Oil holds firm just above $86
Oil prices were steady on Monday, as investor bets that global supply will remain tight amid restraint by major producers were offset by a rise in Libyan output.
Brent crude was down 4 cents, or 0.1%, to …
Post Tagged with: "Crude Oil Prices"
Crude jumps to multi-year highs on global energy crunch
LONDON – Oil prices rose by about 2% on Monday, extending gains as an energy crisis grips major economies amid a pick-up in economic activity and restrained supplies from major producers.
Brent crude was up $1.45, or 1.8%, at …
Oil up 2% on brighter demand outlook and Mexican outage
LONDON – Oil prices rose on Tuesday, extending sharp gains on a bullish demand outlook as U.S. regulators issued their first full approval for a COVID-19 vaccine and Mexico suffered a large production outage.
Brent crude oil futures were …
In bare-knuckle negotiations, Exxon slants view of pandemic to suit its aims
HOUSTON – Exxon Mobil Corp is using the coronavirus to increase its leverage in labor and real estate negotiations by alternately doomsaying and dismissing the pandemic’s consequences, labor sources and lawyers dealing with the company said.
The largest U.S. …
U.S. natgas trading at parity with oil after crude price collapse
The rapid collapse of U.S. oil futures this year caused crude’s premium over natural gas to drop to near parity on an energy equivalent basis for the first time since 2008.
That could prompt producers to search for more …
OPEC cuts oil demand view again as market faces ‘historic shock’
LONDON – OPEC on Thursday again cut its forecast for 2020 global oil demand due to the “historic shock” delivered by the coronavirus outbreak, and said the reduction may not be the last.
The Organization of the Petroleum Exporting …
Oil jumps ahead of OPEC-led talks on output cuts
Oil prices jumped on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic.
Thursday’s videoconference meeting …
OPEC+ debates biggest-ever oil cut as virus destroys demand
DUBAI/LONDON/MOSCOW – OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said after the U.S. president called on producers to stop the market …
Oil prices rise on stimulus package, fuel demand sinks
NEW YORK – U.S. crude prices rose slightly on Wednesday, bolstered by progress on a massive pending U.S. economic stimulus package, but government data shows the coronavirus pandemic started to hurt U.S. fuel demand last week.
Demand for oil …
Plunging oil prices might be just what U.S. gas drillers needed
As the collapse of OPEC+ talks on production cuts sent energy stocks into a tailspin, one corner of the industry defied the rout: U.S. natural gas drillers.
Shares of gas producers including Cabot Oil & Gas Corp., Southwestern …
Oil falls 1% as Mideast tensions ease, U.S. gasoline stocks weigh
HOUSTON – Oil prices fell about 1% on Monday as Middle East tensions eased and investors turned their focus to lackluster seasonal demand following a bearish U.S. report last week showing a large gasoline stockbuild.
Brent crude LCOc1 was …
Despite Trump’s claim, U.S. still needs Middle East oil
President Donald Trump said during an address from the White House Wednesday that the U.S. no longer needs oil from the Middle East, but American refineries still use the kind of oil that region produces.
Thanks to booming …
Oil hits three-month high on falling oil stocks, investor optimism
HOUSTON – Oil prices rose to the fourth consecutive weekly gain on Friday, steadying at three-month highs after new data showed U.S. crude inventories fell far more than expected, while upbeat economic data and optimism over a U.S.-China trade …
Oil stays above $60 on U.S.-China trade accord optimism
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 …
Rig count holds flat as oil prices rise
The nation’s tally of active drilling rigs held flat this week as rising U.S. crude oil prices flirted with the $60 per barrel threshold, according to the weekly count from the Houston oilfield services firm Baker Hughes.
…
Oil drops as U.S. data shows unexpected rise in crude stocks
HOUSTON – Oil prices dropped about 1% on Wednesday following a surprise build in U.S. crude inventories, and as investors waited to see if a fresh round of tariffs by Washington on Chinese goods would come into force on …
Oil rallies on renewed trade deal prospects before OPEC+ meeting
Oil gained as the U.S. and China were moving closer to a trade deal and before OPEC+ decides on its output-cut policy later this week.
Futures added as much as 1.8% in New York. The U.S. and China …
Halliburton to close office in Oklahoma, lay off 800 employees
Houston oilfield service company Halliburton plans to close an office just west of Oklahoma City where more than 800 employees are losing their jobs.
In a Monday morning letter filed with the Oklahoma Office of Workforce Development, Halliburon …
Oil steadies on signs of trade-talks progress, stockpile drop
Oil steadied on signs of progress in trade talks between the U.S. and China, and estimates that American crude inventories retreated for the first time in five weeks.
Futures traded little changed near $58 a barrel in New …
Crude inventories spike, but overall petroleum stocks fall again
Source: Houston Chronicle
The nation’s supplies of commercial crude oil spiked by 5.7 million barrels last week, but declines in refined products caused overall petroleum supplies to fall for an unprecedented fourth consecutive week.
Crude oil prices dipped a bit …
U.S. crude stockpiles soar, products draw down again: EIA
Source: Reuters
NEW YORK (Reuters) – U.S. crude oil stockpiles soared last week amid higher imports and a release from national reserves, while gasoline and distillate inventories extended their declines even as refiners ramped up production, the Energy Information Administration …
Oil prices ease but are on track for large weekly gain
Source: Reuters
LONDON (Reuters) – Oil prices eased on Friday but were on track for strong weekly gains as support from a surprise draw in U.S. inventories and possible action from OPEC and its allies to extend output cuts outweighed …
Oil steady as weaker economy data eclipses U.S. stockpile drop
Source: Houston Chronicle
Oil traded near $56 a barrel in New York as weak economic data from Germany added to concerns over slowing global fuel demand, tempering the boost from a surprise pullback in U.S. crude stockpiles.
Futures recouped earlier …
Oil rises 1.4% on hopes OPEC will extend supply cuts, weaker U.S. dollar
Source: Reuters
HOUSTON (Reuters) – Oil rose about 1.4% on Wednesday, gaining support due to signs that OPEC and allied producers will continue to curb supplies in December, a weaker U.S. dollar and as traders covered short positions ahead of …
Oil eases on concerns over U.S.-China talks, weak economic data
Source: Reuters:
Oil prices slid on Tuesday as Washington’s blacklisting of more Chinese companies dampened hopes for a trade deal between the two countries, though unrest in Iraq and Ecuador lent some support to crude prices.
Both Brent crude …
Oil Futures Extend Gains on Larger-Than-Expected U.S. Crude Draw
From Reuters
Oil prices rose in volatile trade on Tuesday supported by expectations of a drawdown in U.S. crude inventories, though gains were capped by worries about a recession and uncertainty over a China-U.S. trade deal.
Brent crude LCOc1 settled …
Caught in Tariff War, Sinopec Seeks Waiver for Imported U.S. Oil: Sources
From Reuters
China Petroleum & Chemical Corp, or Sinopec, is seeking a tariff exemption for U.S. oil being imported in coming months, sources familiar with the matter said, after Beijing late last week imposed retaliatory tariffs on U.S. goods, including …
Oil Falls 1% as U.S.-Iran Optimism Faces U.S.-China Trade Deal Hopes
From Reuters
Oil prices fell 1% on Monday on the outlook for increased supply of Iranian crude after France’s president lifted hopes for a deal between Washington and Tehran, but losses were limited by optimism surrounding a U.S.-China trade deal.…
Oil Spills Into U.S.-China Trade War, Prices Slump
From Reuters
China on Friday said it would impose tariffs on U.S. crude oil imports for the first time, sending prices down nearly 4% to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global …
