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West TX Oil Down Near $48 on Rising U.S. Inventories

Ample global supply and increasing U.S. commercial inventories weighed on U.S. crude prices on Thursday after expectations for better demand going forward lifted prices a day earlier, traders and analysts said. U.S. crude settled 5.5 percent lower, or $2.82, at $48.17 a barrel, following a more than 3 percent gain in the previous session. Brent […]

West TX Oil Steady Around $50

U.S. crude held steady just below $51 a barrel in early Asian trade on Thursday after rising back above $50 the previous session, while heating oil futures also held steady above $2.10 a gallon. U.S. crude for April delivery was at $50.88 a barrel at 0000 GMT. Heating oil futures were trading at $2.11 a […]

Dollar Finds No Traction on Yellen’s Support for Hawkish Shift

Talking Points: Dollar Finds No Traction on Yellen’s Support for Hawkish Shift Euro Tuned into Greece Reform Review, Fear Fading Fast Australian Dollar Jerked Higher By Chinese Manufacturing Report Dollar Finds No Traction on Yellen’s Support for Hawkish Shift Fed Chairwoman Janet Yellen delivered her testimony before the Senate Banking Committee Tuesday and the content […]

West TX Oil Drops Below $49 on Libyan Oilfields

U.S. crude futures settled lower on Tuesday as expectations that this week’s reports on U.S. crude inventories would show another build countered supportive news of Libyan oilfields being shut by a power cut, traders said. U.S. crude settled down 17 cents, at $49.28 a barrel, after earlier reaching $50.33. Brent futures for April were down […]

West TX Oil Drops Below $49

West Texas Intermediate crude closed lower Monday after it spiked on reports that OPEC could hold an emergency meeting to deal with the oil price slide. The oil minister of OPEC member Nigeria said the group had discussed the prospect of holding a meeting, the Financial Times reported. U.S. WTI crude April futures settled down […]

West TX Oil Drops Below $50 as Libya Resumes Oil Exports

U.S. crude futures dropped on Monday as key producer Libya resumed oil exports from the eastern port of Zueitina after an almost year-long halt, adding to a global glut that has weighed on prices since June. U.S. crude for April delivery was down 52 cents at $50.29 a barrel by 2338 GMT. The March contract, […]

Stock Inventories Build sees Oil Prices Fall

Oil prices fell for a second day on Thursday, after the U.S. government reported another record high in crude inventories, but prices bounced sharply off session lows on relief the builds were less than an industry group had estimated. Prices also retraced losses as investors covered more short positions in U.S. crude futures a day […]

Energy Prices Driving Russian Policy Decisions

At central banks from Canada to New Zealand, prices of a wide basket of goods help determine the direction of interest rates. For Russia, increasingly, only one price matters: oil’s.Energy exports, already the lifeblood of the nation’s economy, may now be dictating monetary policy. The head of Russia’s central bank, Elvira Nabiullina says she checks […]

Euro Pressure Builds as Another Greek Deadline Comes Into View

Talking Points: Dollar Consolidation Mirrors Yield Forecast Euro Pressure Builds as Another Greek Deadline Comes Into View British Pound Steady Despite Record Low Inflation Reading Dollar Consolidation Mirrors Yield Forecast Though the Dollar’s larger trend is still bullish – both fundamentally and technically – the speculative ranks have clearly paused in driving the currency higher. […]

Brent Oil Steady Near $62

Oil closed up after a weak start on Tuesday, with Brent crude rising to a 2015 high of $63 a barrel as short-covering returned to a market depressed earlier by worries about euro zone stability. Threats to Middle East crude production and the falling U.S. oil rig count seemed to spur market bulls despite global […]

Pound Looks to Core CPI for Rates Cues, Greece Woes Continue to Fester

Talking Points: British Pound to Overlook Headline UK CPI, Take Cues from Core Figures Greece Woes Remain in Focus as EU Finance Ministers Convene in Brussels See Economic Releases Directly on Your Charts with the DailyFX News App January’s UK CPI figures are in focus in European trading hours. The headline year-on-year inflation rate is […]

West TX Oil Near $53 but Correction Still Expected

Oil markets opened stronger on Tuesday, continuing a rally that has seen Brent crude futures soar 8 percent since mid-January, yet analysts are increasingly saying that price rises have been overblown and are due a downward correction. Benchmark Brent crude futures LCOc1 were trading at $61.65 per barrel at 0130 GMT, up 25 cents since […]

Oil Rises Above $60 After Supply Cut Hints

Oil prices have risen above $60 a barrel for the first time this year amid signs that industry spending cuts might curb supply. Brent crude collapsed 60% from a high of $115 a barrel last summer to $45.19 in January, the lowest in almost six years, as a result of oversupply. Despite the rise on […]

West TX Oil Rallies Back Above $51 on Weak Dollar

Oil prices rallied sharply on Thursday after two days of losses as news of deeper industry spending cuts and a sinking U.S. dollar revived buying. U.S. crude closed above $51 a barrel, shaking off a morning dip tied to data showing a potentially record rise in stockpiles at the Cushing, Oklahoma, delivery hub. Its discount […]

West TX Oil Below $49.50 Pressured by an Industry Report

Oil settled below $50 a barrel on Wednesday, pressured by an industry report saying U.S. crude stocks rose from a record high. U.S. crude settled down 2.4 percent, at $48.84 a barrel, having reached a high of $51.14 earlier in the session. Brent crude futures were last down about $3 to $54.80 a barrel. U.S. […]

West TX Oil Back Below $50.50 after IEA Warnings

Crude oil prices fell for the first time in four sessions on Tuesday after the International Energy Agency (IEA) warned that ample supplies will raise global inventories before investment cuts begin to significantly dent production. Oil stockpiles in member countries of the Paris-based Organization for Economic Cooperation and Development (OECD) may approach a record 2.83 […]

West TX Oil Around $52.50 on OPEC Forecast

Oil rose for a third straight session on Monday as OPEC forecast greater demand for crude this year than previously thought and projected less supply from countries outside the group. Data from last week showing the U.S. oil rig count at a three-year low also bolstered prices, which were attempting to find a floor after […]

West TX Oil Rallies to $52.50

Oil rallied again on Friday, with benchmark Brent crude on track for its largest two-week gain in 17 years, as falling oil rig counts and violence in producer Libya helped to further stall a selloff that began in June. Crude prices have rallied nearly 20 percent over the past six sessions, but remain about 50 […]

Dollar at Risk of Sharp Reversal Given the Wrong NFP Step

Talking Points: Dollar at Risk of Sharp Reversal Given the Wrong NFP Step Euro: How Much Worse Can Things Get? British Pound Unmoved by BoE Decision, But Next’ Report Will Hit Dollar at Risk of Sharp Reversal Given the Wrong NFP Step Technical traders recognize the Dollar is in an ominously risky position: leaning heavily […]

Some Believe Oil will Slide Further

So much for the rally. Oil will likely still head as low as $30, analyst John Kilduff told CNBC on Thursday. “I still believe we’re going to go to that $30 to $33 area, which is the low point from the financial crisis in 2008, 2009. What you saw over the past several days was […]

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