crude oil futures news

crude oil futures news

May 5th, 2017

Crude oil futures prices fell to five-month lows on Friday on concerns about a persistent glut despite assurances from Saudi Arabia that Russia is ready to join OPEC in extending supply cuts.

U.S. West Texas Intermediate (WTI) crude oil futures fell more than 3 percent in early trading to less than $44 a barrel, the lowest since Nov 14. It fell 4 percent on Thursday.

Benchmark Brent also fell 3 percent to below $47, its lowest since Nov. 30, which was the date the Organization of the Petroleum Exporting Countries (OPEC) triggered a rally when it said it would cut production in the first half of 2017.

Both benchmarks trimmed losses to trade near Thursday’s close by 1320 GMT after Saudi Arabia’s OPEC Governor Adeeb Al-Aama told Reuters that OPEC and non-OPEC nations were close to agreeing a deal on supply cuts.

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crude oil futures quotes

crude oil futures quotes

November 28th, 2016

Crude oil futures prices jumped in choppy trade on Monday after Iraq’s oil minister said he was “optimistic” that Wednesday’s crunch OPEC meeting will yield an agreement on output cuts.

U.S. crude oil was up 78 cents or 1.78% at $46.88 a barrel at 0931ET, after falling as low as $45.16 earlier.

Global benchmark Brent futures were at $49.08 a barrel, up 81 cents or 1.68%.

Prices jumped after Iraqi oil minister Jabar Ali al-Luaibi said Monday he is “optimistic” that OPEC will reach an agreement that is acceptable to all this week.

The Organization of the Petroleum Exporting Countries is attempting to get its 14 member states, along with non-OPEC member Russia, to implement coordinated production cuts aimed at reducing a global supply glut that has seen oil prices halve in two years.

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crude oil futures news

crude oil futures news

November 15th, 2016

Oil prices were higher during North America trading on Tuesday, extending overnight gains as market participants continued to weigh prospects of a coordinated production cut among major global oil producers.

Crude oil for December delivery on the New York Mercantile Exchange jumped by as much as 3.6% to a session high of $44.95 a barrel.

It was last at $44.57 by 9:10AM ET (14:10GMT), up $1.25, or 2.9%, after sliding to $42.20 the day before, a level not seen since August 11.

Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London climbed $1.23, or 2.77%, to $45.66 a barrel. It dropped to as low as $43.57 in the prior session, the weakest since August 11.

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crude oil futures news

crude oil futures news

May 19th, 2016

Crude oil prices tumbled in North American trade on Thursday, adding to sharp overnight losses, as a surging U.S. dollar and an unexpected rise in U.S. crude inventories triggered selling.

The U.S. dollar surged to seven-week highs in early trade after the minutes of the Federal Reserve’s latest policy meeting rekindled expectations for a June interest rate hike.

Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies.

Crude oil for June delivery on the New York Mercantile Exchange sank $1.03, or 2.14%, to trade at $47.18 a barrel by 13:50GMT, or 9:50AM ET.

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Crude oil futures quotes

Crude oil futures quotes

May 9th, 2016

Crude oil rose on Monday after Canada’s most destructive wildfire in recent memory knocked out over a million barrels in daily production capacity, but caution among investors prevented a return to late April’s 2016 price highs.

The lost capacity is equivalent to well over a third of the country’s typical daily production, and almost all of Canada’s crude from oil sands is exported to the United States.

U.S. crude futures (CLc1) rose 65 cents to $45.31 a barrel by 1118 GMT, having risen earlier by as much as $1.28, while Brent crude futures (LCOc1) gained 40 cents to trade at $45.77 a barrel.

The fire, which broke out on May 1, has forced three major oil firms to warn they will be unable to deliver on some contracts for Canadian crude.

The impact of the production loss has been far more marked in the U.S. crude market, where prices for West Texas Intermediate oil for delivery in July are now above those for Brent.

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crude oil market

crude oil market

April 8th, 2016

Crude oil prices rebounded in Asia on Friday from a sharp overnight selloff on growing supply as investors look ahead to U.S. rig count data from Baker Hughes.

On the New York Mercantile Exchange, WTI crude for May delivery jumped 2.07% to $38.03 a barrel. Brent crude climbed 1.57% to $40.05 a barrel.

Overnight, crude futures fell sharply on Thursday, erasing some of their massive gains from the previous session, as energy traders reacted to reports of a considerable inventory build at the Cushing Oil Hub and an unexpected increase among exports in Iraq.

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Crude oil futures quotes

Crude oil futures quotes

December 7th, 2015

Crude oil prices fell to their lowest in nearly seven years on Monday after OPEC’s meeting ended in disagreement over production cuts and without a reference to its output ceiling, while a stronger dollar made it more expensive to hold crude positions.

The Organization of the Petroleum Exporting Countries (OPEC) failed to agree in its policy meeting on Friday to lower production in an attempt to stem prices that have dropped more than 60 percent since June 2014.

For the first time in decades, oil ministers dropped any reference to the group’s output ceiling, highlighting disagreement among members about how to accommodate Iranian barrels once Western sanctions are lifted.

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crude oil futures 101

crude oil futures 101

August 18th, 2015

Crude oil futures eased in Asia on Tuesday with attention focused on demand prospects from China in the wake of a weaker yuan and looking ahead to U.S. industry estimates of stockpiles.

On the New York Mercantile Exchange, WTI crude for October delivery traded down 0.13% to $42.36 a barrel.

On Tuesday, the American Petroleum Institute will release its estimates of U.S. crude and refined products stocks at the end of last week. The estimates are followed by more closely-watched figures from the U.S. Department of Energy released on Wednesday.

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crude oil futures news

crude oil futures news

February 2nd, 2015

Crude oil markets rallied Monday morning, shrugging off news of U.S. refinery strikes and sluggish Chinese manufacturing, as traders continued Friday’s run to close out bearish bets, traders and analysts said.
Related

Light, sweet crude for March delivery was recently up 32 cents, or 0.7%, at $48.56 a barrel on the New York Mercantile Exchange. Brent crude for March delivery recently traded up 44 cents, or 0.8%, to $53.43 a barrel on the ICE Futures Europe exchange.

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February 8th, 2012

Crude oil rose to its highest in a week in New York after a report showed U.S. stockpiles shrank, signaling increased demand in the world’s biggest crude consumer.

West Texas Intermediate futures climbed to $99.65 a barrel, the highest since Jan. 31. Crude inventories fell 4.5 million barrels in the seven days ended Feb. 3, the first drop in three weeks, the American Petroleum Institute said after yesterday’s settlement. Analysts surveyed by Bloomberg News had forecast today’s Energy Department report would show supplies rose 2.5 million barrels.

“Inventories decreasing are adding to the supply concerns in the market,” said Sintje Boie, an analyst at HSH Nordbank in Hamburg. “Demand is quite strong because of the winter season. There are already supply worries from Iran’s threat to stop exports to Europe.”

Crude for March delivery advanced as much as $1.24, or 1.3 percent, to $99.65 a barrel in electronic trading on the New York Mercantile Exchange and was at $99.28 at 12:50 p.m. London time. Yesterday, it increased $1.50 to $98.41, the highest settlement since Jan. 31. Prices are up 14 percent from a year ago.

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