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 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
Crude oil inventories fall 6.3 million barrels; WTI climbs from $45 to $46.50 and back Crude oil inventories decreased by approximately 6.3 million barrels in the week ended June 30. The draw beat consensus, which expected stockpiles to fall by about 1.8 million barrels for the week. WTI crude oil prices shot past $46 per barrel following the news before
OPEC will keep cuts for nine more months The Organization of Petroleum Exporting Countries announced Thursday that it will extend production cuts for nine more months, through the end of Q1, 2018. Oil prices dropped more than 5% on Thursday following the prior few days’ news that the deal would continue. That bit of positive news in the past couple
Inventories build 1.6 million barrels, but prices hang on above $50 Crude oil prices continued to show improvements Wednesday even as the EIA reported builds in crude oil inventories. The agency reported an increase of 1.6 MMBO in stockpiles for the week ended March 31, 2017, despite a prediction from the American Petroleum Institute that inventories declined 1.8 MMBO week-over-week.
OPEC may extend production cuts as U.S. production rollover adds to inventory WTI crude oil prices were down again Monday even as news that OPEC was considering extending production cuts reached markets. For a change, prices didn’t reflect the news of possible cuts, and it’s mostly the fault of U.S. shale producers. The U.S. crude oil benchmark is down from
Oil prices move higher as markets expect high levels of compliance among OPEC and non-OPEC members Oil prices were up over $1 per barrel Friday as markets felt hopeful that OPEC and non-OPEC members taking part in production cuts were complying with their agreement. A committee designed to monitor oil-producer compliance with the cuts is scheduled to meet this weekend.
Crude oil inventories rose 2.35 MMBO last week Crude oil inventories grew by 2.35 million barrels in the week ended January 13, 2017, according to the EIA. Economists were expecting a build of approximately 0.13 MMBO, according to information compiled by Bloomberg, but the effects of the larger than anticipated gains were offset some by a draw in Cushing, Oklahoma.
Crude oil stocks increase as products draw down Crude oil inventories rose for the week ended December 23, 2016, according to the Energy Information Administration. Analysts expected a draw of approximately 1.3 MMBO, but the government agency reported 0.6 MMBO were added to stockpiles last week. Typically, an increase in crude oil stockpiles puts downward pressure on prices as more
EIA reports a crude oil draw of 2.4 MMBO Crude oil inventories fell 2.4 MMBO for the week ended December 2, 2016, according to the Energy Information Administration. The decline in crude stocks was more than 1.0 MMBOPD more than analysts anticipated ahead of the report Wednesday. Despite the larger-than-expected draw from crude oil inventories, the report was still bearish,
Crude oil inventories fall 1.3 MMBO Crude oil inventories saw a modest draw today, falling 1.3 MMBO in the week ended November 18, 2016, according to data released by the Energy Information Administration. Economist anticipated a build of 290 MMBO for last week. Total U.S. crude oil in storage now stands at 489.0 MMBO, the end of the five-year range
The EIA reported a 14.4 MMBO build to U.S. inventories in the week ended October 28 Just when the industry was feeling a little better about its prospects for the balance of 2016, the U.S. Energy Information Administration (EIA) reported the largest build in crude oil inventories ever recorded this week after surprise draws in eight of the last nine
