US will ‘reinforce its leadership’ as the world’s top crude producer in 2019, IEA says

The level of crude output from the U.S. will once again be a major factor this year, the International Energy Agency (IEA) said its closely-watched report on Friday, with the energy giant on track to reaffirm its position as the world’s leading crude producer. The IEA report comes shortly after OPEC and non-OPEC producers officially implemented a fresh round of supply cuts. “While the other two giants voluntarily cut output, the U.S., already the biggest liquids supplier, will reinforce its lead


The level of crude output from the U.S. will once again be a major factor this year, the International Energy Agency (IEA) said its closely-watched report on Friday, with the energy giant on track to reaffirm its position as the world’s leading crude producer. The IEA report comes shortly after OPEC and non-OPEC producers officially implemented a fresh round of supply cuts. “While the other two giants voluntarily cut output, the U.S., already the biggest liquids supplier, will reinforce its lead
US will ‘reinforce its leadership’ as the world’s top crude producer in 2019, IEA says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: sam meredith, ken cedeno, corbis news, getty images
Keywords: news, cnbc, companies, output, opec, leadership, worlds, 2019, saudi, oil, producer, wti, crude, reinforce, start, report, iea


US will 'reinforce its leadership' as the world's top crude producer in 2019, IEA says

The level of crude output from the U.S. will once again be a major factor this year, the International Energy Agency (IEA) said its closely-watched report on Friday, with the energy giant on track to reaffirm its position as the world’s leading crude producer.

The IEA report comes shortly after OPEC and non-OPEC producers officially implemented a fresh round of supply cuts.

Alongside Russia and nine other nations, top oil exporter Saudi Arabia struck a deal with the rest of OPEC in December to keep 1.2 million barrels per day (b/d) off the market from the start of January.

“While the other two giants voluntarily cut output, the U.S., already the biggest liquids supplier, will reinforce its leadership as the world’s number one crude producer,” the Paris-based IEA said Friday.

“By the middle of the year, U.S. crude output will probably be more than the capacity of either Saudi Arabia or Russia.”

International benchmark Brent crude traded at around $61.69 Friday morning, up 0.8 percent, while U.S. West Texas Intermediate (WTI) stood at $52.56, almost 1 percent higher.

Brent crude has fallen almost 30 percent since climbing to a peak of $86.29 in early October last year, while WTI is down more than 31 percent over the same period.

The collapse in oil prices was exacerbated by concerns about oversupply, as well as a stock market slump amid worries over rising U.S. interest rates.

That prompted OPEC and non-OPEC producers to throttle back output at the start of 2019, in an effort to try to put a floor under falling oil prices.


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: sam meredith, ken cedeno, corbis news, getty images
Keywords: news, cnbc, companies, output, opec, leadership, worlds, 2019, saudi, oil, producer, wti, crude, reinforce, start, report, iea


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Oil slips on economic worries, but still set for strong weekly gain

U.S. West Texas Intermediate (WTI) crude futures dropped 7 cents, or 0.1 percent, to $52.52 per barrel. Despite Friday’s price falls, Brent and WTI are set for weekly gains of more than 7 and 8 percent respectively. A key reason for the emerging glut was the United States where crude oil production soared by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd. Consultancy JBC Energy this week said it was likely that U.S. crude oil production was already “significantly


U.S. West Texas Intermediate (WTI) crude futures dropped 7 cents, or 0.1 percent, to $52.52 per barrel. Despite Friday’s price falls, Brent and WTI are set for weekly gains of more than 7 and 8 percent respectively. A key reason for the emerging glut was the United States where crude oil production soared by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd. Consultancy JBC Energy this week said it was likely that U.S. crude oil production was already “significantly
Oil slips on economic worries, but still set for strong weekly gain Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-11  Authors: spencer platt, getty images
Keywords: news, cnbc, companies, weekly, production, economic, markets, trade, gain, set, slips, wti, million, crude, growth, global, oil, worries, strong


Oil slips on economic worries, but still set for strong weekly gain

Oil slipped on Friday amid concerns over the outlook for the global economy, but output cuts agreed by major exporters underpinned crude prices and kept markets on track for a strong weekly climb.

