Oil prices fall as U.S. rig count rise, trade concerns

Oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world’s largest oil producer, picked up and financial markets were pulled down by trade concerns. International Brent crude oil futures were down 49 cents, or 0.8 percent, at $61.61 a barrel. Analysts said economic concerns were also weighing on crude oil futures. The United States has threatened to increase tariffs already imposed on goods from China on March 1 if the trade talks do not produce an agree


Oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world’s largest oil producer, picked up and financial markets were pulled down by trade concerns. International Brent crude oil futures were down 49 cents, or 0.8 percent, at $61.61 a barrel. Analysts said economic concerns were also weighing on crude oil futures. The United States has threatened to increase tariffs already imposed on goods from China on March 1 if the trade talks do not produce an agree
Oil prices fall as U.S. rig count rise, trade concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, trade, concerns, deal, crude, prices, rise, states, count, fall, markets, oil, united, rig, week, china


Oil prices fall as U.S. rig count rise, trade concerns

Oil prices fell by around 1 percent on Monday as drilling activity in the United States, the world’s largest oil producer, picked up and financial markets were pulled down by trade concerns.

A refinery fire in the U.S. state of Illinois, which resulted in the shutdown of a large crude distillation unit, that could cause crude demand to fall also weighed on prices, traders said.

U.S. West Texas Intermediate (WTI) crude futures were at $52.09 per barrel at 0347 GMT, down 63 cents, or 1.2 percent, from their last settlement.

International Brent crude oil futures were down 49 cents, or 0.8 percent, at $61.61 a barrel.

In the United States, energy firms last week increased the number of oil rigs operating for the second time in three weeks, a weekly report by Baker Hughes said on Friday.

Companies added seven oil rigs in the week to Feb. 8, bringing the total count to 854, pointing to a further rise in U.S. crude production, which already stands at a record 11.9 million bpd.

WTI prices were also weighed down by the closure of a 120,000-barrels-per-day (bpd) crude distillation unit (CDU) at Phillips 66’s Wood River, Illinois, refinery following a fire on Sunday.

Elsewhere, the head of Russian oil giant Rosneft, Igor Sechin, has written to the Russian President Vladimir Putin saying Moscow’s deal with the Organization of the Petroleum Exporting Countries (OPEC) to withhold output is a strategic threat and plays into the hands of the United States.

The so-called OPEC+ deal has been in place since 2017, aimed at reining in a global supply overhang. It has been extended several times and, under the latest deal, participants are cutting output by 1.2 million bpd until the end of June.

OPEC and its allies will meet on April 17 and 18 in Vienna to review the pact.

Analysts said economic concerns were also weighing on crude oil futures.

Vandana Hari of Vanda Insights said in a note that crude prices were dragged down “as China returned from a week-long Lunar New Year holiday and regional stock markets plunged into the red amid resurgent concerns over the U.S.-China trade dispute.”

Trade talks between the Washington and Beijing resume this week with a delegation of U.S. officials travelling to China for the next round of negotiations. The United States has threatened to increase tariffs already imposed on goods from China on March 1 if the trade talks do not produce an agreement.

Preventing crude prices from falling further have been U.S. sanctions on Venezuela, targeting its state-owned oil firm Petroleos de Venezeula SA (PDVSA).

“The issues in Venezuela continue to support prices. Reports are emerging that PDVSA is scrambling to secure new markets for its crude, after the U.S. placed additional sanctions on the country,” ANZ bank said on Monday.


