.

Technology shares tumbled on fears of slowing demand and concerns about U.S.-China tensions. Japan’s Nikkei 225 was down nearly 4 percent on Thursday.

“Ugly, very very ugly,” Greg McKenna an independent market strategist based near Sydney said in a morning note, referring to declines in global markets including oil.

U.S. crude stockpiles rose more than expected last week, while gasoline inventories increased and distillate stocks drew, industry group the American Petroleum Institute said on Wednesday.

Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, API said. [API/S]

The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT.

In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to the storm, the Bureau of Safety and Environmental Enforcement said. The cuts represent 718,877 barrels per day of oil production.

While production has been cut because of the hurricane, “down time is expected to be brief and Gulf of Mexico output now accounts for a comparatively small portion of total U.S. production,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

U.S. oil output is expected to rise 1.39 million bpd to a record 10.74 million bpd, the EIA said in its monthly forecast on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2018-10-11
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Oil prices climb amid fall in US stockpiles, supply worries

Oil rose for a third day on Thursday amid another drawdown in U.S. inventories and strong U.S. gasoline demand, while signs OPEC may not raise output to address shrinking supplies from Iran also supported prices. Global benchmark Brent crude was up by 26 cents, or 0.3 percent, at $79.66 by 0611 GMT, after gaining half-a-percent on Wednesday. Crude inventories declined by 2.1 million barrels, the EIA data showed, compared with expectations for a decrease of 2.7 million barrels. U.S. sanctions aff


Oil rose for a third day on Thursday amid another drawdown in U.S. inventories and strong U.S. gasoline demand, while signs OPEC may not raise output to address shrinking supplies from Iran also supported prices. Global benchmark Brent crude was up by 26 cents, or 0.3 percent, at $79.66 by 0611 GMT, after gaining half-a-percent on Wednesday. Crude inventories declined by 2.1 million barrels, the EIA data showed, compared with expectations for a decrease of 2.7 million barrels. U.S. sanctions aff
Oil prices climb amid fall in US stockpiles, supply worries Cached Page below :
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Keywords: news, cnbc, companies, worries, week, stockpiles, million, inventories, supply, fall, climb, producers, prices, crude, survey, oil, amid, strong, supplythe


Oil prices climb amid fall in US stockpiles, supply worries

Oil rose for a third day on Thursday amid another drawdown in U.S. inventories and strong U.S. gasoline demand, while signs OPEC may not raise output to address shrinking supplies from Iran also supported prices.

Global benchmark Brent crude was up by 26 cents, or 0.3 percent, at $79.66 by 0611 GMT, after gaining half-a-percent on Wednesday.

U.S. West Texas Intermediate crude was up 60 cents, or 0.8 percent, at $71.72 a barrel, after rising nearly 2 percent the previous session.

U.S. crude oil stockpiles fell for a fifth straight week to 3.5-year lows in the week to Sept. 14, while gasoline inventories also showed a larger-than-expected draw on unseasonably strong demand, the Energy Information Administration said on Wednesday.

Crude inventories declined by 2.1 million barrels, the EIA data showed, compared with expectations for a decrease of 2.7 million barrels.

“The bulls are back in charge, even more so after traders were conveying a high degree of resistance to the unexpected build on the API survey,” said Stephen Innes, head of trading for Asia-Pacific at OANDA in Singapore.

He was referring to the weekly survey from the oil industry group the American Petroleum Institute (API) on Tuesday that indicated U.S. stocks had risen by 1.2 million barrels last week.

U.S. sanctions affecting Iran’s oil exports come into force on Nov. 4 and many buyers have already scaled back Iranian purchases. But it is unclear how easily other producers can compensate for any lost supply.

The Organization of the Petroleum Exporting Countries and other producers including Russia meet on Sunday in Algeria to discuss how to allocate supply increases within their quota framework to offset the loss of Iranian supply.

“The current market betting line suggests price levels rather than global supply levels will be the key determinant on turning on the oil taps,” Innes said.

OPEC sources have told Reuters no immediate action was planned and producers would discuss how to share a previously agreed output increase.


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Oil steady as US crude inventories fall, products gain

Oil prices steadied on Friday as a rise in stocks of refined petroleum products offset a big fall in U.S. crude inventories to the lowest level since 2015. U.S. commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels in the week to Aug. 31, the lowest since February 2015, U.S. Energy Information Administration (EIA) data showed on Thursday. Gasoline stocks rose by 1.8 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 3.1


Oil prices steadied on Friday as a rise in stocks of refined petroleum products offset a big fall in U.S. crude inventories to the lowest level since 2015. U.S. commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels in the week to Aug. 31, the lowest since February 2015, U.S. Energy Information Administration (EIA) data showed on Thursday. Gasoline stocks rose by 1.8 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 3.1
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Company: cnbc, Activity: cnbc, Date: 2018-09-07  Authors: istock, getty images
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Oil steady as US crude inventories fall, products gain

Oil prices steadied on Friday as a rise in stocks of refined petroleum products offset a big fall in U.S. crude inventories to the lowest level since 2015.

