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 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 prices

crude oil futures prices

December 8th, 2014

Brent crude slumped to a five-year low amid concern that hedge funds and other money managers bet too much on rising prices. West Texas Intermediate also fell.

Futures dropped as much as 3.3 percent in London and 2.6 percent in New York. Net-long positions on Brent rose to the highest in four months in the week to Dec. 2, according to data from the ICE Futures Europe exchange, while bullish bets on WTI climbed the most in 20 months. Brent declined 9.9 percent in the period while WTI slumped 9.7 percent.

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crude oil futures 101

crude oil futures 101

November 12th, 2014

OPEC said Saudi Arabia led declines in the group’s oil output last month, weeks before its 12 members meet to decide whether to trim a global supply glut that drove crude prices into a bear market.

Saudi Arabia’s production fell 69,900 barrels a day to a seven-month low of 9.603 million, the Organization of Petroleum Exporting Countries said in a monthly report. The data are based on estimates from sources including analysts and media organizations. OPEC’s members pumped 30.253 million barrels a day, a decrease of 226,400 barrels, the largest since March. There are signs of global economic recovery, it said.

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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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February 6th, 2012

Crude oil futures fell from the highest price in three days in New York on speculation Greece’s steps to avert a financial collapse may fall short, threatening Europe’s economy and demand for fuel.

Crude oil futures dropped as much as 0.9 percent before political leaders in Greece meet today to discuss a detailed agreement for meeting the terms of an international financial rescue. The premium of London-traded Brent oil to New York contracts rose for an eighth day after militants in Nigeria, Africa’s biggest crude producer, attacked and damaged a pipeline.

“The potential now is for disappointment out of Europe,” said Michael McCarthy, a chief market strategist at CMC Markets Asia Pacific Pty in Sydney. “I suspect this one is going to drag on a fair bit. This echoes the very disappointing rhetoric we’ve heard out of Europe many times before.”

Crude oil futures for March delivery slid as much as 89 cents to $96.95 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.97 at 4:32 p.m. Singapore time. The contract rose $1.48 to $97.84 on Feb. 3, the highest settlement since Jan. 31. Prices are down 1.9 percent this year.

Brent oil for March settlement on the London-based ICE Futures Europe exchange dropped as much as 68 cents, or 0.6 percent, to $113.90 a barrel. The European benchmark contract was at a premium of $17.06 to New York-traded West Texas Intermediate, the widest since Nov. 8. The spread was a record $27.88 on Oct. 14.

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January 30th, 2012

Crude oil futures dropped for a second day in New York on speculation that European Union leaders meeting today may fail to resolve the region’s debt crisis, while OPEC’s secretary-general said the market is well-supplied.

Crude oil futures slipped as much as 0.9 percent as stocks dropped and the dollar strengthened. EU chiefs will gather in Brussels today to complete a German-led deficit-control treaty and endorse a 500 billion-euro ($660 billion) rescue fund. Hedge funds and other large speculators increased wagers on rising crude prices, the Commodity Futures Trading Commission’s Commitment of Traders report on Jan. 27 showed.

“The market is taking off risk before the meeting,” said Thina Saltvedt, an analyst at Nordea Bank AB in Oslo, who predicts Brent crude will average $107 a barrel this quarter. “Ahead of this meeting, sentiment is less optimistic.”

Crude oil futures for March delivery fell as much as 85 cents to $98.71 a barrel in electronic trading on the New York Mercantile Exchange. It was at $99.10 at 1:10 p.m. London time. The contract lost 14 cents to $99.56 on Jan. 27. Prices are 0.3 percent higher this month.

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January 25th, 2012

Crude oil futures rose after Federal Reserve officials said the U.S. benchmark interest rate will stay low until at least 2014 to bolster growth and cut unemployment, boosting fuel demand.

Crude oil futures advanced 0.5 percent as the Federal Open Market Committee extended its previous pledge to keep rates low at least until the middle of 2013. The Energy Department reported that total fuel consumption increased 7.5 percent to 19.2 million barrels a day in the week ended Jan. 20.

“We’re up because of the FOMC statement,” said Hamza Khan, an analyst with the Schork Group Inc., a consulting company in Villanova, Pennsylvania. “The Fed’s policy is good for the economic outlook. This points to steady growth ahead, which will be good for oil demand.”

Crude oil futures for March delivery rose 45 cents to settle at $99.40 a barrel on the New York Mercantile Exchange. Futures dropped to $97.53 early in the session. Prices are up 15 percent from a year earlier.

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