Company: cnbc, Activity: cnbc, Date: 2019-02-11  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, trade, concerns, deal, crude, prices, rise, states, count, fall, markets, oil, united, rig, week, china


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Halliburton revenue beats estimates on higher North America rig count

Oilfield services provider Halliburton’s quarterly revenue rose 24 percent to beat analysts’ estimates on Monday as higher oil prices encouraged U.S. oil and gas producers to put more rigs to work. U.S. rig count, an early indicator of future output, stood at 858 in the week to July 20, according to a Baker Hughes report, up from 764 a year earlier, as energy companies ramp up production in anticipation of higher prices in 2018. Halliburton’s North America revenue rose 38.4 percent to $3.83 bill


Oilfield services provider Halliburton’s quarterly revenue rose 24 percent to beat analysts’ estimates on Monday as higher oil prices encouraged U.S. oil and gas producers to put more rigs to work. U.S. rig count, an early indicator of future output, stood at 858 in the week to July 20, according to a Baker Hughes report, up from 764 a year earlier, as energy companies ramp up production in anticipation of higher prices in 2018. Halliburton’s North America revenue rose 38.4 percent to $3.83 bill
Halliburton revenue beats estimates on higher North America rig count Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-23  Authors: jamie schwaberow, bloomberg, getty images
Keywords: news, cnbc, companies, rig, share, million, prices, company, america, oil, cents, higher, halliburton, north, rose, count, beats, revenue, estimates


Halliburton revenue beats estimates on higher North America rig count

Oilfield services provider Halliburton’s quarterly revenue rose 24 percent to beat analysts’ estimates on Monday as higher oil prices encouraged U.S. oil and gas producers to put more rigs to work.

U.S. rig count, an early indicator of future output, stood at 858 in the week to July 20, according to a Baker Hughes report, up from 764 a year earlier, as energy companies ramp up production in anticipation of higher prices in 2018.

Margins in U.S. onshore operations are closing in on what the company achieved during the previous peak in 2014, Halliburton Chief Executive Jeff Miller said in a statement.

Halliburton’s North America revenue rose 38.4 percent to $3.83 billion, while revenue from its international business increased 6 percent to $2.31 billion.

The company’s total revenue rose to $6.15 billion from $4.96 billion.

Net profit attributable to Halliburton rose to $511 million, or 58 cents per share, in the second quarter ended June 30, from $28 million, or 3 cents per share, a year earlier.

The company took a charge of $262 million in the year-ago quarter.

Excluding one-time items, the company earned 58 cents per share, in line with Wall Street estimate, according to Thomson Reuters I/B/E/S.


Company: cnbc, Activity: cnbc, Date: 2018-07-23  Authors: jamie schwaberow, bloomberg, getty images
Keywords: news, cnbc, companies, rig, share, million, prices, company, america, oil, cents, higher, halliburton, north, rose, count, beats, revenue, estimates


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Brent drops by 2 percent as traders expect output rise after OPEC deal

Brent crude oil prices fell by more than 2 percent early on Monday as traders factored in an expected output increase that was agreed at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on Friday. Brent crude futures , the international benchmark for oil prices, were at $73.90 per barrel at 0035 GMT, down 2.2 percent from their last close. OPEC and non-OPEC partners including Russia have since 2017 cut output by 1.8 million barrels per day (bpd) to tight


Brent crude oil prices fell by more than 2 percent early on Monday as traders factored in an expected output increase that was agreed at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on Friday. Brent crude futures , the international benchmark for oil prices, were at $73.90 per barrel at 0035 GMT, down 2.2 percent from their last close. OPEC and non-OPEC partners including Russia have since 2017 cut output by 1.8 million barrels per day (bpd) to tight
Brent drops by 2 percent as traders expect output rise after OPEC deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-25
Keywords: news, cnbc, companies, brent, prices, drops, opec, week, rise, oil, bpd, rig, supply, rigs, expect, crude, output, million, deal, traders


Brent drops by 2 percent as traders expect output rise after OPEC deal

Brent crude oil prices fell by more than 2 percent early on Monday as traders factored in an expected output increase that was agreed at the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna on Friday.

Brent crude futures , the international benchmark for oil prices, were at $73.90 per barrel at 0035 GMT, down 2.2 percent from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $68.36 a barrel, down 0.3 percent, supported by a slight drop in U.S. drilling activity.

Prices initially jumped after the deal was announced as it was not seen boosting supply by as much as some had expected.

