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.

Continue reading »

crude oil futures news

crude oil futures news

October 30th, 2015

Crude oil futures rose near two-week highs on Friday, helped by a weaker U.S. dollar, although expectations for a U.S. rate hike before the year-end limited gains.

U.S. crude futures for December delivery were last at $46.25 a barrel, up 0.40% for the day.

On the ICE Futures Exchange in London, the December Brent contract were up 0.78% at $49.19 a barrel.

The dollar came under pressure after the Commerce Department reported on Thursday that U.S. gross domestic product grew at an annual rate of 1.5% in the three months to September, missing expectations for growth of 1.6%.

Continue reading »

crude oil quotes

crude oil quotes

November 5, 2014

Crude oil futures West Texas Intermediate advanced after a government report showed that U.S. inventories climbed less than expected while refineries increased operating rates. Brent rebounded from a four-year low.

Stockpiles rose 460,000 barrels to 380.2 million last week, the Energy Information Administration said. A 2.35 million barrel gain was projected, according to the median of responses in a Bloomberg survey. Refineries bolstered utilization rates for the first time in six weeks. Oil has slumped into a bear market as the largest producers in the Organization of Petroleum Exporting Countries resisted calls to cut output.

Continue reading »

October 31st, 2012

Oil futures rose, trimming the biggest monthly decline since May, as refineries started resuming operations after the Atlantic superstorm Sandy moved away from the U.S. East Coast.

West Texas Intermediate futures gained as much as 1.1 percent after advancing 0.2 percent yesterday. Philadelphia Energy Solutions’ 355,000 barrel-a-day Pennsylvania refinery is restoring operations and NuStar Energy LP (NS)’s 74,000 barrel-a-day plant in Paulsboro, New Jersey, will be at full production tomorrow, the companies said. Seven refineries with a total capacity of 1.29 million barrels a day had shut or reduced operations because of Sandy.

Continue reading »

October 26th, 2012

Oil futures headed for a second weekly loss on concern that economic growth won’t be strong enough to boost demand and alleviate an inventory glut.

Crude oil prices fell for the sixth time in seven sessions as U.S. gross domestic product grew at a 2 percent annual rate in the third quarter and Spanish unemployment climbed to a record. U.S. inventories rose to the highest level for this time of year. Gasoline gained for a second day on concern that Hurricane Sandy will disrupt East Coast refinery production.

“There are just considerable indications of slowing economic growth,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. “The GDP number is mediocre at best and 2 percent is nothing to write home about. The Spanish unemployment rate wasn’t a huge surprise but it was pretty despairing.”

Continue reading »

October 17th, 2012

Oil traded near the highest level in a week in New York on signs Germany may ease its resistance to a Spanish bailout and after industrial production rose more than forecast in the U.S., the world’s biggest crude consumer.

Oil futures were little changed after rising as much as 0.7 percent today. Two German lawmakers said the country is open to Spain seeking a precautionary credit line. Output at U.S. factories, mines and utilities rose 0.4 percent in September, twice as much as the median forecast of economists surveyed by Bloomberg News, data from the Federal Reserve in Washington showed yesterday.

“All the measures taken to show some progress in the European debt crisis should improve sentiment for commodities and for crude as well,” said Hannes Loacker, an analyst at Raiffeisen Bank International AG in Vienna, who predicts Brent crude will trade at about $114 a barrel at the end of the year.

Continue reading »

August 30th, 2012

Oil futures dropped for a second day on speculation oil producers would restore Gulf of Mexico output quickly after Tropical Storm Isaac passed and as more Americans than forecast filed applications for unemployment benefits.

Oil prices declined as much as 1.5 percent after Isaac’s threat to offshore energy production eased as the weather system weakened, dumping rain and producing storm surges over Louisiana. Jobless claims were at 374,000 last week, the Labor Department reported, higher than the 370,000 expected by economists surveyed by Bloomberg.

Continue reading »

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.

Continue reading »

November 23rd, 2011

Crude oil futures dropped from a three-day high in New York as investors speculated that rising gasoline stockpiles in the U.S. and slowing economic growth in Europe will reduce demand for fuel.

Crude oil futures slipped as much as 1.7 percent before data today that may show shrinking manufacturing and services in Europe this month and falling U.S. durable-goods orders in October. The American Petroleum Institute said motor-fuel supplies climbed 5.42 million barrels last week. The U.S. economy expanded less than previously estimated in the third quarter, Commerce Department figures showed yesterday.

“There’s no reason for investors at the moment to be putting risk back on,” Ric Spooner, a chief analyst at CMC Markets in Sydney, said in a telephone interview. “The API figures added to the moderate tone of the market, but the main picture remains what’s happening in Europe.”

Crude oil futures for January delivery slid as much as $1.62 to $96.39 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.51 at 3:27 p.m. in Singapore. The contract gained 1.1 percent yesterday to $98.01, the highest close since Nov. 17. Prices are up 19 percent from a year ago.

Continue reading »

November 22nd, 2011

Crude oil futures rose for the first time in four days as new sanctions against Iran raised concern that supplies may be disrupted, while affirmations of U.S. credit ratings and economic growth forecasts for China signaled continuing demand growth in the world’s two largest consumers of crude.

Crude oil futures climbed as much as 1.6 percent in New York after the U.S., the U.K. and Canada expanded measures aimed at thwarting Iran’s nuclear program. Standard & Poor’s and Moody’s Investors Service affirmed their credit ratings for the U.S. The World Bank said China is heading for growth in excess of 8 percent next year. Crude pared gains after a report showed the U.S. economy expanded less in the third quarter than previously estimated.

“Economic sanctions will increase internal tension in Iran, where inflation is a major problem,” said Filip Petersson, an SEB AB commodity strategist in Stockholm. “A further destabilization could very well lead to an uprising in the long run.”

Crude oil futures for January delivery gained as much as $1.57 to $98.49 a barrel in electronic trading on the New York Mercantile Exchange. It was at $97.32 at 1:41 p.m. London time. Yesterday, the contract slid 75 cents to $96.92, the lowest settlement since Nov. 9. Prices have gained 6.5 percent this year after increasing 15 percent in 2010.

Continue reading »