International Brent crude futures were at $61.55 per barrel at 0333 GMT, down 13 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures dropped 7 cents, or 0.1 percent, to $52.52 per barrel.

Traders said the declines came on lingering concerns over the health of the global economy.

“If we experience an economic slowdown, crude will underperform due to its correlation to growth,” said Hue Frame, portfolio manager at Frame Funds in Sydney.

Most analysts have downgraded their global economic growth forecasts below 3 percent for 2019, with some even fearing a looming recession amid trade disputes and spiralling debt.

For now, however, there is hope that the trade war between Washington and Beijing may be resolved as global markets, including oil, took heart from talks between the two sides this week.

Despite Friday’s price falls, Brent and WTI are set for weekly gains of more than 7 and 8 percent respectively.

Beyond global economics, oil markets are receiving support from supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) aimed at reining in a glut that emerged in the second-half of 2018.

A key reason for the emerging glut was the United States where crude oil production soared by more than 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd.

Consultancy JBC Energy this week said it was likely that U.S. crude oil production was already “significantly above 12 million bpd” by January 2019.

Given the overall supply and demand balance, Swiss bank Julius Baer said it was “price neutral” in its oil forecast.

“We see the oil market as well balanced into the foreseeable future, as the petro-nations make space for further U.S. shale production growth,” said Norbert Ruecker, head of commodity research at the bank.


Company: cnbc, Activity: cnbc, Date: 2019-01-11  Authors: spencer platt, getty images
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Oil rises 2 percent on US-China trade talk optimism

Oil prices rose 2 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 $50.82 per barrel at 0945 GMT, up $1.04, or 2.09 percent, the first time this year that WTI has topped $50. International Brent crude futures were up $1.09, or 1.86 percent, at $59.81 per barrel. The trade talks in Beijing were carried over into an unscheduled thi


Oil prices rose 2 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 $50.82 per barrel at 0945 GMT, up $1.04, or 2.09 percent, the first time this year that WTI has topped $50. International Brent crude futures were up $1.09, or 1.86 percent, at $59.81 per barrel. The trade talks in Beijing were carried over into an unscheduled thi
Oil rises 2 percent on US-China trade talk optimism Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, trade, futures, wti, optimism, beijing, world, talks, 2018, talk, uschina, rises, supply, oil, crude


Oil rises 2 percent on US-China trade talk optimism

Oil prices rose 2 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 $50.82 per barrel at 0945 GMT, up $1.04, or 2.09 percent, the first time this year that WTI has topped $50.

International Brent crude futures were up $1.09, or 1.86 percent, at $59.81 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, crude oil continues to catch a positive vibe,” said Stephen Innes at futures brokerage Oanda in Singapore, citing tensions between the superpowers which have cast a pall over the world economy.

The trade talks in Beijing were carried over into an unscheduled third day on Wednesday, amid signs of progress on issues including purchases of U.S. farm and energy commodities and increased U.S. access to China’s markets.

“Talks with China are going very well!” U.S. President Donald Trump tweeted, without elaborating. State newspaper China Daily said on Wednesday that Beijing was keen to put an end to its trade dispute with the United States, but that any agreement must involve compromise on both sides.

Citing the trade friction, the World Bank expects global economic growth to slow to 2.9 percent in 2019 from 3 percent in 2018.

“At the beginning of 2018 the global economy was firing on all cylinders, but it lost speed during the year and the ride could get even bumpier in the year ahead,” World Bank Chief Executive Kristalina Georgieva said in a semi-annual report released late on Tuesday.

More fundamentally, oil prices have been receiving support from supply cuts started at the end of 2018 by the Organization of the Petroleum Exporting Countries and allies including Russia.