OPEC and non-OPEC partners including Russia have since 2017 cut output by 1.8 million barrels per day (bpd) to tighten the market and prop up prices.

Largely because of unplanned disruptions in places like Venezuela and Angola, the group’s output has been below the targeted cuts, which it now says will be reversed by supply rises especially from OPEC leader Saudi Arabia.

Britain’s Barclays bank said OPEC’s and Russia’s commitments would take “the market from a -0.2 million bpd deficit in H2 2018 to a 0.2 million bpd surplus”.

Energy consultancy Wood Mackenzie said the agreement “represents a compromise between responding to consumer pressure and the need for oil-producing countries to maintain oil prices and prevent harming their economies”.

In the United States, U.S. energy companies last week cut one oil rig, the first reduction in 12 weeks, taking the total rig count to 862, Baker Hughes said on Friday.

That put the rig count on track for its smallest monthly gain since declining by two rigs in March with just three rigs added so far in June, although the overall level remains just one rig short of the March 2015 high from the previous week.


Company: cnbc, Activity: cnbc, Date: 2018-06-25
Keywords: news, cnbc, companies, brent, prices, drops, opec, week, rise, oil, bpd, rig, supply, rigs, expect, crude, output, million, deal, traders


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Oil slips after US rig count rises; Iran concerns cap downside

Oil prices edged lower on Monday as a rising rig count in the United States pointed to higher production, but prices held near more than three-year highs and were on track to rise for a second consecutive month. The oil complex has been driven by supply concerns amid prospects of the United States reimposing sanctions on Iran, while OPEC-led producers continue to withhold supplies. U.S. drillers added five oil rigs in the week to April 27, bringing the total count to 825, the highest level since


Oil prices edged lower on Monday as a rising rig count in the United States pointed to higher production, but prices held near more than three-year highs and were on track to rise for a second consecutive month. The oil complex has been driven by supply concerns amid prospects of the United States reimposing sanctions on Iran, while OPEC-led producers continue to withhold supplies. U.S. drillers added five oil rigs in the week to April 27, bringing the total count to 825, the highest level since
Oil slips after US rig count rises; Iran concerns cap downside Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-04-29  Authors: nick oxford
Keywords: news, cnbc, companies, higher, crude, prices, sanctions, united, states, production, rigs, slips, downside, trading, rises, count, rig, cap, iran, concerns, oil


Oil slips after US rig count rises; Iran concerns cap downside

Oil prices edged lower on Monday as a rising rig count in the United States pointed to higher production, but prices held near more than three-year highs and were on track to rise for a second consecutive month.

The oil complex has been driven by supply concerns amid prospects of the United States reimposing sanctions on Iran, while OPEC-led producers continue to withhold supplies.

Brent crude futures, the international benchmark, dipped 34 cents, or 0.5 percent, to $74.30 a barrel in early trading. Prices climbed as high as $75.47 last week, levels not seen since November, 2014.

U.S. West Texas Intermediate (WTI) crude futures were at $67.98 a barrel, down 12 cents, or about 0.2 percent, from their last settlement.

“There’s a small drop in trading this morning but volumes are low and there’s not much commitment in the selling. The overall trend is positive and there’s potential for the market to close higher again today,” said Michael McCarthy, chief marketing strategist at CMC Markets.

“The underlying strength in crude markets is quite impressive and a lot of it is predicated by sanctions… Other than that it’s the demand picture around the globe, and if that continues we could see higher prices.”

U.S. drillers added five oil rigs in the week to April 27, bringing the total count to 825, the highest level since March 2015, General Electric’s Baker Hughes energy services firm said.

“The increase in rigs is modestly bearish for oil prices because increasing rigs is usually associated with increasing supply,” Bill O’Grady, chief market strategist at Confluence Investment Management said in an email.

“However, the increase in rigs was modest and this news is overshadowed by other things, including Angola’s production decline, the potential for an end to the Iranian nuke deal, continued threats by Houthis to Saudi oil shipping and infrastructure.”

