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Oil Rises After US Inventory Drop and Iraq Turmoil

Oil rose for a second day on Thursday and briefly reached $66 a barrel, supported by expectations that a global supply glut is starting to ease and by fighting in Iraq. The U.S. government’s supply report on Wednesday showed crude inventories declined for a third week. Stockpiles had been at record levels due to excess […]

Oil Rises on Lower Inventories and Strong Japanese GDP

Crude oil prices bounced back on Wednesday from steep falls in the previous session as industry data showed that U.S. crude stocks fell more than expected last week. Brent futures LCOc1 rose 92 cents to $64.94 a barrel by 1431 GMT, after touching $65.02 earlier in the session. U.S. crude prices CLc1 rose 74 cents […]

West TX Oil at $59 on Middle East tensions

U.S crude futures rose on Tuesday on renewed tensions in the Middle East, but a firm dollar capped gains. Front month U.S. crude was up 8 cents at $59.51 a barrel at 0018 GMT, after finishing down 26 cents in the previous session. Brent crude climbed 2 cents to $66.29 a barrel, after settling 54 […]

West TX Oil Above $59 on Iraq and Yemen

Oil prices rose slightly in early Monday trading on supply concerns in the Middle East following fighting in Iraq and Yemen, although signs of strengthening U.S. production capped stronger gains. Front-month U.S. crude was up 11 cents at $59.80 a barrel at 0019 GMT. International Brent futures were 9 cents up at $66.90 per barrel. […]

West TX Oil Below $59 Amid Glut Speculation

Oil pared its ninth weekly advance, the longest rally on record, amid speculation a rebound in prices to near $60 a barrel will sustain a market glut. Futures slid as much as 0.5 percent in New York. Oil supply from OPEC and U.S. shale drillers is set to expand later this year, preventing further price […]

West TX Oil Near $59 on Ample Supply

U.S. oil futures closed lower on Thursday as an ample global supply picture weighed on prices while Brent’s front-month June contract headed to expiration. U.S. crude for June delivery closed down 62 cents, or 1 percent, at $59.88 a barrel. Meanwhile, expiring front-month Brent crude was trading 20 cents lower near $67 a barrel. Trading […]

Canada Finance Minister: Oil Price Impact not Devastating

While the drop in oil prices has affected the Canadian economy, it hasn’t had a devastating impact, Canada’s finance minister, Joe Oliver, said Wednesday. Energy represents about 19 percent of the Canadian economy and 1.8 million jobs. “Because we have a diversified economy, it isn’t a devastating impact but it certainly made my budget more […]

West TX Oil Below $59 on Signs of U.S. Shale Oil Recovery

Oil came under pressure on Monday on signs a multi-week rally was encouraging a rejuvenation in already bloated U.S. shale supplies. U.S. light crude closed down 14 cents, or 0.2 percent, at $59.25 a barrel. U.S. crude prices gained on a weekly basis for an eighth straight week last week while Brent had its first […]

West TX Oil Below $59

U.S. oil prices settled higher after oilfield services firm Baker Hughes reported that the U.S. oil rig count fell for the 22nd consecutive week. The number of rigs drilling for crude in U.S. oilfields fell by 11 in the past week, bringing the total to 668 rigs, compared with 1,528 at the same time last […]

Oil Hits Another 2015 Record High

Oil prices rose more than a dollar to 2015 highs on Wednesday, as a month-long rally gained further impetus from a fall in U.S. crude stocks and conflict in the Middle East. Brent crude LCOc1 was up $1.60 to $69.12 a barrel by 1252 GMT, after hitting a 2015 peak of $69.25. U.S. crude CLc1 […]

West TX Oil Above $60 as Libya Output Slows

Oil prices closed at 2015 highs on Tuesday after protests stopped crude flows to the eastern Libyan oil port of Zueitina, hampering exports. U.S. crude oil closed up up $1.47, or 2.49 percent, at $60.40 a barrel. That was its highest settle since December 10. Brent crude oil climbed to a high of $68.40 a […]

Oil’s Rally May Be Premature

Anyone hoping the recovery in oil prices is here to stay could be in for a rude awakening, as prices could fall below $50 a barrel on a glut of supply, a commodities expert warned on Monday. U.S. West Texas Intermediate (WTI) and Brent crude oil hit six-year lows in January, but have recovered somewhat […]

West TX Oil Above $58

U.S. crude closed up 1.79 percent at $59.63 a barrel on Thursday, its highest settle of the year, helped by a weaker dollar and bets that a supply glut would ease. After the June-till-January selloff that halved oil prices from highs above $100 a barrel, Brent and U.S. crude had their strongest recovery this month, […]

Oil Falls After Saudi Supply Commitment

Oil prices steadied on Wednesday after news that King Salman of Saudi Arabia had altered the kingdom’s line of royal succession in a reshuffle that also affected leadership of the national oil company, Saudi Aramco. King Salman bin Abdulaziz sacked his younger half-brother as crown prince and appointed his nephew, deputy crown prince Mohammed bin […]

During Asian Tour Saudi Oil Minister Says Crude Demand is Strong

Oil demand in Asia is strong and Saudi Arabia is ready to supply any more crude needed, its oil minister said on Tuesday during a visit to China, as the world’s top crude exporter aims to maintain its market share. Saudi Arabia’s Oil Minister Ali al-Naimi had told officials in Beijing the kingdom was ready […]

Dollar Tumbles…Before the Fed and GDP

Talking Points: Dollar Tumbles…Before the Fed and GDP Euro Shows Increasingly Little Concern Over Greek Risks New Zealand Dollar Faces its Own High-Profile Rate Decision Dollar Tumbles…Before the Fed and GDP It isn’t unusual to see key technical levels and patterns develop in the lead up to critical event risk. Speculative positioning reflecting indecision and […]

West TX Oil Eases to $55 on Ample Global Supply

U.S. oil futures settled lower after a volatile trading on Monday as the conflict in Yemen and falling U.S. rig counts lent some support, while ample global supply kept market participants cautious after prices reached 2015 peaks last week. U.S. June crude closed down 16 cents, or 0.28 percent, at $56.99 a barrel. Brent June […]

Oil Higher on Yemen Concerns

Crude oil prices settled up 3 percent on Thursday, hitting 2015 highs, while U.S. gasoline reached 5-month peaks after Saudi Arabia and its allies maintained a bombing blitz in Yemen that heightened concerns about the security of Middle East oil supplies. Oil buyers also stoked the rally with bets that U.S. crude output will shrink […]

West TX Oil at $54.50 as Yemen Bombing Continues

Oil prices extended gains on Thursday as renewed fighting in Yemen brought focus back on potential supply disruptions in the Middle East. Saudi-led coalition warplanes continued bombing Yemen on Wednesday despite an announcement by Riyadh that it was ending its campaign of air strikes. While Yemen itself is not among the biggest oil producers in […]

West TX Oil Steady Around $56 on U.S. Inventories

U.S. crude futures held steady on Tuesday as a drop in stockpiles at a key U.S. delivery point offset near record high production in Saudi Arabia and an expected build in U.S. oil inventories. NYMEX crude for May delivery, which expires later in the day, was down 4 cents at $56.34 a barrel by 0000 […]

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