The OPEC-led cuts are aimed at reining in an emerging supply overhang, in part because U.S. crude output surged by around 2 million barrels per day (bpd) in 2018 to a record 11.7 million bpd.

Official U.S. fuel storage data from the Energy Information Administration is due at 1800 GMT on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2019-01-09  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, trade, futures, wti, optimism, beijing, world, talks, 2018, talk, uschina, rises, supply, oil, crude


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US Treasury yields move higher as US-China trade talks continue

The yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.6977 percent, while the yield on the 30-year Treasury bond was also higher at 2.9916 percent. The moves in pre-market trade come as dozens of officials from the world’s two largest economies resume talks in a bid to end their ongoing trade dispute. China’s Foreign Ministry previously said Beijing had “good faith” to work with Washington to reach an agreement before a March deadline. However,


The yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.6977 percent, while the yield on the 30-year Treasury bond was also higher at 2.9916 percent. The moves in pre-market trade come as dozens of officials from the world’s two largest economies resume talks in a bid to end their ongoing trade dispute. China’s Foreign Ministry previously said Beijing had “good faith” to work with Washington to reach an agreement before a March deadline. However,
US Treasury yields move higher as US-China trade talks continue Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: sam meredith
Keywords: news, cnbc, companies, wti, yield, uschina, worlds, moves, treasury, benchmark, crude, trade, higher, reach, talks, continue, yields


US Treasury yields move higher as US-China trade talks continue

The yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 2.6977 percent, while the yield on the 30-year Treasury bond was also higher at 2.9916 percent.

The moves in pre-market trade come as dozens of officials from the world’s two largest economies resume talks in a bid to end their ongoing trade dispute.

U.S. Commerce Secretary Wilbur Ross told CNBC on Monday that both global powers could reach a settlement “they can live with, and that addresses all the key issues.”

China’s Foreign Ministry previously said Beijing had “good faith” to work with Washington to reach an agreement before a March deadline. However, many analysts remain deeply skeptical about the likelihood of both sides brokering a comprehensive trade deal.

On the data front, investors are likely to monitor the NFIB’s small business optimism index for December at around 06:00 a.m. ET. The latest monthly Job Openings and Labor Turnover Survey (JOLTS) and consumer credit figures for November are expected to be published later in the session.

Meanwhile, the U.S. Treasury is set to auction $38 billion in 3-year notes on Tuesday.

In oil markets, crude futures were stable Tuesday, drawing some support from OPEC-led supply cuts.

International benchmark Brent crude traded at around $57.65 Tuesday morning, up around 0.5 percent, while U.S. West Texas Intermediate (WTI) stood at around $48.71, more than 0.4 percent higher.


Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: sam meredith
Keywords: news, cnbc, companies, wti, yield, uschina, worlds, moves, treasury, benchmark, crude, trade, higher, reach, talks, continue, yields


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Oil prices fall after jump the day before; glut, economy worries weigh

Brent crude oil futures were down 16 cents, or 0.29 percent, at $54.31 per barrel by 0611 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 0.37 percent to $46.05 per barrel. Shim Hye-jin, a commodity analyst at Samsung Securities in Seoul, said oil prices were still low despite gains made the day before. “But if OPEC’s cuts are fulfilled, WTI prices are expected to rise to $50-60 a barrel, while Brent is expected to go up to between $58-70 a barrel next year.” Meanwhile, potentially bo


Brent crude oil futures were down 16 cents, or 0.29 percent, at $54.31 per barrel by 0611 GMT. U.S. West Texas Intermediate (WTI) crude futures fell 0.37 percent to $46.05 per barrel. Shim Hye-jin, a commodity analyst at Samsung Securities in Seoul, said oil prices were still low despite gains made the day before. “But if OPEC’s cuts are fulfilled, WTI prices are expected to rise to $50-60 a barrel, while Brent is expected to go up to between $58-70 a barrel next year.” Meanwhile, potentially bo
Oil prices fall after jump the day before; glut, economy worries weigh Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: getty images
Keywords: news, cnbc, companies, weigh, crude, petroleum, jump, fall, glut, report, prices, week, economy, barrel, previous, day, oil, wti, worries


Oil prices fall after jump the day before; glut, economy worries weigh

Oil fell on Thursday after soaring at least 7.9 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices even as a stock market surge offered support.