U.S. crude production has soared more than 25 percent since mid-2016 to a record 10.59 million barrels per day (bpd). Only Russia currently produces more, at around 11 million bpd.

Brent prices have gained nearly 6 percent this month, buoyed by expectations the United States will renew sanctions.

U.S. President Donald Trump has until May 12 to decide whether to restore sanctions on Iran that were lifted after an agreement over its disputed nuclear program.

“Precisely what happens with Tehran’s nuclear program remains the most significant driver in oil price sentiment,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA.


Company: cnbc, Activity: cnbc, Date: 2018-04-29  Authors: nick oxford
Keywords: news, cnbc, companies, higher, crude, prices, sanctions, united, states, production, rigs, slips, downside, trading, rises, count, rig, cap, iran, concerns, oil


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Oil prices dip on rising US rig count, but overall sentiment remains bullish

Oil prices dipped early on Monday as a rising U.S. rig count pointed to further increases in the country’s output, underlining one of only a few factors holding back crude markets in an otherwise bullish environment. Brent crude oil futures were at $73.87 per barrel at 0031 GMT, down 19 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 23 cents, or 0.30 percent, at $68.17 a barrel. The rising rig count points to further increases in U.S. cru


Oil prices dipped early on Monday as a rising U.S. rig count pointed to further increases in the country’s output, underlining one of only a few factors holding back crude markets in an otherwise bullish environment. Brent crude oil futures were at $73.87 per barrel at 0031 GMT, down 19 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 23 cents, or 0.30 percent, at $68.17 a barrel. The rising rig count points to further increases in U.S. cru
Oil prices dip on rising US rig count, but overall sentiment remains bullish Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-04-22  Authors: getty images
Keywords: news, cnbc, companies, dip, production, sentiment, increases, markets, count, rising, rig, million, bullish, overall, remains, oil, crude, prices


Oil prices dip on rising US rig count, but overall sentiment remains bullish

Oil prices dipped early on Monday as a rising U.S. rig count pointed to further increases in the country’s output, underlining one of only a few factors holding back crude markets in an otherwise bullish environment.

Brent crude oil futures were at $73.87 per barrel at 0031 GMT, down 19 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 23 cents, or 0.30 percent, at $68.17 a barrel.

U.S. drillers added five oil rigs drilling for new production in the week ending April 20, bringing the total count to 820, the highest since March, 2015, according to General Electric’s Baker Hughes energy services firm.

The rising rig count points to further increases in U.S. crude production, which has already climbed by a quarter since mid-2016 to a record 10.54 million barrels per day (bpd).

Only Russia currently produces more, at almost 11 million bpd.

Despite the dips in crude oil prices on Monday, overall markets remain well supported by strong demand, especially in Asia, and Brent prices are up by 20 percent from their 2018 lows in February.

Providing further support have been supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) introduced in 2017 with the aim of propping up prices, as well as by the potential of renewed U.S. sanctions against Tehran.

The United States has until May 12 to decide whether it will leave the Irannuclear deal, which would further tighten global supplies.

“Stay long oil,” U.S. bank J.P. Morgan said in a note to clients.


Company: cnbc, Activity: cnbc, Date: 2018-04-22  Authors: getty images
Keywords: news, cnbc, companies, dip, production, sentiment, increases, markets, count, rising, rig, million, bullish, overall, remains, oil, crude, prices


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Oil prices rise on reduced US drilling activity, booming job market

U.S. West Texas Intermediate (WTI) crude futures were at $62.22 a barrel at 0102 GMT, up 18 cents, or 0.3 percent. Brent crude futures were at $65.70 per barrel, up 21 cents, or 0.3 percent, from their previous close. “A falling rig count and the strong employment data may have helped support prices,” said William O’Loughlin, investment analyst at Rivkin Securities. In oil markets, U.S. energy companies last week cut oil rigs for the first time in almost two months, with drillers cutting back fo


