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Oil Rises as US Production Takes a Hit

Oil prices rose on Wednesday after data showed the market was beginning to tighten, with falling supply, higher demand and lower inventories after two years of heavy surplus. The U.S. government’s Energy Information Administration (EIA) said in a monthly report global oil demand should increase by its fastest rate in six years in 2016, suggesting […]

Oil rises above $50 on profit-taking, OPEC comments

Oil prices surged Tuesday on profit-taking following a rally in the previous session triggered by signals that the world’s biggest producers of crude may act jointly to support prices, which have halved over the past year. Brent crude, the global oil benchmark, was up $1.28, or 2.6 percent, at $50.53 a barrel by 9:53 a.m. […]

Could Oil Prices Really Shrink to… $20 per Barrel?

Oil industry leaders have dismissed talk of the price of crude hitting the $20 lows predicted by analysts, who warned that believing that “oil prices will be with us forever may not be the right way of thinking.” Goldman Sachs stirred energy investors last month when its head of commodity research warned of rising risks […]

Oil Surges After Gasoline Boost

Crude oil prices rose more than 2 percent on Monday, bolstered by a rally in U.S. gasoline and Russia’s willingness to meet other major oil producers to discuss the market. Higher stock prices on Wall Street provided further support to oil and other dollar-denominated commodities. Global crude benchmark Brent rose by $1.35, or 2.7 percent, […]

Oil Falls 1% as Demand Doubts Rise

Oil prices fell around 1 percent on Friday, heading for a weekly decline, as weaker-than-expected U.S. economic data weighed on the energy demand outlook and Hurricane Joaquin veered away from oil installations in the U.S. East Coast. The dollar’s drop limited losses in oil. The currency fell on concerns that the U.S. economy may still […]

US Natural Gas Supplies Rise on Thursday

The U.S. Energy Information Administration reported Thursday that supplies of natural gas rose 98 billion cubic feet for the week ended Sept. 25. Analysts polled by Platts forecast a climb of between 98 billion cubic feet and 102 billion cubic feet. Total stocks now stand at 3.538 trillion cubic feet, up 454 billion cubic feet […]

Oil Price Falls After US Inventories Show Buildup

Crude oil futures fell in early Asian trade on Wednesday after U.S. inventories showed a weekly buildup that far exceeded analyst expectations. The American Petroleum Institute (API) said late on Tuesday that U.S. crude oil stockpiles rose by 4.6 million barrels to 457.8 million barrels in the week to Sept. 25. Analysts polled by Reuters […]

Oil Falls Despite Lower Drilling in the US

Oil prices dropped in early trading in Asia on Monday despite a fourth weekly fall in U.S. drilling activity, with analysts pointing to the weak economic outlook as the main reason for low crude prices. The International Monetary Fund is likely to revise downwards its estimates for global economic growth due to slower growth in […]

Oil Prices Rebound as China Signals More Openness

Crude-oil prices rebounded in early Asia trade Thursday, tracking the rally in most Asian stock markets after Chinese President Xi Jinping signaled more openness to foreign investments during his visit to the U.S. On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at $44.83 a barrel, up $0.35 in […]

USD/CAD Oil Support Does Not Offset a Strong USD

The USD/CAD has gained 1.49 percent in September, even as the USD had to recover from the Fed’s decision to hold rates. The CAD has been influenced by the continuing oil rout. The price of crude continues to be close to a 7 year low as OPEC production levels are at record high and Iran […]

Oil Drops as Global Demand in Doubt

Oil futures settled lower on Tuesday, as a slumping U.S. stock market fed concerns that the outlook for energy demand will continue to soften. Prices, however, pared some of their losses by the settlement as petroleum-products futures took a last minute turn higher following a report that Colonial Pipeline Co. has shutdown petroleum-product pipelines, according […]

Oil Caught Between Conflicting Data Points

Oil markets have seesawed since the beginning of the week, torn between data that points towards a bottoming out of prices following an over 50 percent fall over the last year and bearish analysts who see more price falls as oversupply lingers on. Crude oil prices fell on Tuesday as traders took profit following a […]

WTI Crude – Seeking Bullish Break Confirmation

WTI crude is seeking confirmation of the bullish break above the descending trend line – 31 August highs – that took place on 16 September.The retest of this coincides with the ascending trend line – 26 August lows – and the 61.8 fib level – 10 September lows to 17 September highs to create a […]

Shell CEO Says Oil Price Hard to Predict

Royal Dutch Shell chief executive Ben van Beurden has told the BBC a recovery in the price of oil is hard to foresee. “It is a very, very volatile business in terms of supply and demand. The oil price responds to very small mismatches between supply and demand,” he told BBC Radio 4’s Today programme. […]

Oil Rises 2 Percent After Lower Inventories

Oil rose more than 2 percent on Wednesday after an unexpected drawdown in U.S. stockpiles, an increase in U.S. gasoline prices, and on the back of rising global markets. But concerns remained about a global surplus, falling Asian demand and whether the U.S. Federal Reserve would raise interest rates. The Labor Department said on Wednesday […]

OPEC Sees Higher Demand In 2016

OPEC on Monday predicted higher demand for its crude oil next year, sticking to its view that a strategy of letting prices fall will curb supply from the United States and other rival producers. The monthly report from the Organization of the Petroleum Exporting Countries, however, trimmed its estimate for 2016 global oil demand growth […]

IEA: Oil Supply To Drop Next Year

Oil supplies outside OPEC will decline next year by the most in more than two decades as the price rout curbs U.S. shale output, according to the International Energy Agency. Production outside the Organization of Petroleum Exporting Countries will fall by 500,000 barrels a day to 57.7 million in 2016, the Paris-based adviser said Friday […]

Iran Reduce Oil Price to Grab Asian Market Share

Iran has reduced the quarterly price for its flagship crude to the lowest in three years in a bid to lure Asian buyers to lock in more term supplies next year. The price reduction is just one of the steps taken by the OPEC producer to ramp up output and regain market share lost since […]

Chinese Oil Imports Dropped in August

If you were looking for a bright spot in China’s dismal trade numbers for August, your eyes may be tempted to focus on crude oil imports. A total of 26.59 million tonnes, equivalent to 6.26 million barrels per day (bpd) were imported, according to customs data. While this was a 13.4-percent drop from July’s 30.71 […]

USD/CAD – Loonie Flight Stalls After BoC Rate Announcement

BoC holds steady as exports offer hope CAD rally falls flat as crude comes under pressure A weaker currency aiding non energy exports China raises questions for global growth “Buy the rumor and sell the fact” played out rather well after the Bank of Canada (BoC) held rates steady as expected on Wednesday morning. Governor […]

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