Brent crude futures edged up 17 cents to $76.67 a barrel. U.S. West Texas Intermediate (WTI) crude futures was flat at $67.77 per barrel.

U.S. commercial crude oil inventories fell by 4.3 million barrels to 401.49 million barrels in the week to Aug. 31, the lowest since February 2015, U.S. Energy Information Administration (EIA) data showed on Thursday.

But sentiment suffered due to a rise in refined product stocks coupled with relatively weak demand for fuel during this summer’s U.S. driving season – when consumption normally peaks.

Gasoline stocks rose by 1.8 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 3.1 million barrels, the EIA said.

“(Gasoline) stocks … are now 3.5 percent above the year-ago level. More worryingly, the surplus to the five-year norm now stands at 5.4 percent, the highest since June 2017,” Stephen Brennock of London brokerage PVM said.

“This bears all the hallmarks of a disappointing summer driving season. As a result, the alarm bells are now ringing that a gasoline glut will persist for the foreseeable future,” he added.

On the supply side, U.S. crude oil production last week remained at a record 11 million barrels per day (bpd), a level it has largely been at since July.


Company: cnbc, Activity: cnbc, Date: 2018-09-07  Authors: istock, getty images
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International oil prices slip amid escalation of US-China trade spat; drop in US crude inventories offers support

International oil prices slipped on Thursday, weighed down by the escalating trade dispute between the United States and China, although a decline in U.S. commercial crude inventories offered some support. International benchmark Brent crude oil futures were at $74.63 per barrel at 0422 GMT, down 18 cents, or 0.2 percent, from their last close. West Texas Intermediate (WTI) crude futures were at $67.90 per barrel, up 4 cents from their last settlement, buoyed by the decline in U.S. crude invento


International oil prices slipped on Thursday, weighed down by the escalating trade dispute between the United States and China, although a decline in U.S. commercial crude inventories offered some support. International benchmark Brent crude oil futures were at $74.63 per barrel at 0422 GMT, down 18 cents, or 0.2 percent, from their last close. West Texas Intermediate (WTI) crude futures were at $67.90 per barrel, up 4 cents from their last settlement, buoyed by the decline in U.S. crude invento
International oil prices slip amid escalation of US-China trade spat; drop in US crude inventories offers support Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-23
Keywords: news, cnbc, companies, futures, united, oil, uschina, prices, slip, offers, crude, states, decline, trade, spat, inventories, million, eia, international, support


International oil prices slip amid escalation of US-China trade spat; drop in US crude inventories offers support

International oil prices slipped on Thursday, weighed down by the escalating trade dispute between the United States and China, although a decline in U.S. commercial crude inventories offered some support.

International benchmark Brent crude oil futures were at $74.63 per barrel at 0422 GMT, down 18 cents, or 0.2 percent, from their last close.

West Texas Intermediate (WTI) crude futures were at $67.90 per barrel, up 4 cents from their last settlement, buoyed by the decline in U.S. crude inventories.

International markets weakened as the intensifying trade spat between the United States and China was seen as a drag on economic growth.

The United States and China escalated their acrimonious trade war on Thursday, implementing punitive 25 percent tariffs on $16 billion worth of the other’s goods. Washington is holding hearings this week on a proposed list of an additional $200 billion worth of Chinese imports to face duties.

“These (overall) measures are expected to shave up to 0.3-0.5 percentage points from China’s real GDP growth in 2019,” said rating agency Moody’s Investor Service.

“For the U.S. … trade restrictions will trim off about one quarter of a percentage point from real GDP growth to 2.3 percent in 2019.”.

In U.S. oil markets, a decline in commercial crude inventories provided WTI with stronger support than Brent.

Greg McKenna, chief market strategist at futures brokerage AxiTrader said the U.S. crude price support came “as the EIA inventory data showed a big draw in U.S. crude and a solid run rate of 98.1 percent for refineries”.

U.S. commercial crude oil inventories fell by 5.8 million barrels in the week to Aug. 17 to 408.36 million barrels, the Energy Information Administration (EIA) said on Wednesday.

In production, U.S. crude oil output rose back to 11 million barrels per day, the EIA report said.

That means the world’s three top producers, Russia, the United States and Saudi Arabia, now all churn out around 11 million bpd, meeting a third of global demand.