U.S. West Texas Intermediate (WTI) crude futures were at $62.22 a barrel at 0102 GMT, up 18 cents, or 0.3 percent. Brent crude futures were at $65.70 per barrel, up 21 cents, or 0.3 percent, from their previous close. “A falling rig count and the strong employment data may have helped support prices,” said William O’Loughlin, investment analyst at Rivkin Securities. In oil markets, U.S. energy companies last week cut oil rigs for the first time in almost two months, with drillers cutting back fo
Oil prices rise on reduced US drilling activity, booming job market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-03-11  Authors: andrew cullen
Keywords: news, cnbc, companies, markets, market, rigs, drilling, million, higher, rise, jobs, rig, oil, booming, production, crude, activity, job, number, reduced, prices


Oil prices rise on reduced US drilling activity, booming job market

Oil markets climbed on Monday on the back of a drop in the number of U.S. rigs drilling for more production and as the U.S. economy continued to create jobs, which industry hopes will drive higher fuel demand.

U.S. West Texas Intermediate (WTI) crude futures were at $62.22 a barrel at 0102 GMT, up 18 cents, or 0.3 percent.

Brent crude futures were at $65.70 per barrel, up 21 cents, or 0.3 percent, from their previous close.

“A falling rig count and the strong employment data may have helped support prices,” said William O’Loughlin, investment analyst at Rivkin Securities.

The U.S. economy added the biggest number of jobs in more than 1-1/2 years in February, with non-farm payrolls jumping by 313,000 jobs last month, the Labor Department said on Friday.

In oil markets, U.S. energy companies last week cut oil rigs for the first time in almost two months, with drillers cutting back four rigs, to 796, Baker Hughes energy services firm said on Friday.

Despite the lower rig count, which is an early indicator of future output,activity remains much higher than a year ago when, when just 617 rigs were active, and most analysts expect U.S. crude oil production, which has already risen by over a fifth since mid-2016, to 10.37 million barrels per day (bpd), to rise further.

That’s more than top exporter Saudi Arabia producers and almost as much as Russia pumps out, at nearly 11 million bpd.


Company: cnbc, Activity: cnbc, Date: 2018-03-11  Authors: andrew cullen
Keywords: news, cnbc, companies, markets, market, rigs, drilling, million, higher, rise, jobs, rig, oil, booming, production, crude, activity, job, number, reduced, prices


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Turkey slams Cyprus for gas search, blocks rig with warships

Turkey’s foreign ministry has criticized Cyprus for a “unilateral” offshore hydrocarbons search after Turkish warships prevented a rig from reaching an area off Cyprus where it’s to start exploratory drilling for gas. In a statement Sunday, the ministry said Greek Cypriots were disregarding the “inalienable rights on natural resources” of Turkish Cypriots and jeopardizing the region’s stability. Cyprus was split into an internationally-recognized Greek Cypriot south and a breakaway Turkish Cypri


Turkey’s foreign ministry has criticized Cyprus for a “unilateral” offshore hydrocarbons search after Turkish warships prevented a rig from reaching an area off Cyprus where it’s to start exploratory drilling for gas. In a statement Sunday, the ministry said Greek Cypriots were disregarding the “inalienable rights on natural resources” of Turkish Cypriots and jeopardizing the region’s stability. Cyprus was split into an internationally-recognized Greek Cypriot south and a breakaway Turkish Cypri
Turkey slams Cyprus for gas search, blocks rig with warships Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-02-11  Authors: athanasios gioumpasis, getty images
Keywords: news, games, cnbc, companies, turkish, greek, gas, foreign, rig, blocks, slams, cypriot, cypriots, warships, cyprus, turkey, search, hydrocarbons, ministry


Turkey slams Cyprus for gas search, blocks rig with warships

Turkey’s foreign ministry has criticized Cyprus for a “unilateral” offshore hydrocarbons search after Turkish warships prevented a rig from reaching an area off Cyprus where it’s to start exploratory drilling for gas.

