Reuters HOUSTON – A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may be just a modest stocking stuffer. U.S. crude oil production has fallen 2 million barrels per day in the last
Reuters LONDON – Hedge fund managers are starting to diverge over the likelihood of further oil price increases as Brent futures surge above $50 per barrel and global coronavirus infections accelerate. Hedge funds and other money managers purchased the equivalent of 14 million barrels of futures and options in the six most important contracts in the week ending Jan. 5.
Reuters NEW YORK -Oil prices settled higher on Thursday, hitting 11-month peaks, as markets remained focused on Saudi Arabia’s unexpected pledge to deepen its oil cuts and firmer equities, shrugging off political turmoil in the United States. Brent crude settled up 8 cents to $54.38 a barrel after touching $54.90, a high not seen since before the first COVID-19 lockdowns
Reuters LONDON – Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected. Brent crude was up 5 cents to $54.35 a barrel at 1231 GMT after touching $54.90, a fresh high not seen since before
CNBC Oil markets are in for more struggles this year despite a more than 5% boost to prices this week on news from OPEC+. The oil producer group, led by Saudi Arabia and Russia, announced that members would keep production largely steady rather than raising it, with Riyadh later revealing voluntary cuts of an extra 1 million barrels per day
Reuters NEW YORK – This year was like no other for oil prices. Even as global prices end the year at about $51 a barrel, near the average for 2015-2017, it masks a year of volatility. In April, U.S. crude plunged deep into negative territory and Brent dropped below $20 per barrel, slammed by the COVID-19 pandemic and a price
Reuters LONDON -Oil dropped towards $50 a barrel on Tuesday, adding to losses from the previous session, as a mutant variant of the coronavirus in Britain revived concerns over demand recovery. Detection of the new variant prompted several countries to close their borders to Britain. The BBC cited France’s Europe Minister as saying that the two countries would announce a
Reuters SINGAPORE/LONDON – Oil climbed to a nine-month high on Thursday after government data showed a fall in U.S. crude stockpiles last week, while progress towards a U.S. fiscal stimulus deal and strong Asian demand also buoyed prices. The U.S. dollar set a 2-1/2 year low against major rivals on Thursday which also helped oil because crude priced in the
CNBC U.S. import prices rebounded less than expected in November as an increase in the cost of petroleum products was offset by cheaper food and motor vehicles, supporting views that inflation could remain moderate amid a resurgence in new Covid-19 infections and rising unemployment. The Labor Department said on Tuesday import prices edged up 0.1% last month after dipping 0.1%
Reuters LONDON – Oil rose further above $50 a barrel on Tuesday as optimism from the roll-out of coronavirus vaccines balanced out tighter lockdowns in Europe and forecasts of a slower demand recovery. The United States began vaccinating people on Monday as the country’s COVID-19 death toll crossed the 300,000 mark. Britain and Canada have also begun to administer shots.
Reuters NEW YORK -Oil prices turned lower on Friday, as demand worries due to new coronavirus-related restrictions on business in New York overshadowed progress toward vaccination programs. Brent futures fell 20 cents, or 0.4%, to $50.05 a barrel by 12:29 p.m. EST (1729 GMT), after rising above $51 a barrel on Thursday to an early-March high. U.S. West Texas Intermediate
Reuters NEW YORK -Oil prices edged lower on Tuesday, extending the previous session’s losses after the U.S. state of California tightened its pandemic lockdown through Christmas and COVID-19 cases surged in the United States and Europe. Brent crude fell 3 cents to $48.76 a barrel by 10:34 a.. EST (1534 GMT), while U.S. West Texas Intermediate (WTI) crude futures lost
