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OPEC Oil Output Hits 3 Year High in June

OPEC oil supply in June has climbed to a three-year high due to record or near-record output from Iraq and Saudi Arabia, a Reuters survey found, underlining the focus of the group’s top exporters on market share. The boost from the Organization of the Petroleum Exporting Countries puts output further above its target of 30 […]

West TX Oil Below $58 as Greece Crisis Worsens

Crude futures hit three-week lows on Monday as Greece shut its banks and imposed capital controls, causing widespread risk aversion, while Iran looked likely to extend nuclear negotiations with the West to export more of its oil into an oversupplied market. The dollar surged against the euro to early June highs on worries over the […]

West TX Oil Near $58 after Greece Imposes Capital Controls

U.S. crude futures fell as much as $1 in early trade after Greece imposed capital controls as lenders refused to extend the country’s bailout and with western officials saying a deal on Iran’s disputed nuclear program might be hard to achieve. U.S. crude for August delivery had fallen 84 cents, or 1.4 percent, to $58.79 […]

Speculation on Mexico’s Oil Hedging Adding Volatility

Two big trades in oil options worth nearly $60 million last week boosted volatility in that market and revived speculation among traders that U.S. producers are placing hedges to guard against another price rout this fall. Hedging for future production now is prudent, some said, as trading ahead looks to remain rangebound. However, dealers said […]

US Crude Inventories Fall But Gasoline Rises

U.S. crude stocks fell last week, while gasoline rose unexpectedly in the middle of summer driving season, data from the Energy Information Administration (EIA) showed on Wednesday. The increase in gasoline inventories was the second consecutive build, coming during summer driving season. U.S. crude temporarily turned negative on the news. Crude inventories fell by 4.9 […]

Oil Flat After Stronger European PMI and Greek Hope

Oil prices was flat on Tuesday as stronger European economic data and optimism a deal will be struck between Greece and its creditors offset the impact of a supply glut and a stronger dollar. Prices recovered after falling earlier in the session, moving into positive territory as European shares climbed to a three-week high on […]

Oil Above $60 as Greek Hope Rises

Oil prices rose in early European trading Monday as investors grew optimistic over Greek debt negotiations, though persistent oversupply worries remained a factor for oil markets. On the New York Mercantile Exchange, light, sweet crude futures for delivery in July CLN5, -0.45% moved above $60 a barrel, up 60 cents or 1%. August Brent crude […]

Saudi Oil Exports Fall in April

Saudi Arabia’s April crude exports fell by 161,000 barrels per day (bpd) as domestic refiners processed more crude, official data showed. Exports fell to 7.737 million bpd from 7.898 million in March when they hit their highest levels in almost a decade. Domestic refiners processed 2.224 million bpd, up 315,000 bpd from 1.909 million bpd […]

West TX Oil Around $60 on Weak Dollar

Oil prices rose for a third straight day on Thursday, helped by a weaker dollar and data showing draws this week at the delivery point for U.S. crude futures. U.S. July crude closed up 53 cents, or 0.88 percent, at $60.45 a barrel. Brent crude for August rose to 40 cents to $65 a barrel. […]

Oil Rises Due to Growing US Demand

Oil climbed by more than a dollar to above $65 a barrel on Wednesday as strong demand and falling stockpiles in the United States pushed prices higher. Brent futures were up $1.23 at $64.93 a barrel by 8.05 a.m. EDT, having touched a high of $65.47. Front month U.S. crude futures were up $1.04 at […]

Top trade idea for June 17th, 2015 – USDCAD

Here we are after the Fed and the US dollar is being smoked all over the dashboard with usdcad being one of the most aggressive movers. Market is no in the 1.2160 area and looking to break previous support below 1.20. Is this only a fake move? Based on what happened on the left side […]

Oil Price Lower as OPEC Continues to Pump at Record High

Oil prices fell Monday as the U.S. dollar rose and the energy market’s focus shifted back to the global oversupply of crude. Light, sweet crude for July, the U.S. benchmark, was down 82 cents, or 1.4%, at $59.14 a barrel on the New York Mercantile Exchange. The global Brent crude contract for July was down […]

West TX Oil Drops Below $59.50

U.S. crude opened this week’s trading with further drops following two straight days of declines on Thursday and Friday as high production globally offset healthy refining demand. “Momentum points to weaker commodity markets near term. Crude oil prices failed to hold at key resistance levels last week,” ANZ said on Monday in a morning note, […]

Mexico’s State Run Oil Company Unveils Four New Fields

The Mexican state oil company Pemex has announced one of its biggest discoveries in years, unveiling new shallow water oil fields in the southern Gulf of Mexico that it says could produce 200,000 barrels per day by mid-2018. The total proven, probable and possible reserves of the fields could be as high as 350m barrels […]

Brent – Break Higher on Dollar Weakness

After just over a month of consolidation, Brent crude has finally broken above the descending channel. It had found strong support from a combination of the 55 and 89-day simple moving averages and an ascending trend line, while $60.60 had been heavily supported repeatedly over the last couple of months. It has been suggested that […]

Oil Rises on Higher Gasoline Demand and China Stimulus

Oil prices gained on Tuesday as higher seasonal demand in developed economies offset the impact of a large global supply overhang. Expectations of a fall-off in U.S. shale oil production and a weaker dollar also underpinned prices. Brent for July delivery LCOc1 was up 95 cents to $63.64 a barrel as of 08:46 GMT (04:46 […]

OPEC to Keep Oil Production Intact

Saudi Arabia, Kuwait, the United Arab Emirates and Qatar are leading a fierce battle to protect OPEC’s global market share by forcing others, like U.S. shale producers and Russia’s state energy giants, to live with lower prices. Years of $100 a barrel oil allowed the four exporters to amass reserves of $2.4 trillion, according to […]

Oil Prices Lower on High U.S. and OPEC Production Outlook

Crude oil dipped on Tuesday on expectations of rising OPEC output and a potential increase in U.S. shale production, but analysts said that strong refinery demand was preventing further price falls. “Investors remained cautious heading into the OPEC … meeting this Friday, with Brent coming under the most selling pressure,” ANZ bank said on Tuesday. […]

Saudi oil minister ‘not stressed’ as OPEC meet looms

Saudi Arabia’s oil minister has defended his country’s refusal to cut production, arguing that demand for oil is set to increase in the second half of the year. Speaking to reporters in Vienna late Monday, Ali al-Naimi said, “the answer is yes,” when asked if Saudi Arabia’s strategy of maintaining its production levels in order […]

Oil Prices Lower on High U.S. and OPEC Production Outlook

Crude oil dipped on Tuesday on expectations of rising OPEC output and a potential increase in U.S. shale production, but analysts said that strong refinery demand was preventing further price falls. “Investors remained cautious heading into the OPEC … meeting this Friday, with Brent coming under the most selling pressure,” ANZ bank said on Tuesday. […]

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