Brent crude oil futures were down 16 cents, or 0.29 percent, at $54.31 per barrel by 0611 GMT. They rose 7.9 percent to $54.47 a barrel the day before.

U.S. West Texas Intermediate (WTI) crude futures fell 0.37 percent to $46.05 per barrel. They jumped 8.7 percent to $46.22 per barrel in the previous session.

Both crude benchmarks are down at least 37 percent from highs touched in October.

Global stocks rebounded on Wednesday on the back of the Trump administration’s attempt to shore up investor confidence and a report on strong U.S. holiday spending.

Shim Hye-jin, a commodity analyst at Samsung Securities in Seoul, said oil prices were still low despite gains made the day before.

“But if OPEC’s cuts are fulfilled, WTI prices are expected to rise to $50-60 a barrel, while Brent is expected to go up to between $58-70 a barrel next year.”

The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed at a meeting earlier this month to limit output by 1.2 million barrels per day starting in January.

Meanwhile, potentially bolstering oil prices, a preliminary Reuters poll on Wednesday forecast that U.S. crude inventories would drop 2.7 million barrels in the week to Dec. 21, marking their fourth straight week fall.

The American Petroleum Institute’s (API) inventory data is due on Thursday, while the government’s Energy Information Administration (EIA) is set to release its report on Friday.

— CNBC contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2018-12-27  Authors: getty images
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Oil rises on signs that low prices are restraining US output though economic worries weigh

Oil prices rose more than 1 percent on Monday on signs that the recent price plunge may start crimping supply from the U.S.,currently the world’s biggest oil producer, though concerns about global economy continues to weigh. International benchmark Brent crude futures rose 60 cents, or 1.1 percent, to $54.42 a barrel at 0408 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 37 cents, or 0.8 percent, to $45.96 a barrel after earlier climbing to as high as $46.24. The price plunge has


Oil prices rose more than 1 percent on Monday on signs that the recent price plunge may start crimping supply from the U.S.,currently the world’s biggest oil producer, though concerns about global economy continues to weigh. International benchmark Brent crude futures rose 60 cents, or 1.1 percent, to $54.42 a barrel at 0408 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 37 cents, or 0.8 percent, to $45.96 a barrel after earlier climbing to as high as $46.24. The price plunge has
Oil rises on signs that low prices are restraining US output though economic worries weigh Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, wti, supply, prices, low, weigh, futures, economic, worries, output, week, shale, price, rose, oil, signs, rises, restraining, opec


Oil rises on signs that low prices are restraining US output though economic worries weigh

Oil prices rose more than 1 percent on Monday on signs that the recent price plunge may start crimping supply from the U.S.,currently the world’s biggest oil producer, though concerns about global economy continues to weigh.

International benchmark Brent crude futures rose 60 cents, or 1.1 percent, to $54.42 a barrel at 0408 GMT. Prices climbed to as high as $54.66.

U.S. West Texas Intermediate (WTI) crude futures were up 37 cents, or 0.8 percent, to $45.96 a barrel after earlier climbing to as high as $46.24.

Crude prices rebounded from a sharp declines last week. Brent fell 11 percent for the week, dropping to its lowest since September 2017 on Friday, while WTI also dropped 11 percent last week, its worst weekly performance since January 2016.

Both benchmarks down more than 35 percent from their recent peaks in early October.

The price plunge has caused U.S. shale oil producers to curtail drilling plans for next year.

