Post Tagged with: "oil prices"

Source: Reuters

Oil prices jump but India coronavirus cases weigh

Reuters


LONDON – Oil prices rose on Friday, reversing some of the previous day’s sharp losses as stock markets strengthened and the U.S. dollar slipped, though gains were capped by the coronavirus situation in major oil consumer India.

Brent crude …

Source: Reuters

Oil climbs on drop in U.S. oil stockpiles, solid demand outlook

Nasdaq


MELBOURNE- (Reuters) – Oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in U.S. crude inventories, which reinforced OPEC’s robust demand outlook, and as the shutdown of the biggest U.S. fuel pipeline headed into …

Source: Reuters

U.S. fuel supplies tighten as pipeline outage drags on

Reuters


Supplies of gasoline tightened further in parts of the United States on Tuesday as the shutdown of the nation’s biggest fuel pipeline by hackers entered its fifth day, raising concern about price spikes at the pumps heading into the …

Source: Reuters

Oil prices set for weekly gain despite India virus surge

Reuters


LONDON – Oil prices steadied on Friday and were set for a weekly gain against the backdrop of optimism over a global economic recovery, though the COVID-19 crisis in India capped prices.

Brent crude futures were up 1 cent

Source: Reuters

India demand worries, weak Japanese imports knock oil prices from six-week highs

Reuters


NEW YORK -Oil prices fell from six-week highs on Friday, as investors unloaded positions after weak Japanese crude import data and on worries about fuel demand in India, where COVID-19 infections have soared.

U.S. crude and global benchmark Brent …

Source: Reuters

Oil prices rise, bullish demand outlook offsets India concerns

Reuters


LONDON – Oil prices extended gains on Thursday as bullish forecasts of recovering demand, strong U.S. economic data and a weak dollar outweighed concerns about the impact of rising COVID-19 cases in Brazil, India and Japan.

Brent rose $1.30, …

Source: Reuters

Oil prices rise 2% on fuel demand optimism

Reuters


NEW YORK -Oil prices rose 2% on Wednesday, after U.S. distillate inventories posted a large drawdown and refining activity picked up, boosting hopes for rising fuel demand.

The market remained concerned, however, about India’s surging coronavirus cases.

Brent crude …

Source: Reuters

Column: Rangebound oil prices leave funds on sidelines – Kemp

Reuters


LONDON – Portfolio managers increased their exposure to petroleum slightly last week, focusing mainly on Brent, but positions remained rangebound as OPEC+ production discipline was offset by a new wave of coronavirus infections.

Hedge funds and other money managers …

Source: Reuters

It’s reasonable for oil prices to be $60 to $75 in a year’s time, says oil expert Dan Yergin

CNBC


Demand and supply pressures will offset each other in the oil market, and it’s reasonable to expect prices to remain in its current range in one year’s time as countries recover from the coronavirus crisis, said oil expert Dan …

Source: Reuters

Oil hits $68 on Libya force majeure despite pandemic surge

Reuters


LONDON – Oil rose to $68 a barrel and hit its highest in a month on Tuesday, supported by disruption to Libyan exports and expectations of a drop in U.S. crude inventories, though rising coronavirus cases in Asia limited …

Source: Reuters

Column: Oil prices find new equilibrium: Kemp

Reuters


Crude prices appear to have found a temporary equilibrium in recent weeks, with OPEC+ planning to add just enough extra production to prevent prices rising further and draw in more output from U.S. shale firms.

Brent’s six-month calendar spread …

Source: Reuters

Oil falls on surge in U.S. gasoline stocks

Reuters


LONDON -Crude oil prices fell on Thursday after official data showed a big increase in U.S. gasoline stocks on the back of higher refinery runs while demand remained subdued compared with pre-pandemic levels.

Brent crude fell 15 cents, or …

Source: Reuters

Analysis: Saudi $7 trillion investment goal puts spotlight on oil prices

Reuters


DUBAI – In order to wean Saudi Arabia off its dependency on crude the kingdom needs higher oil prices.

A multi-trillion dollar spending push designed to diversify the economy’s sources of income will require state companies to cut the

Source: Reuters

Oil prices dip after OPEC+ agree to ease output cuts

Reuters


SINGAPORE -Oil prices slipped on Monday, paring strong gains made in the previous session after OPEC+ agreed last week to gradually ease some of its production cuts between May and July.

