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

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

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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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 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 futures news

crude oil futures news

April 28th, 2016

Crude oil futures slid after setting a 2016 high on Thursday as traders locked in profits, though analysts said supply disruptions, strong investor appetite and a weakening dollar could push prices higher soon.

Brent crude futures were trading at $47.05 per barrel at 1129 GMT, down 13 cents from their last settlement and off an earlier high of $47.47. U.S. West Texas Intermediate (WTI) futures were down 19 cents at $45.14 a barrel.

Both Brent and WTI have rallied more than 70 percent since their respective 2016 lows in January and February.

Record crude storage figures may have spurred some investors to take profits on Thursday by closing positions betting on a rise in prices, traders said.

Government data on Wednesday showed that U.S. crude stocks climbed 2 million barrels last week to an all-time peak of 540.6 million barrels. [EIA/S]

Despite slipping from the highs, analysts said oil market sentiment had clearly turned bullish, and further price rises were likely.

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crude oil futures news

crude oil futures news

October 9th, 2015

Crude oil prices swung back and forth in choppy trade on Friday as traders closed positions at the end of a week that saw prices rising by the most in over six years earlier in the session.

Market participants flipflopped between the negative fundamentals of persistent oversupply and support factors from Syria-related concerns and a weaker U.S. dollar.

“Prices are moving on profit-taking before the weekend. There is also a partial holiday in the U.S. on Monday,” Commerzbank analyst Carsten Fritsch said, referring to the U.S. Columbus Day holiday.

Earlier in the session, Brent was on track to notch its highest weekly percentage gain since 2009, but some traders said the sharp rise was overblown, prompting speculators to take profits.

Brent crude, the global benchmark, was down 18 cents at $52.87 a barrel at 11:48 a.m. EDT (1548 GMT), during a volatile session that saw the contract touch an intraday high of $54.05.

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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

May 28th, 2015

Crude oil futures gained in Asia on Thursday despite higher than expected U.S. stockpiles last week as measured by industry.

The American Petroleum Institute said crude supplies last week rose 1.268 million barrels, more than the 2 million barrels decline seen, while gasoline stocks dropped 3.591 million barrels and distillates eased 51,000 barrels

The Energy Information Administration will release its weekly inventory report on Thursday, delaying the release by a day due to the Memorial Day holiday.

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