In a statement Sunday, the ministry said Greek Cypriots were disregarding the “inalienable rights on natural resources” of Turkish Cypriots and jeopardizing the region’s stability.

Cyprus was split into an internationally-recognized Greek Cypriot south and a breakaway Turkish Cypriot north in 1974. The ministry said the Cyprus government was acting like “the sole owner of the island” and warned it would be responsible for any consequences.

Turkey also urged foreign companies not to support the Cyprus’ government’s activities.

Italy’s ENI, France’s TOTAL and ExxonMobil of the U.S. are licensed to search for hydrocarbons off Cyprus’ southern coast.


Company: cnbc, Activity: cnbc, Date: 2018-02-11  Authors: athanasios gioumpasis, getty images
Keywords: news, games, cnbc, companies, turkish, greek, gas, foreign, rig, blocks, slams, cypriot, cypriots, warships, cyprus, turkey, search, hydrocarbons, ministry


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Oil dips away from 2014 highs on rising US rig count, but analysts say market supported

Brent crude futures, the international benchmark for oil prices,were at $69.72 per barrel at 0008 GMT, down 15 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $64.27 a barrel, down 3 cents. Both Brent and WTI last week reached levels not seen since December 2014, at the start of the oil price slump. ANZ bank said oil prices had recently risen “on the back of data continuing to show the market is tightening.” “Many believe that oil prices abo


Brent crude futures, the international benchmark for oil prices,were at $69.72 per barrel at 0008 GMT, down 15 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $64.27 a barrel, down 3 cents. Both Brent and WTI last week reached levels not seen since December 2014, at the start of the oil price slump. ANZ bank said oil prices had recently risen “on the back of data continuing to show the market is tightening.” “Many believe that oil prices abo
Oil dips away from 2014 highs on rising US rig count, but analysts say market supported Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-01-14  Authors: lucy nicholson
Keywords: news, games, cnbc, companies, wti, drilling, crude, supported, away, price, reached, oil, rising, prices, barrel, say, dips, count, output, market, futures, highs, rig


Oil dips away from 2014 highs on rising US rig count, but analysts say market supported

Oil prices dipped on Monday as rising drilling activity in the United States pointed to higher future output, although output cuts led by OPEC and Russia as well as healthy demand kept crude near December 2014 highs reached last week.

Brent crude futures, the international benchmark for oil prices,were at $69.72 per barrel at 0008 GMT, down 15 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $64.27 a barrel, down 3 cents.

Both Brent and WTI last week reached levels not seen since December 2014, at the start of the oil price slump.

ANZ bank said oil prices had recently risen “on the back of data continuing to show the market is tightening.”

Despite the sharp price rises since December, some analysts have been warning of a downward correction.

“Many believe that oil prices above $60 will self-correct as this level of prices will encourage substantially more drilling in U.S. shale which will lead to increased supply,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities.


Company: cnbc, Activity: cnbc, Date: 2018-01-14  Authors: lucy nicholson
Keywords: news, games, cnbc, companies, wti, drilling, crude, supported, away, price, reached, oil, rising, prices, barrel, say, dips, count, output, market, futures, highs, rig


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Oil stable on lower US rig count, but below recent highs

Oil prices were stable on Monday, supported by a slight decline in the number of U.S. rigs drilling for new production, with crude holding just below near three-year highs reached last week. U.S. West Texas Intermediate (WTI) crude futures were at $61.50 a barrel at 0800 GMT, 6 cents above their last settlement. Futures reached $62.21 last week, the most since May 2015. Brent crude futures were at $67.66 a barrel, 4 cents above their last close. Despite this, U.S. production is expected to break