Brent crude futures for June fell 33 cents, …

April 5, 2021 - 9:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Suez Canal steps up efforts to remove blockage as shipping rates surge, tankers diverted away

Reuters


CAIRO – The Suez Canal stepped up efforts on Friday to free a giant stuck container ship and end a blockage that has sent shipping rates for fuel tankers soaring and disrupted global supply chains for everything from grains …

Source: Reuters

Exclusive: ‘Busy on other fronts’ – White House without Trump stays quiet on OPEC

Reuters


LONDON/WASHINGTON – When oil prices surged during Donald Trump’s term in the White House, OPEC and its allies had to brace for a Twitter storm demanding action to bring prices down.

That has all changed under U.S. President Joe …

Source: Reuters

Column: Oil prices left vulnerable after funds stop buying

Reuters


LONDON – Hedge fund positioning in oil had become directionless in the run up to last week’s sell off, after a four-month rally since the first successful COVID-19 vaccines were announced at the start of November.

Hedge funds and …

Goldman sees oil price pullback as buying opportunity

Goldman sees oil price pullback as buying opportunity

Reuters


Goldman Sachs sees the oil price pullback as a buying opportunity and forecasts Brent crude reaching $80 per barrel this summer even as the recent rally in prices “takes a big breather.”

Oil prices are set to drop about …

Source: Reuters

Pump prices join oil’s wild ride but risk slamming brakes on recovery

Reuters


LONDON/NEW YORK/SINGAPORE  – With oil prices surging as producers curb supply, fuel prices in many countries have hit multi-year and even all-time highs despite the pandemic knocking demand by millions of barrels per day.

The high prices at the …

Source: Reuters

Oil prices rise on economic outlook, drawdown in fuel stocks

Reuters


LONDON – Oil prices rose on Thursday on a weaker dollar as fears of rising U.S. inflation eased while a steep fall in U.S. fuel stocks meant a crude glut would be short-lived as refiners restart in Texas.

Brent

Source: Reuters

Column: Oil price spikes and permanent consumption losses

Reuters


LONDON – Promises by U.S. shale producers to pursue a more restrictive approach to capital investment and production seem to have emboldened Saudi Arabia and its allies in OPEC+ to test the room for higher oil prices.

If shale …

March 9, 2021 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil rises despite surprise U.S. stock build weighs

Reuters


LONDON  – Oil prices firmed on Wednesday amid continued outages in the United States and a weaker dollar, even though U.S. inventories last week rose unexpectedly.

Brent crude futures gained $1.19, or 1.8%, to $66.56 a barrel at 1511 …

Source: Reuters

Oil prices rise with storm-hit U.S. output set for slow return

Reuters


LONDON – Oil prices rose on Monday as the slow return of U.S. crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the COVID-19 pandemic.…

Source: CNBC

After oil hits 13-month high, energy analyst warns prices may be ‘too frothy’

CNBC


Oil climbed Friday, surpassing the high set earlier this week and notching a fresh 13-month peak.

West Texas Intermediate crude hit $59.74 a barrel on Friday, its highest level since January 2020, a promising sign as the industry …

Source: Reuters

OPEC+ maintains oil policy amid price rally

Reuters


LONDON – OPEC+ maintained its oil output policy at a meeting on Wednesday as the price of crude hit its highest in almost a year, a sign that deep supply cuts are draining inventories despite an uncertain outlook for …

Source: Reuters

Oil prices reach highest in nearly a year as producers restrain output

Reuters


LONDON  – Oil prices rose more than 2% on Tuesday, reaching its highest in nearly 12 months after major producers showed they were reining in output roughly in line with their commitments.

Brent crude was up $1.31, or 2.3%, …

Source: Reuters

Oil prices steady as lockdowns curb U.S. stimulus optimism

Reuters


LONDON  – Oil prices were steady on Monday as support from U.S. stimulus plans and jitters about supplies competed with worries about the impact on demand from renewed coronavirus lockdowns.

Brent crude futures for March fell 8 cents, or …

January 25, 2021 - 9:00 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Reuters

Oil dips after unexpected build in U.S. crude stockpiles

Reuters


NEW YORK  – Oil prices slipped on Thursday after industry data showed a surprise increase in U.S. crude inventories that revived pandemic-related fuel demand concerns, while U.S. stimulus hopes buoyed prices.

Brent crude futures fell 3 cents to $56.05 …

Source: Reuters

Oil falls on coronavirus fears, strong dollar

Reuters


LONDON – Oil prices fell on Monday as a stronger dollar, fears over soaring COVID-19 cases around the world and the slow pace of vaccination against the virus outweighed a better-than-expected quarterly rebound for China’s economy.

Brent crude was …

Source: Reuters

Oil falls as China lockdown, U.S. unemployment data temper gains

Reuters


LONDON – Oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and U.S. plans for a large stimulus …