Houston Chronicle Hedge funds are approaching the end of the year more optimistic on global oil prices than they’ve been since May. Their net-bullish wagers on Brent crude climbed for the ninth week in 10, reaching a seven-month high, data released Friday show. The U.S.-China trade truce and OPEC’s commitment to deeper cuts have pushed futures to their highest since
Reuters JP Morgan on Tuesday raised its oil price outlook and forecast supply-demand balance to tighten next year against the backdrop of the OPEC and its allies increasing output cuts and stronger economic growth in emerging markets. The investment bank revised its Brent price forecast to $64.5 per barrel in 2020 from $59 earlier, although it expects prices to slip
Houston Chronicle Oil edged higher to settle at a three-month high on optimism that a partial trade deal between the world’s two largest economies will spur demand for fuel to power trucks, trains, airplanes and cars. Futures closed above the $60-a-barrel mark for a second straight session Monday in New York. Bullish bets rose the most in three years in
Source: Reuters NEW YORK (Reuters) – Oil prices ended Tuesday little changed after paring gains of about 1% following a speech from U.S. President Donald Trump that offered few new details about Washington’s trade talks with Beijing. Concerns about slower economic growth and oil demand due to the fallout from the 16-month trade dispute between the world’s two biggest economies
Source: Reuters NEW YORK (Reuters) – Oil prices rose 2% on Friday on signs of progress in U.S.-China trade talks and stronger-than-expected economic data in both countries, including U.S. employment and Chinese manufacturing activity numbers. Brent crude was up $1.16, or 2%, at $60.78 a barrel by 12:01 p.m. ET (1601 GMT), but remained on course for a drop of
Source: Reuters Oil prices settled lower on Monday, paring earlier gains as hopes of a comprehensive U.S.-China trade deal faded and a new poll showed analysts expected U.S. oil crude inventories to have risen last week. Brent crude LCOc1 settled down 2 cents, or 0.03%, at $58.35 a barrel, after hitting a high of $59.68. U.S. West Texas Intermediate (WTI)
From CNBC A year ahead outlook report from Bank of America Merrill Lynch expects Brent crude to regain its recent losses in 2019 and settle at $70 a barrel. But amid mounting global uncertainty on everything from trade and monetary policy to politics, that forecast is far from consensus. After a dramatic summit of OPEC and non-OPEC members over the
Saudi Arabias move to dispel doubts over Russia’s readiness to extend output curbs sent WTI and Brent crude oil benchmark prices up 2.32% and 2.10%, respectively. Recently Saudi Arabia’s Energy Minister Khalid AL-Falih said that OPEC will announce the extension of production when the group meets on November 30. OPEC and non-OPEC countries including Russia made a deal in to
Norway’s Troll crude oil to become part of the Brent benchmark price assessment: EIA Despite the continuing importance of the Brent price benchmark, actual crude oil production from the original Brent field will soon end after more than 40 years of production. Shell (ticker: RDSA), the operator of the Brent field, has begun to decommission and remove the offshore oil platforms and the
Markets unsatisfied with deal to maintain production The first signs of cooperation between OPEC and non-OPEC countries on crude oil production emerged today in the form of a deal between Russia and three OPEC members, including the group’s largest producer, Saudi Arabia. Russia, Saudi Arabia, Venezuela and Qatar agreed to a production freeze today, as the global glut of crude
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