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West TX Oil Around $47.50 on Global Glut Fears

U.S. crude futures fell towards $47.50 a barrel in early Asian trade on Wednesday, as worries about global oversupply outweighed the impact of stronger-than-expected U.S. demand for crude last week and a weaker dollar. U.S. crude for September delivery dropped 25 cents to $47.73 a barrel as of 0003 GMT, after ending the previous session […]

Brent Crude – Bearish Bias Remains as Losses Grow

Another bad day for commodities at the start of the week is weighing heavily on Brent crude, which is down more than 2% on the day and looks set to make further losses in the coming sessions. Barring a strong resurgence, Brent is on course to extend its losing streak to four sessions and with […]

Company Earnings are Running Out of Gas

It’s now been more than a year since crude oil began its vertigo-inducing plunge. Yet S&P 500 Index earnings continue to remind one of the classic joke that references the assassination of America’s 16th president: “Other than that, how was the play, Mrs. Lincoln?” Based on a mix between the reported earnings and the expectations […]

Oil Warning: The Crash Could Be Worst in More Than 45 Years

Morgan Stanley has been pretty pessimistic about oil prices in 2015, drawing comparisons to the some of the worst oil slumps of the past three decades. The current downturn could even rival the iconic price crash of 1986, analysts had warned—but definitely no worse. This week, a revision: It could be much worse. Until recently, […]

Oil Prices Struggle Around $50-A-Barrel Mark

Oil prices slipped Tuesday, struggling to move significantly above the $50 mark amid persistent concerns over a global oil glut. A stronger U.S. dollar is also weighing on oil prices after the ICE U.S. dollar index hit a three-month high on Monday, triggering a selloff across commodities as investors shifted to other asset classes. Light, […]

Oil Falls After Evidence of Refined Products Glut

Oil dropped on Monday as signs of a growing glut in refined products outweighed a fall in Saudi crude exports and slower U.S. rig activity. Crude prices have fallen for three weeks in a row on expectations of increased oil sales from Iran following a deal to ease sanctions against the OPEC producer. Brent crude […]

Oil Mixed on Different Fortunes

Front-month Brent crude prices rose on Thursday after a power outage shut production at Britain’s largest oilfield and as the August contract approached expiration. U.S. crude futures settled lower after giving up gains reacting to data from industry intelligence firm Genscape showing higher crude inventories at the Cushing, Oklahoma, hub, traders said. Expiring Brent August […]

Oil Lower After Iran Nuclear Deal

Oil prices fell on Wednesday as investors digested the likely impact of increasing Iranian fuel exports at a time of heavy oversupply. A milestone nuclear deal reached on Tuesday between six world powers and Iran will mean sanctions that have limited sales of Iranian oil for several years are likely to be lifted in early […]

OPEC Optimistic About Oil Demand Next Year

The oil market should be more balanced next year as China and the developing world use more oil while supply of fuel from North American shale grows more slowly, OPEC said on Monday. In its monthly report, the 12-member Organization of the Petroleum Exporting Countries said it expected world oil demand to increase by 1.34 […]

Oil Prices Extend Slide

Oil extended its decline after its biggest weekly drop since March as investors weighed the prospects of Iran increasing crude exports in an oversupplied market. Futures dropped as much as 1.8 percent in New York after capping a 7.4 percent loss through July 10. Iran and world powers may announce a nuclear deal as soon […]

Global Oil Demand to Slow in 2016: IEA

Global oil demand will slow in 2016, the International Energy Agency (IEA) said in its latest monthly report, as it warned that the rebalancing of supply and demand in oil markets “has yet to run its course.” Crude oil prices fell to their lowest point in nearly three months in early July, pressured by “ever […]

Oil Rises After Iran Talks Go Beyond Deadline

Brent oil bounced back from a three-month low to around $57 a barrel on Wednesday after an industry report showed a larger-than-forecast drop in U.S. crude stocks and Iran nuclear talks failed to produce a deal. Oil had come under downward pressure as a plunge in China’s stock market accelerated and the Greek debt crisis […]

More Falls Expected from Oil

After another volatile session, oil looks increasingly set to test its lows of the year, and that could mean a temporary decline of near 20 percent. Analysts say crude futures could continue to trade lower for now if the twin pressures on risk markets from Greece and China continue, and Iran succeeds in striking a […]

Oil Prices Fall after Greece Vote

Oil prices fell sharply early on Monday after Greece rejected austerity measures demanded in return for bailout money and as China rolled out an unprecedented series of steps to prevent a full-blown stock market crash. The result of the Greek referendum put in doubt its continued place in the single currency, pulling down the euro […]

West TX Oil Steadies Around $56 Despite Rising U.S. Rig Count

Oil prices dropped on Friday as a rising U.S. rig count stoked fears of oversupply and after Chinese regulators opened an investigation into suspected stock market manipulation. Front-month U.S. crude futures were trading at $56.72 per barrel at 0212 GMT, down 21 cents from their last settlement. That means that U.S. crude has fallen from […]

Oil Rises After NFP Disappointment

Oil prices edged higher on Thursday as the U.S. dollar slipped following weaker-than-expected U.S. non-farm payrolls data. Poll indications that Greek citizens were expected to back a cash-for-reforms deal in a referendum on Sunday added to the bullish momentum, traders said. Traders were also keeping a close eye on nuclear talks between Western powers and […]

West TX Oil Below $57 after Progress on Iran Nuclear Deal

Reports that foreign ministers will review draft text of an Iran nuclear deal are “very premature and not accurate,” a senior U.S. official told NBC News on Wednesday. Earlier, U.S. crude broke below its two-month trading band earlier on reports that an Iranian diplomat said technical experts from Iran and six world powers had finished […]

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 […]

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