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 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 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 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 news

crude oil futures news

August 27th, 2015

Crude oil approached its biggest weekly advance in more than four years, sustaining a rebound above $40 a barrel amid signs of a strengthening economy in the U.S., the world’s biggest crude-consuming country.

Futures climbed a second day, extending a 10 percent rally on Thursday that was the biggest in more than six years. U.S. consumer purchases climbed in July as incomes grew, showing the biggest part of the nation’s economy was off to a good start in the second half of the year. This comes on the heels of data showing spending and the overall economy did better than previously estimated in the second quarter.

Prices fell Monday to the lowest close since February 2009 after a slump in Chinese stocks sent ripples through global financial markets. Crude is still down more than 20 percent this year on concern a supply glut will persist. The Chicago Board Options Exchange Crude Oil Volatility Index closed at 49.03 on Thursday, near the highest since April.

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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 news

crude oil futures news

May 10th, 2015

Oil held gains after rising for an eighth week as U.S. drillers further reduced the number of active rigs to the fewest since September 2010.

Crude oil futures were little changed in New York after capping a 0.4 percent weekly advance Friday, the longest run of increases since February 2013. The U.S. rig count declined by 11 to 668, extending a slide that started in December, according to Baker Hughes Inc. The Organization of Petroleum Exporting Countries, which is scheduled to meet June 5, is unlikely to cut its output quota, according to an official at National Iranian Oil Co.

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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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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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