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Oil steadies, with lower inventories offset by higher US output

Wednesday, 7 February 2018

Oil prices were broadly steady on Wednesday, as the boost from a report showing a drop in US crude inventories last week was offset by evidence of soaring US output. Brent crude futures were down 2 cents at $66.84 a barrel by 1135 GMT, while US West Texas Intermediate (WTI) crude futures eased 18 cents to $63.21 a barrel. Global equities recovered modestly after their largest one-day fall in nearly two years on Monday, when volatility surged and investors ditched stocks ...

Oil surges to highest since 2014 as global stocks tighten

Thursday, 11 January 2018

Oil prices surged to their highest since 2014 on Thursday on tightening global crude stocks and after OPEC members said they would stick with output cuts for now despite gains in Brent to nearly $70 per barrel. Brent crude futures hit $69.88, their highest since December 2014. By 1531 GMT, the contract was trading at $69.70, 50 cents above the last close. US West Texas Intermediate (WTI) crude futures surged to $64.77, also the highest since December 2014, before edging ...

US oil prices hit highest since 2014, but analysts warn of overheated market

Wednesday, 10 January 2018

US oil prices hit their highest since 2014 on Wednesday due to ongoing production cuts led by OPEC as well as healthy demand, although analysts cautioned that markets may be overheating.A broad global market rally, including stocks, has also been fueling investment into crude oil futures.US West Texas Intermediate (WTI) crude futures were at $63.44 a barrel, 48 cents, or 0.8 percent, above their last settlement at 0752 GMT. Earlier prices rose to as much as $63.53, the highest since Dec. 9, 2014 ...

Oil dips away from mid-2015 highs as higher output looms

Wednesday, 3 January 2018

Oil prices held steady on Wednesday near mid-2015 highs reached the previous session as high output in the United States and Russia balanced tensions from a sixth day of unrest in OPEC member Iran. US West Texas Intermediate (WTI) crude futures were at $60.50 a barrel at 1017 GMT, up 13 cents from their last close, though still not far off the $60.74 reached on the previous day that was the highest since June 2015. Brent crude futures - the international benchmark for oil prices - were at ...

Oil near mid-2015 highs on strong China data, tighter outlook

Thursday, 28 December 2017

Oil prices stood near their highest in two and a half years, supported by strong data from top importer China amid thin trading activity ahead of the New Year weekend. Heading into 2018, traders said market conditions were relatively tight because of supply cuts led by the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) and Russia. US West Texas Intermediate (WTI) crude futures were up 2 cents at $59.66 a barrel by 1328 GMT. ...

Oil bounces back from losses prompted by US fuel stocks

Thursday, 7 December 2017

Oil edged higher on Thursday, regaining ground from sharp losses the previous day brought on by an unexpectedly large rise in US stocks of refined fuels. Brent crude futures traded 52 cents higher at $61.74 a barrel by 1446 GMT. US West Texas Intermediate (WTI) crude futures were at $56.35 a barrel, up 39 cents. The previous day, Brent had settled 2.6 percent lower, and WTI 3 percent lower, after an unexpected rise in US fuel stocks. Data from the Energy Information Administration (EIA) on ...

Oil steadies as China demand eases to one-year low

Wednesday, 8 November 2017

Oil steadied on Wednesday as Chinese crude imports fell to a one-year low, but losses were offset by investor caution over  Middle East developments. Brent futures were at $63.80 a barrel at 1005 GMT, up 11 cents, while US West Texas Intermediate (WTI) futures were down 8 cents at $57.12 a barrel. Brent crude hit $64.65 earlier this week, its highest since mid-2015. China’s October oil imports fell to just 7.3 million barrels per day from a near record-high of about 9 million bpd in ...

Oil rises towards $53 before US inventory report

Wednesday, 9 August 2017

Oil rose towards $53 a barrel on Wednesday ahead of a US inventory report expected to show crude stocks dropped for a sixth week, although gains were capped by doubts about compliance with OPEC-led supply cuts. Crude inventories last week fell by 7.8 million barrels, more than expected, but gasoline stocks rose unexpectedly, data from the American Petroleum Institute (API) showed on Tuesday before the release of Wednesday’s official numbers. Brent crude, the global benchmark, was up 50 ...

Oil falls on glut as calls for OPEC to meet draw skepticism

Wednesday, 10 August 2016

Refinery margins hit two-year lows on fuel supply overhang, but analysts expect no significant change to global output

Oil retreats as dollar gains on Fed rate speculation

Thursday, 19 May 2016

US benchmark West Texas Intermediate for delivery in June ended down 12 cents at $48.19 a barrel

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