The boom in U.S. shale output has boosted the country into the top producer spot over traditional suppliers Saudi Arabia and Russia. The industry is at the center of U.S. President Donald Trump’s calls to boost the country’s energy independence.

“In the short term, it doesn’t seem oil prices would drop further because WTI has broken the $50 resistance level and U.S. President Trump would not want to see WTI falling further to support U.S. shale industry,” said Kim Kwang-rae, a commodity analyst at Samsung Futures in Seoul.

Still, the macroeconomic picture and its impact on oil demand continue to pressure prices. Global equity markets have plunged amid concerns of slowing trade flows, especially with the trade war between the U.S. and China, the world’s two biggest economies.

Equity markets in Asia were moderately higher on Monday, though trading was limited because of the Christmas holiday on Dec. 25.

Furthermore, even with the signs of slowing U.S. supply, global production remains in excess of demand.

The Organization of Petroleum Exporting Countries (OPEC) and Russia agreed earlier this month to cut oil production by 1.2 million barrels per day (bpd) starting in January to address the supply issues.

Should they not be enough to balance the market, OPEC and its allies will hold an extraordinary meeting, the United Arab Emirate’s energy minister Suhail al-Mazrouei said on Sunday.

“Oil ministers are already taking to the airwaves with a ‘price stability at all cost’ mantra,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

Mazrouei said a joint OPEC and non-OPEC monitoring committee would meet in Baku in late February or early March.

Adding to concerns about oversupply, the number of active U.S. rigs for drilling oil rose by 10 in the week ended Dec. 21 to 883, according to a report by General Electric Co’s Baker Hughes energy services firm.


Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, wti, supply, prices, low, weigh, futures, economic, worries, output, week, shale, price, rose, oil, signs, rises, restraining, opec


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Despite December doldrums, many Wall Street analysts are bullish for 2019

Despite the market turmoil in December, many of Wall Street’s top analysts remain bullish for 2019. That would be welcome news to investors, with the S&P on pace for its worst December since the Great Depression. The Dow, S&P and Nasdaq have posted average gains of more than 1 percent each – with the S&P trading positively 2/3 of the time. While those gains tend to be modest, there are some sectors that tend to outperform. The Energy sector tacks on about 2 percent – that’s in a period where WTI


Despite the market turmoil in December, many of Wall Street’s top analysts remain bullish for 2019. That would be welcome news to investors, with the S&P on pace for its worst December since the Great Depression. The Dow, S&P and Nasdaq have posted average gains of more than 1 percent each – with the S&P trading positively 2/3 of the time. While those gains tend to be modest, there are some sectors that tend to outperform. The Energy sector tacks on about 2 percent – that’s in a period where WTI
Despite December doldrums, many Wall Street analysts are bullish for 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: george manessis
Keywords: news, cnbc, companies, despite, bullish, worst, gains, doldrums, tend, 2019, average, welcome, wall, sectors, turmoil, analysts, street, sp, wti


Despite December doldrums, many Wall Street analysts are bullish for 2019

Despite the market turmoil in December, many of Wall Street’s top analysts remain bullish for 2019.

A CNBC survey found that the average strategist sees the S&P 500 ending next year above 3,000.

That move would be a gain of more than 20 percent from current levels.

That would be welcome news to investors, with the S&P on pace for its worst December since the Great Depression.

The first quarter of the year tends to be generally positive for stocks.

The Dow, S&P and Nasdaq have posted average gains of more than 1 percent each – with the S&P trading positively 2/3 of the time.

While those gains tend to be modest, there are some sectors that tend to outperform.

The Consumer Discretionary and Tech sectors lead – each group logging gains in excess of 3 percent.

The Energy sector tacks on about 2 percent – that’s in a period where WTI Crude gains an average of 4 percent.


