From Reuters Oil prices fell more than 1% on Tuesday, with Brent crude settling near seven-month lows below $60 a barrel as trade tensions between the U.S. and China intensified worries about weakening global demand. During the session, Brent traded at a low of $58.81 a barrel, down more than 22% from its peak in April. That decline puts the
From Reuters Oil prices have continued to drift lower after plunging last week, highlighting the risk for traders trying to exploit mean-reversion strategies by buying futures contracts after a sharp fall in prices. Front-month Brent futures prices tumbled by more than 7% on Thursday, a percentage change equivalent to more than three standard deviations for all daily price moves since
From Reuters Global oil benchmark Brent futures fell more than 3% on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world’s two biggest buyers. Brent crude LCOc1 fell $2.08, or 3.36%, to settle at $59.81 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1
From Reuters Oil prices gained about 3% on Friday a day after recording their biggest daily drop in several years on U.S. President Donald Trump’s vow to impose more tariffs on Chinese imports. For the week, crude oil benchmarks recorded a loss. Washington’s new tariffs on China, due to take effect on Sept. 1, intensify the trade war between the
From Reuters Oil prices plummeted more than 7% on Thursday, with the U.S. benchmark posting its worst day in more than four years, after President Donald Trump said he would impose additional tariffs Chinese imports starting Sept. 1. The drop in Brent crude was the steepest in more than three years, undoing a fragile oil rally built on steady drawdowns
From Reuters Occidental Petroleum Corp, which is battling activist investor Carl Icahn over its $38 billion purchase of Anadarko Petroleum, reported a 14% fall in core profit on Wednesday, as higher crude prices and volumes were offset by adjustments to derivatives contracts and lower natural gas prices. Core income fell to $729 million, or 97 cents per share, in the
From Reuters OPEC oil output hit an eight-year low in July as a further voluntary cut by top exporter Saudi Arabia deepened losses caused by U.S. sanctions on Iran and outages elsewhere in the group, a Reuters survey found. The 14-member Organization of the Petroleum Exporting Countries pumped 29.42 million barrels per day (bpd) this month, the survey showed, down
From Reuters Oil prices rose for a fifth day on Wednesday following a larger-than-expected drop in U.S. inventories and after the Federal Reserve cut U.S. interest rates for the first time in more than a decade. The front-month Brent crude LCOc1 futures contract, which expired Wednesday, rose 45 cents to settle at $65.17 a barrel. Brent posted a monthly decline
From Reuters A strong rise in oil and gas production helped BP (BP.L) offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares. BP’s second quarter contrasts with Total (TOTF.PA) and Norway’s Equinor (EQNR.OL), which posted sharp earnings drops, and builds on a steady recovery after deep cost cuts since the 2014 downturn,
From Reuters ConocoPhillips (COP.N) missed Wall Street estimates for quarterly profit on Tuesday as it spent more than expected and took a hit from lower crude prices due to fears of a slowing global economy. The OPEC and Russia have put a lid on production, but that has not translated into higher prices due to surging shale oil output from
From Reuters Seven years ago, Diamondback Energy Inc went public with a modest parcel of drillable land in the Permian Basin of West Texas. Like dozens of other Permian startups, the firm then pursued a classic wildcatter’s strategy – borrowing to buy up acreage, acquire competitors and quickly boost output in the booming shale field. Today, Diamondback (FANG.O) is the
From Reuters Oil prices inched up on Friday, ending the week higher after stronger-than-expected U.S. economic data brightened the crude demand outlook and concerns over the safety of oil transport around the Strait of Hormuz threatened supply. Brent crude futures LCOc1 settled at $63.46 a barrel, up 7 cents. They clocked a weekly rise of about 1.7%. U.S. West Texas
