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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 rises as OPEC compliance eclipses boom in US output

Thursday, 1 February 2018

Oil rose on Thursday after a survey showed OPEC's commitment to its supply cuts remains in place, even as US production topped 10 million barrels per day for the first time since 1970. Brent April crude futures were up 49 cents on the day at $69.38 a barrel by 0946 GMT, while NYMEX crude for March delivery rose 45 cents to $65.18 a barrel. Brent crude rose by 3.3 percent in January, its strongest start to the year for five years, in line with a broad rise in other ...

Oil hits $71 for first time since 2014 on tighter supply, weak dollar

Thursday, 25 January 2018

Oil hit $71 a barrel on Thursday for the first time since 2014, supported by OPEC-led supply curbs, a record-breaking run of declines in US crude inventories and a weaker US dollar. The Organization of the Petroleum Exporting Countries and allies including Russia began to curb supplies in 2017. An involuntary drop in Venezuela’s output in recent months has deepened the impact of the curbs. Brent crude, the international oil benchmark, hit $71.20 a barrel - the ...

Iraq nears oil output capacity of 5 mln bpd, committed to OPEC cuts

Saturday, 13 January 2018

Iraqi Oil Minister Jabar al-Luaibi said on Saturday that the OPEC member’s oil output capacity is nearing 5 million barrels per day, but the country will remain in full compliance with its output target under a global pact to cut supplies. Luaibi said the supply cut agreement between OPEC and non-OPEC producers should continue despite a rise in oil prices. “The market now is not 100 percent stable,” he said at an industry conference in Abu Dhabi, ...

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 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 prices steady as Saudi cuts September supplies

Tuesday, 8 August 2017

Oil prices steadied on Tuesday after news of lower crude supplies from Saudi Arabia offset higher output from other large producers including the United States. Saudi state oil company Aramco will cut allocations to its customers worldwide in September by at least 520,000 barrels per day (bpd), sources familiar with the matter told Reuters on Tuesday. The cut is in line with the kingdom’s commitments in a supply reduction pact led by the Organization of the Petroleum Exporting Countries ...

Oil prices fall as OPEC oil exports rise

Friday, 4 August 2017

Oil prices edged lower on Friday and were on track for weekly losses, weighed down by rising OPEC exports and strong output from the United States. Brent crude futures, the international benchmark, were trading at $51.61 a barrel at 0958 GMT, 40 cents below the last close and heading for a fall of more than 1.5 percent on the week. US West Texas Intermediate (WTI) crude futures were 40 cents lower at $48.63 per barrel and were set to drop by just over 2 percent for the ...

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