Company: cnbc, Activity: cnbc, Date: 2018-08-23
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Oil prices increase amid decline in US crude inventories

Oil prices rose on Wednesday, supported by a drop in U.S. crude inventories and a weaker dollar, along with concerns about a potential shortfall of Iranian oil from November due to U.S. sanctions. Brent crude oil futures were at $72.83 per barrel at 0234 GMT, up 20 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 28 cents, or 0.4 percent, at $66.12 per barrel. U.S. crude inventories fell by 5.2 million barrels in the week to Aug.17, to 405.6


Oil prices rose on Wednesday, supported by a drop in U.S. crude inventories and a weaker dollar, along with concerns about a potential shortfall of Iranian oil from November due to U.S. sanctions. Brent crude oil futures were at $72.83 per barrel at 0234 GMT, up 20 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 28 cents, or 0.4 percent, at $66.12 per barrel. U.S. crude inventories fell by 5.2 million barrels in the week to Aug.17, to 405.6
Oil prices increase amid decline in US crude inventories Cached Page below :
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Oil prices increase amid decline in US crude inventories

Oil prices rose on Wednesday, supported by a drop in U.S. crude inventories and a weaker dollar, along with concerns about a potential shortfall of Iranian oil from November due to U.S. sanctions.

Brent crude oil futures were at $72.83 per barrel at 0234 GMT, up 20 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 28 cents, or 0.4 percent, at $66.12 per barrel.

U.S. crude inventories fell by 5.2 million barrels in the week to Aug.17, to 405.6 million barrels, ahead of analysts’ forecasts for a fall of 1.5 million barrels, according to data from industry group the American Petroleum Institute. [API/S]

Official data from the U.S. Energy Information Administration (EIA) is due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

“Investors are also confident that (official) inventories in the United States will decrease this week,” ANZ Bank said in a note.

Signs of slowing U.S. crude output growth and a weaker U.S. dollar also provided some support to oil prices, said Kim Kwang-rae, commodity analyst at Samsung Futures in Seoul.

The U.S. dollar index against a basket of six major currencies eased on Wednesday to 95.211 after losing 0.7 percent the previous day, weighed by U.S. President Trump’s comments on monetary policy.

A weaker U.S. dollar makes oil, which is priced in dollars, less expensive to buyers in other currencies.

The U.S. Energy Information Administration last week cut its 2018 U.S. crude production growth to 10.68 million barrels per day (bpd), from 10.79 million bpd amid lower crude prices.

Concerns also remain over how much oil will be removed from global markets by renewed sanctions on Iran, despite worries that demand growth could weaken amid a trade disputes between the United States and China, the world’s two biggest economies.

“The Iran issue continues to occupy traders’ minds,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC) and OPEC’s third-largest oil producer, said earlier this week no other OPEC member should be allowed to take over its share of oil exports.

Meanwhile, a Chinese trade delegation is in Washington to discuss trade disputes with the U.S. side. But signs of a thaw were unlikely as U.S. President Donald Trump told Reuters in an interview on Monday that he did not expect much progress.


Company: cnbc, Activity: cnbc, Date: 2018-08-22
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Oil prices fall on rising US crude inventories, darkening economic outlook

Oil prices fell on Wednesday, pulled down by a report of increased U.S. crude inventories and as a darkening economic outlook stoked expectations of lower fuel demand. Front-month Brent crude oil futures were at $72.14 per barrel at 0021 GMT, down by 32 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 34 cents, or 0.5 percent, at $66.70 per barrel. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6 million barrels, the API said


Oil prices fell on Wednesday, pulled down by a report of increased U.S. crude inventories and as a darkening economic outlook stoked expectations of lower fuel demand. Front-month Brent crude oil futures were at $72.14 per barrel at 0021 GMT, down by 32 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 34 cents, or 0.5 percent, at $66.70 per barrel. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6 million barrels, the API said
Oil prices fall on rising US crude inventories, darkening economic outlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-15  Authors: getty images
Keywords: news, cnbc, companies, inventories, prices, barrels, futures, rose, api, million, week, fall, stocks, economic, crude, darkening, oil, outlook, rising


Oil prices fall on rising US crude inventories, darkening economic outlook

Oil prices fell on Wednesday, pulled down by a report of increased U.S. crude inventories and as a darkening economic outlook stoked expectations of lower fuel demand.

Front-month Brent crude oil futures were at $72.14 per barrel at 0021 GMT, down by 32 cents, or 0.4 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 34 cents, or 0.5 percent, at $66.70 per barrel.

U.S. crude stocks rose by 3.7 million barrels in the week to Aug. 10, to 410.8 million barrels, private industry group the American Petroleum Institute (API) said on Tuesday. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6 million barrels, the API said.

“Oil prices … fell after the API inventory data showed an unexpected crude build last week,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities.


Company: cnbc, Activity: cnbc, Date: 2018-08-15  Authors: getty images
Keywords: news, cnbc, companies, inventories, prices, barrels, futures, rose, api, million, week, fall, stocks, economic, crude, darkening, oil, outlook, rising


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