Company: cnbc, Activity: cnbc, Date: 2018-12-24  Authors: george manessis
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European stocks: Fragile market mood as oil prices stabilize after losses

Market sentiment soured overnight, after the Federal Reserve largely retained plans to increase interest rates next year despite escalating risks to economic growth. The U.S. central bank raised its benchmark interest rate by a quarter-point on Wednesday, marking the fourth increase this year and the ninth since it began normalizing in December 2015. Back in Europe, investors are likely to monitor Italian business and consumer confidence figures for December at around 9:00 a.m. London time. In o


Market sentiment soured overnight, after the Federal Reserve largely retained plans to increase interest rates next year despite escalating risks to economic growth. The U.S. central bank raised its benchmark interest rate by a quarter-point on Wednesday, marking the fourth increase this year and the ninth since it began normalizing in December 2015. Back in Europe, investors are likely to monitor Italian business and consumer confidence figures for December at around 9:00 a.m. London time. In o
European stocks: Fragile market mood as oil prices stabilize after losses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: sam meredith
Keywords: news, cnbc, companies, stabilize, fragile, wti, markets, prices, stocks, european, west, weekendin, mood, trading, increase, trump, benchmark, oil, market, interest, federal, losses


European stocks: Fragile market mood as oil prices stabilize after losses

Market sentiment soured overnight, after the Federal Reserve largely retained plans to increase interest rates next year despite escalating risks to economic growth.

The U.S. central bank raised its benchmark interest rate by a quarter-point on Wednesday, marking the fourth increase this year and the ninth since it began normalizing in December 2015.

The fragile mood in financial markets intensified as President Donald Trump refused to sign legislation to fund the U.S. government on Thursday, raising the risk of a federal shutdown over the weekend.

In Asia, MSCI’s broadest index of Asia-Pacific shares, excluding Japan, slipped 0.5 percent on Friday.

Back in Europe, investors are likely to monitor Italian business and consumer confidence figures for December at around 9:00 a.m. London time.

In oil markets, crude futures fell another 5 percent in the previous session, bringing Brent’s losses since its October peak to around 37 percent.

The international benchmark was trading at around $54.78 Friday morning, up around 0.8 percent, while U.S. West Texas Intermediate (WTI) stood at $46.27, almost 0.9 percent higher.


Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: sam meredith
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Oil prices rise as OPEC output cuts seen to be deeper than previously expected

Oil prices climbed on Friday after tumbling 5 percent in the previous session on signs OPEC’s production cuts that start next month will be deeper than expected. Benchmark Brent crude futures were up 27 cents, or 0.5 percent, at $54.62 per barrel at 0448 GMT, after dropping $2.89 in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 33 cents, or 0.7 percent, to $46.22 per barrel. Crude prices have fallen along with major equity markets as investors fret about the strengt


Oil prices climbed on Friday after tumbling 5 percent in the previous session on signs OPEC’s production cuts that start next month will be deeper than expected. Benchmark Brent crude futures were up 27 cents, or 0.5 percent, at $54.62 per barrel at 0448 GMT, after dropping $2.89 in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 33 cents, or 0.7 percent, to $46.22 per barrel. Crude prices have fallen along with major equity markets as investors fret about the strengt
Oil prices rise as OPEC output cuts seen to be deeper than previously expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: spencer platt, getty images
Keywords: news, cnbc, companies, seen, cuts, futures, crude, cut, prices, wang, expected, signs, rise, opec, brent, previously, deeper, oil, wti, output


Oil prices rise as OPEC output cuts seen to be deeper than previously expected

Oil prices climbed on Friday after tumbling 5 percent in the previous session on signs OPEC’s production cuts that start next month will be deeper than expected.

Benchmark Brent crude futures were up 27 cents, or 0.5 percent, at $54.62 per barrel at 0448 GMT, after dropping $2.89 in the previous session. Brent is set to drop 9.4 percent for the week.

U.S. West Texas Intermediate (WTI) crude futures rose 33 cents, or 0.7 percent, to $46.22 per barrel. WTI is set to decline about 9.5 percent for the week.

