crude oil futures quotes

crude oil futures quotes

November 14th, 2017

Crude oil futures were under pressure on Tuesday, as market players awaited weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer.

Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (2130GMT), amid forecasts for an oil-stock drop of around 2.8 million barrels.

Market sentiment was dampened after the International Energy Agency cut its global oil-demand forecasts, in contrast to a more bullish outlook from OPEC released a day earlier.

In a monthly report, the Paris-based agency cut its oil demand forecast by 100,000 barrels per day (bpd) for this year and next, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018.

The IEA said warmer temperatures could cut consumption, while sharply rising production from outside OPEC might mean the global market tilts back into surplus in the first half of 2018.

U.S. West Texas Intermediate (WTI) crude futures shed 24 cents, or about 0.4%, to $56.52 a barrel by 8:40AM ET (1340GMT). It reached its best level since July 2015 at $57.92 last week.

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Crude oil futures quotes

Crude oil futures quotes

November 13th, 2017

OPEC on Monday forecast higher demand for its oil in 2018 and said its production-cutting deal with rival producers was reducing excess oil in storage, pointing to an even tighter global market next year.

In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 33.42 million barrels per day (bpd) of OPEC crude next year, up 360,000 bpd from its previous forecast.

The 14-country producer group also said its oil output in October, as assessed by secondary sources, came in below the 2018 demand forecast at 32.59 million bpd, a drop of about 150,000 bpd from September.

The report points to a supply deficit next year if OPEC keeps pumping at October’s rate.

Investing.com.

crude oil futures news

crude oil futures news

November 6th, 2017

Crude oil prices remained near two-year highs on Monday, still boosted by expectations that oil producing countries will agree to extend an output cut at their meeting at the end of this month.

The U.S. West Texas Intermediate crude December contract was up20cents or about 0.36% at $55.80a barrel by 09:55 a.m. ET (13:55 GMT),just off a two-year high of $56.24 hit overnight.

Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London was up 37 cents or about 0.60% at $62.45 a barrel, off a two-year high of $62.87 hit earlier in the day.

Under the original terms of the deal, OPEC and 10 other non-OPEC countries led by Russia agreed to cut production by 1.8 million barrels a day (bpd) for six months. The agreement was extended in May of this year for a period of nine more months until March 2018 in a bid to reduce global oil inventories and support oil prices.

Discussions are continuing in the run-up to the Nov. 30 meeting, which oil ministers from OPEC and the participating non-OPEC countries will attend.

Prices received another boost as a sizable weekly drop in active U.S. oil rigs to the lowest level since May fed expectations for a slowdown in domestic crude output growth.

Oilfield services firm Baker Hughes reported that the number of active U.S. rigs drilling for oil fell by eight to 729 last week. That was the fourth weekly decline in five.

The weekly rig count is an important barometer for the drilling industry and serves as a proxy for domestic oil production.

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crude oil futures quotes

crude oil futures quotes

July 24th, 2017

Crude oil futures rose on Monday, erasing early losses after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed the rebalancing of global supply and demand.

Saudi Energy Minister Khalid al-Falih said his country would limit crude oil exports at 6.6 million barrels per day (bpd) in August, almost 1 million bpd below levels a year ago.

Brent September crude futures (LCOc1) were up 44 cents on the day at $48.50 a barrel by 1313 GMT, having risen from a session low of $47.68.

NYMEX crude for September delivery (CLc1) rose 39 cents to $46.16.

“This is the Saudis saying they view the current market conditions as too weak and they are actually delivering,” said SEB commodity strategist Bjarne Schieldrop.

“It shows real additional willingness on their part to do something, which is hugely important, rather than sitting back and letting OPEC motions roll forward. They’re acting unilaterally and adding pressure.”

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Crude oil futures quotes

Crude oil futures quotes

May 19th, 2017

Crude oil futures prices climbed to one-month highs on Friday, boosted by hopes major oil producers will decide to extend their current supply cut plan.

U.S. crude futures for June delivery were up 1.22% at $49.95 a barrel, the highest since April 26.

On the ICE Futures Exchange in London, the July Brent contract rallied 1.20% to $53.15 a barrel, the highest since April 20.

Crude prices remained supported after Saudi Arabia and Russia agreed earlier in the week to extend oil output cuts for a further nine months until March 2018.

However, the 12 remaining OPEC members and other producers participating in the cuts have to agree to the extension during a meeting on May 25.

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crude oil futures quotes

crude oil futures quotes

February 2nd, 2017

Crude oil futures were higher during North American morning hours on Thursday, hitting the strongest level in about a month as traders cheered signs that global supply was beginning to tighten in wake of a planned agreement by major crude producers to cut output.

Crude oil for March delivery on the New York Mercantile Exchange rose to a daily peak of $54.34 a barrel, the most since January 3.

It was last at $54.10 by 9:50AM ET (14:50GMT), up 21 cents, or about 0.4%, after jumping $1.07, or around 2%, a day earlier.

Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London added 29 cents, or 0.5%, to $57.09 a barrel. Futures touched $57.45 earlier, a level not seen since January 6.

On Tuesday, London-traded Brent rallied $1.22, or 2.2%, after data showed that Russian oil output shrank by 100,000 barrel per day in January, adding to signs that major oil producers are sticking to their pledge to cut back output.

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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

June 24th, 2016

Crude oil futures prices slumped by more than 6 percent on Friday after Britain voted to leave the European Union, raising fears of a broader economic slowdown that could reduce demand.

Financial markets have been worried for months about what Brexit, or a British exit from the European Union, would mean for Europe’s future, but were clearly not fully factoring in the risk of a leave vote.

British Prime Minister David Cameron, who campaigned to remain in the EU, said he would stand down by October.

Brent crude (LCOc1) was down $2.45 at $48.46 a barrel at 1004 GMT. U.S. crude (CLc1) was down $2.39 at $47.72 a barrel.

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crude oil futures news

crude oil futures news

June 2nd, 2016

Crude oil prices were flat to weaker in early Asia on Friday with investors noting the bearish unchanged OPEC production ceiling, but also looking ahead to demand prospects.

On the New York Mercantile Exchange, WTI crude for July delivery was down 0.02% to $49.16 a barrel.

Overnight, crude futures inched up on Thursday, reversing territory late in the session, as a sharp decline in U.S. crude inventories offset a widely expected decision by OPEC to leave its production ceiling unchanged.

On the Intercontinental Exchange (ICE), Bent crude for August delivery wavered between $48.86 and $50.30 a barrel, before closing at $50.00, up 0.28 or 0.55% on the day.

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