crude oil futures quotes

crude oil futures quotes

May 27th, 2016

The strong rally in oil prices that sent Brent and U.S. crude above $50 a barrel for awhile on Thursday faces technical barriers in the next three to five weeks.

Unexpected oil supply outages, along with technical buy signals, have helped lift Brent and U.S. crude prices nearly 90 percent above 12-year lows hit earlier this year.

Analysts believe the market has now factored in most supply cuts. Two technical analysts on Thursday said oil’s advance will be limited to a few more dollars at most. One was more bullish.

Brent futures (LCOc1) hit $50.51 on Thursday, after sinking to $27.10 on Jan. 20, which was the lowest since July 2003.

U.S. West Texas Intermediate (WTI) futures (CLc1) touched $50.21 on Thursday, up from $26.05 on Feb. 11, which was the lowest since May 2003. [O/R]

Both benchmarks retreated from session highs and settled below $50 a barrel.

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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 101

crude oil futures 101

March 8th, 2016

Crude oil futures rose to fresh three-month highs in North American trade on Tuesday, reversing earlier losses as investors shifted their focus back towards ongoing talk of a potential output freeze by major producers.

On the ICE Futures Exchange in London, Brent oil for May delivery rose 34 cents, or 0.83%, to trade at $41.18 a barrel by 13:35GMT, or 8:35AM ET, after climbing to an intraday peak of $41.46, the most since December 9.

A day earlier, London-traded Brent futures soared $2.12, or 5.48%, as continued hopes major oil producers will discuss a potential output freeze lifted prices.

On Monday, South American producers said they would meet to talk about action to support prices. Ecuador’s Foreign Minister, Guillaume Long, said his government will host a meeting in Quito on Friday with Venezuela, Colombia, Ecuador and Mexico “to reach consensus over oil, especially prices.”

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crude oil futures news

crude oil futures news

February 11th, 2016

Crude oil futures gained further in Asia on Friday spurred by what appear to be a renewed effort by major producers to coordinate a cut in global output.

On the New York Mercantile Exchange, WTI crude for March delivery soared 5.59% to $27.67 a barrel. Brent rose 5.56% to $31.73 a barrel.

Minutes after the U.S. close, Dow Jones reported that OPEC members are preparing to cooperate on potential production cuts according to UAE’s energy minister. The comments boosted prices for both benchmarks.

Before the market-moving comments, U.S. crude fell to its lowest level since May, 2003, as investors reacted to significant increases in OPEC production last month. In January, the 13-member cartel ramped up production by 131,000 bpd to 32.33 million bpd, bolstered by increases from Saudi Arabia, Iraq, Iran and Nigeria. Saudi Arabia, the world’s top exporter, rose output by 44,000 bpd in January to 10.091 bpd, near all-time record highs.

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crude oil futures news

crude oil futures news

August 10th, 2015

Crude oil futures rose from the lowest level in almost five months in New York as Chinese crude imports climbed to a record in July.

China’s crude imports rose to a record on a monthly basis, driven by buying from small private refineries, according to preliminary data from the Beijing-based General Administration of Customs on Saturday. Prices fell to new lows earlier as the number of U.S. rigs seeking oil rose by six to 670, the third weekly gain, figures from Baker Hughes Inc. showed Friday.

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crude oil futures news

crude oil futures news

July 13th, 2015

Crude oil futures were lower on Monday, as traders awaited developments surrounding nuclear talks between the West and Iran, while concerns over a global supply glut weighed.

On the ICE Futures Exchange in London, Brent oil for September delivery shed 76 cents, or 1.28%, to trade at $58.25 a barrel during U.S. morning hours, trimming losses after hitting a session low of $57.18.

Elsewhere, on the New York Mercantile Exchange, crude oil for August delivery fell to an intraday low of $51.28 a barrel, before recovering to trade at $52.33 a barrel, down 41 cents, or 0.78%.

The spread between the Brent and the WTI crude contracts stood at $5.92 a barrel, compared to $6.26 by close of trade on Friday.

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crude oil futures quotes

crude oil futures quotes

November 24th, 2014

Crude oil futures Brent and West Texas Intermediate were little changed as investors weighed the odds of a production cut from OPEC this week.

Iran may propose that OPEC cut its output target by as much as 1 million barrels a day, Mehr News reported. Hedge funds have turned less bullish on oil in the absence of any clear signal from the Organization of Petroleum Exporting Countries that it will act to bolster prices. The 20 analysts surveyed last week by Bloomberg are divided, with half predicting a cut and the rest no action.

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Crude oil futures quotes

Crude oil futures quotes

September 23rd, 2014

Crude oil futures West Texas Intermediate advanced after the U.S. and its Arab allies launched a series of airstrikes against Islamic State positions in Syria.

The November contract climbed as much as 1.1 percent. Saudi Arabia, Jordan, the United Arab Emirates, Qatar and Bahrain “participated in or supported” strikes against 14 Islamic State targets near their stronghold of Raqqa and along the Iraqi border, the Pentagon said in an e-mailed statement today. Prices also advanced as a Chinese manufacturing gauge beat forecasts.

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crude oil brokers

crude oil brokers

September 10th, 2014

U.S. crude production will surge to a 45-year high next year, lowering prices and reducing the need for imports, government forecasters said yesterday.

The U.S. Energy Information Administration raised its estimate of 2015 output by 250,000 barrels a day to 9.53 million, the most since 1970, Adam Sieminski, the administrator of the EIA, said in a statement yesterday. The agency forecast output of 8.53 million barrels a day this year, up from 7.45 million in 2013.

“U.S. production levels are astounding,” Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis, which oversees $2.6 billion, said by phone yesterday. ‘We will see further revisions, because these technologies get better over time.’’

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November 29th, 2011

Crude oil futures rose a third day in New York, recouping earlier losses as a strengthening euro and advancing equities signaled investors were less concerned that Europe’s debt crisis will derail the global recovery.

West Texas Intermediate futures gained as much as 1.1 percent, having earlier lost 1 percent. Demand for 2014 bonds auctioned by Italy today was 1.5 times the amount sold. The U.S. Energy Department may say tomorrow oil inventories rose for the first time in a month, while gasoline supplies climbed for a third week, according to a Bloomberg News survey.

“Sentiment has improved on news of the successful Italian bond auction,” said Andrey Kryuchenkov, an analyst at VTB Capital in London. “We’re seeing a stronger euro as a result, and crude prices gaining alongside the broader commodity market rebound.”

Crude oil futures for January delivery on the New York Mercantile Exchange was up 11 cents at $98.32 a barrel at 12:56 p.m. London time after falling as low as $97.23. Brent crude for January settlement on the ICE Futures Europe Exchange was up 87 cents at $109.87 a barrel, reversing a 61-cent decline.

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