Crude prices have fallen along with major equity markets as investors fret about the strength of the global economy heading into next year. Further concerns were raised as the United States, the world’s biggest oil consumer, may have a government shutdown later on Friday.

The Organization of the Petroleum Exporting Countries (OPEC) plans to release a table detailing output cut quotas for its members and allies such as Russia in an effort to shore up the price of crude, OPEC’s secretary-general Mohammad Barkindo said in a letter reviewed by Reuters on Thursday.

Barkindo said to reach the proposed cut of 1.2 million barrels per day, the effective reduction for member countries was 3.02 percent.

That is higher than the initially discussed 2.5 percent as OPEC seeks to accommodate Iran, Libya and Venezuela, which are exempt from any requirement to cut.

“The current oil prices will force OPEC to increase compliance with the production cut deals, supporting Brent prices,” said Wang Xiao, head of crude research at Guotai Junan futures.

“The temporary recovery in prices has been driven by short- sellers buying back,” said Wang, referring to investors buying futures to close out positions that profit from falling oil prices.

WTI and Brent futures are down more than 30 percent from their peak in October on concerns of oil demand will drop because of a slowing global economy and signs of a supply glut.

Stephen Innes, head of trading for Asia-Pacific at OANDA said in a note that market volatility was “getting exaggerated by immensely thin liquidity conditions, risk sentiment, and holiday market participation”.


Company: cnbc, Activity: cnbc, Date: 2018-12-21  Authors: spencer platt, getty images
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European markets open slightly higher ahead of Federal Reserve rate decision

Market focus is largely attuned to a spectacular drop in crude futures, with international benchmark Brent crude and U.S. West Texas Intermediate (WTI) falling sharply overnight. The declines have added to mounting pressure on the U.S. central bank to consider abandoning its commitment to yet more interest rate hikes. Complicating matters for the central bank, President Donald Trump warned Tuesday that it must tread carefully in order not to “make yet another mistake,” while a Wall Street Journa


Market focus is largely attuned to a spectacular drop in crude futures, with international benchmark Brent crude and U.S. West Texas Intermediate (WTI) falling sharply overnight. The declines have added to mounting pressure on the U.S. central bank to consider abandoning its commitment to yet more interest rate hikes. Complicating matters for the central bank, President Donald Trump warned Tuesday that it must tread carefully in order not to “make yet another mistake,” while a Wall Street Journa
European markets open slightly higher ahead of Federal Reserve rate decision Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-19  Authors: sam meredith
Keywords: news, cnbc, companies, central, rate, west, open, slightly, ahead, reserve, higher, wti, warned, federal, wednesdayin, crude, decision, markets, bank, widely, european, market


European markets open slightly higher ahead of Federal Reserve rate decision

Market focus is largely attuned to a spectacular drop in crude futures, with international benchmark Brent crude and U.S. West Texas Intermediate (WTI) falling sharply overnight.

The declines have added to mounting pressure on the U.S. central bank to consider abandoning its commitment to yet more interest rate hikes.

Complicating matters for the central bank, President Donald Trump warned Tuesday that it must tread carefully in order not to “make yet another mistake,” while a Wall Street Journal editorial called for a pause.

Nonetheless, market participants still widely expect the Fed to announce a quarter-point rate hike on Wednesday.

In Asia, MSCI’s broadest index of Asia-Pacific shares, excluding Japan, was up 0.4 percent.

Back in Europe, investors are likely to closely monitor U.K. inflation rate figures for November at around 9:30 a.m. London time. The euro area is scheduled to publish construction output data for October later in the session.


Company: cnbc, Activity: cnbc, Date: 2018-12-19  Authors: sam meredith
Keywords: news, cnbc, companies, central, rate, west, open, slightly, ahead, reserve, higher, wti, warned, federal, wednesdayin, crude, decision, markets, bank, widely, european, market


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