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Oil Lower Due to China Demand Fears and Supply Glut

Oil fell below $49 a barrel on Monday after its biggest two-day rally in six years last week, pressured by a supply glut and renewed concern about a hard landing for China’s economy. International benchmark Brent crude climbed 10 percent last week but was still heading for its fourth straight monthly decline and has risen […]

OPEC Concerned By Oil Drop, Ready To Talk, CAD Rallies

OPEC is concerned by the drop in oil prices – trading near multi-year lows – and is ready to talk to other producers, an article in an OPEC publication issued on Monday said. “Today’s continuing pressure on prices, brought about by higher crude production, coupled with market speculation, remains a cause for concern for OPEC […]

Three Main Takeaways From Fed Fischer’s Speech

1. Central bankers are following developments in China’s economy. Even before China’s stock market began to plunge this week, the U.S. Federal Reserve was questioning its stance on an interest-rate increase planned for some time later this year. Many experts had forecast September as the most likely time frame for the central bank to lift […]

Oil Rallies 10% – Biggest One Day Rally In Six Years

Oil jumped the most in more than six years, caught up in a relief rally that swept the globe as the U.S. economy grew more than predicted. West Texas Intermediate futures rose 10 percent, the biggest gain since March 2009. U.S. gross domestic product grew at a 3.7 percent annualized rate in the second quarter, […]

Oil Stable After China Stimulus

Oil stabilized on Wednesday after China’s central bank moved to support the country’s economy, but prices stayed near 6-1/2-year lows as a heavy supply glut kept the market outlook bearish. “Oil is catching its breath a bit and seeing if markets have been oversold or not,” Capital Economics commodities economist Thomas Pugh said. Brent LCOc1 […]

Crude Tumbles To Six-Year Low On Supply Glut

Oil plunged to the lowest level in more than six years in New York as a government report showed that U.S. crude stockpiles unexpectedly increased. West Texas Intermediate slipped as much as 3.4 percent after the Energy Information Administration said crude supplies rose 2.62 million barrels last week. An 820,000 barrel stockpile decline was projected […]

Could the Oil Slump Push This Country to Default?

The cost of protecting against a Venezuelan default has hit record highs, leading to fears that the oil-dependent country could become the first sovereign victim of plummeting oil prices. Spreads on Venezuelan five-year credit default swaps (CDS)—derivatives that can be used to hedge against the risk of a country or corporate defaulting—are at their highest […]

USD/CAD Sucking Wind While AUD Finds Support

PBoC sets yuan firmer again Forex liquidity remains thin as participation drops Crude trades atop of six-year lows Aussie bulls get a boost from RBA The forex market is clearly lacking direction while it waits for the next set of U.S data points. Investors are pinning some of their hopes on tomorrow’s minutes from the […]

Oil Trades Atop Of Its Six-Year Low

Oil fell towards six-year lows on Monday on data showing the economy of Japan, the world’s third-biggest oil consumer, contracted in the second quarter. The global oversupply picture was exacerbated by another weekly jump in U.S. oil rig additions on Friday, hinting at growing production, and news that Oman produced a record-breaking 1 million barrels […]

British Pound Gains on BOE Comments, Canadian Dollar Drops on Oil

Talking Points: British Pound Gains on Hawkish Comments from BOE’s Forbes Canadian Dollar Follows Crude Oil Lower on Supply Glut Bets US Dollar Higher Ahead of 6- and 3-Month Treasury Bill Sale See Economic Releases Directly on Your Charts with the DailyFX News App The British Pound outperformed in overnight trade following hawkish comments from […]

Crude Prices Hit Six-Year Low

U.S. crude oil fell to its lowest in almost six-and-a-half years on Friday as huge stockpiles and refinery shutdowns added to concerns about global oversupply and slowing economies in Asia. Oil had already tumbled more than 3 percent on Thursday, driven by a report that stocks at Cushing, Oklahoma, the delivery point for U.S. crude […]

Oil Hits 5 Month Low on Supply Glut

U.S. crude fell to a nearly five-month intraday low Thursday as the market weighed a burst of optimistic news on demand against the global overhang of physical oil. Stockpiles of U.S. crude and gasoline fell last week, data from the Energy Information Administration (EIA) showed on Wednesday, bolstering sentiment about the U.S. market. But U.S. […]

WTI Crude – Bears Eyeing Third Assault on Support

WTI has experienced a day of indecision having failed to significantly break through a key support level. It did briefly create a new low for the year but didn’t manage to gather any momentum.For now, it remains in a downward spiral but it’s yet to be seen whether the bears have enough to smash through […]

WTI Crude – Pressure Growing on Technical Support

WTI crude is under pressure again on Tuesday and is on course to test this year’s lows, set on 18 March, of $42.70. A rally at the start of the week off a prior support – $43.20 – potentially suggested we were going to see some consolidation or a correction but that has certainly not […]

When Will the Oil Supply Glut End?

Energy prices stayed near multi-month lows early Monday as worries over a glut of supply in the commodity lingered. In early Asian trade, the U.S. benchmark West Texas Intermediate (WTI) ticked down 0.3 percent to $43.57 a barrel, its lowest level since March 19. Brent crude edged down by the same margin to trade at […]

Lower Oil Pushes Saudis to Issue Debt

The oil kingdom is facing a big hole in its budget, caused by the slump in oil prices and a sharp rise in military spending. That’s forcing the government to raid its reserves, and it may even borrow from foreign investors, analysts say. Saudi Arabia has already burned through almost $62 billion of its foreign […]

Oil Remains Near Multi-Month Lows

Oil hovered near multi-month lows on Thursday with Brent under $50 a barrel after investors sold crude on worries about rising U.S. gasoline inventories as peak summer demand comes to an end. Gasoline stocks in the United States rose more than expected, overriding a bullish picture from a larger-than-expected drop in crude stockpiles and pushing […]

West TX Oil Drops to Five Month Low Below $45

Oil prices fell to a fresh March low on Wednesday after a surge in U.S. gasoline stockpiles as the summer season, the country’s biggest demand period for motor fuels, nears its end. U.S. crude for September delivery closed down 59 cents, at $45.15 a barrel—its lowest since March 19. September Brent crude futures were flat […]

West TX Oil Edges Higher But Outlook Weak

Oil recovered to about $50 a barrel on Tuesday after touching a six-month low in the previous session, although high global production and concern over the economic outlook in China weighed on the outlook. The bounce came as a weaker dollar and a rally in Chinese equities helped commodities post gains following a steep slide […]

Oil Falls to 4-Month Low, Hit by Data on China, Rigs

Oil prices slid to fresh four-month lows Monday as a rise in the number of U.S. oil rigs fueled supply glut concerns even as weak China manufacturing activity weighed on the demand outlook. West Texas Intermediate crude for delivery in September dropped 73 cents, or 1.6%, to $46.39 a barrel in electronic trading. The contract […]

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