Oil prices were stable on Monday, supported by a slight decline in the number of U.S. rigs drilling for new production, with crude holding just below near three-year highs reached last week. U.S. West Texas Intermediate (WTI) crude futures were at $61.50 a barrel at 0800 GMT, 6 cents above their last settlement. Futures reached $62.21 last week, the most since May 2015. Brent crude futures were at $67.66 a barrel, 4 cents above their last close. Despite this, U.S. production is expected to break
Oil stable on lower US rig count, but below recent highs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-01-07  Authors: getty images
Keywords: news, games, cnbc, companies, oil, rigs, count, crude, slight, recent, drilling, highs, production, futures, reached, lower, rig, stable, number, week


Oil stable on lower US rig count, but below recent highs

Oil prices were stable on Monday, supported by a slight decline in the number of U.S. rigs drilling for new production, with crude holding just below near three-year highs reached last week.

U.S. West Texas Intermediate (WTI) crude futures were at $61.50 a barrel at 0800 GMT, 6 cents above their last settlement. Futures reached $62.21 last week, the most since May 2015.

Brent crude futures were at $67.66 a barrel, 4 cents above their last close. Brent hit $68.27 high last week, the highest since May 2015.

Traders said the gains were due to a slight decline in the number of U.S. rigs drilling for new production, which eased by five in the week to Jan. 5 to 742, according to data from oil services firm Baker Hughes.

Despite this, U.S. production is expected to break through 10 million barrels per day (bpd) very soon, largely thanks to soaring output from shale drillers. Only top producers Russia and Saudi Arabia produce more.


Company: cnbc, Activity: cnbc, Date: 2018-01-07  Authors: getty images
Keywords: news, games, cnbc, companies, oil, rigs, count, crude, slight, recent, drilling, highs, production, futures, reached, lower, rig, stable, number, week


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Oil prices drop on increased US rig drilling

Oil prices fell on Monday, pulled down as the latest rise in the U.S. rig count pointed to a further increase in American production, potentially undermining efforts led by OPEC to tighten markets. U.S. West Texas Intermediate (WTI) crude futures were at $57.10 a barrel at 0019 GMT, down 25 cents, or 0.4 percent, from their last settlement. Brent crude futures, the international benchmark for oil prices,were down 32 cents, or 0.5 percent, at $63.08 a barrel. “The largest concern for investors cu


Oil prices fell on Monday, pulled down as the latest rise in the U.S. rig count pointed to a further increase in American production, potentially undermining efforts led by OPEC to tighten markets. U.S. West Texas Intermediate (WTI) crude futures were at $57.10 a barrel at 0019 GMT, down 25 cents, or 0.4 percent, from their last settlement. Brent crude futures, the international benchmark for oil prices,were down 32 cents, or 0.5 percent, at $63.08 a barrel. “The largest concern for investors cu
Oil prices drop on increased US rig drilling Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2017-12-10  Authors: lucy nicholson
Keywords: news, games, cnbc, companies, crude, cents, drilling, increased, oil, rise, prices, rig, drop, production, futures, count, potentially, opec


Oil prices drop on increased US rig drilling

Oil prices fell on Monday, pulled down as the latest rise in the U.S. rig count pointed to a further increase in American production, potentially undermining efforts led by OPEC to tighten markets.

U.S. West Texas Intermediate (WTI) crude futures were at $57.10 a barrel at 0019 GMT, down 25 cents, or 0.4 percent, from their last settlement.

Brent crude futures, the international benchmark for oil prices,were down 32 cents, or 0.5 percent, at $63.08 a barrel.

“The largest concern for investors currently remains the rise in the U.S. rig count, which could potentially jeopardize the OPEC and Russian agreement when they meet for a review in June, 2018,” said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.

The amount of rigs drilling for new oil production in the United States rose by two in the week to Dec. 8, to 751, the highest level since September, General Electric’s Baker Hughes energy services firm said on Friday.


Company: cnbc, Activity: cnbc, Date: 2017-12-10  Authors: lucy nicholson
Keywords: news, games, cnbc, companies, crude, cents, drilling, increased, oil, rise, prices, rig, drop, production, futures, count, potentially, opec


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