Oil Price Crude oil prices have been tightly range-bound for about a year now, with bearish and bullish factors largely balancing each other out. But one Wall Street major believes the market is nearing a breakout point. The only question is whether the breakout will be a bearish or a bullish one. In a recent note, Bank of America analysts referred to
Oil Price Crude oil inventories in the United States fell by 9.163 million barrels for the week ending June 28, according to The American Petroleum Institute (API), after analysts had expected a 150,000 barrel draw. For the week prior, the API reported a 914,000 barrel build in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil
CNBC U.S. crude oil on Tuesday hovered at a two-month high as worries grow that Israel and the Iran-backed militia Hezbollah could go to war, and Hurricane Beryl could impact Gulf Coast refineries. As oil has rallied in recent days, gasoline prices have hit a $3.50 per gallon average ahead of the Fourth of July holiday, according to the motorist
CNBC Crude oil futures held steady Thursday after the latest round of economic data indicated that inflation is easing in the U.S., potentially opening a path for the Fed to cut interest rates and boost the economy. Wholesale prices unexpectedly fell in May by 0.2% after rising in April, according to Labor Department data released Thursday. The producer price report
Oil Price Crude oil prices are on the slide again this week, with Brent set to end the week with a loss of some 3%, according to Reuters, and West Texas Intermediate on its way to shed about 4% unless a last-moment reversal happens by the end of the day. Oil benchmarks have been trading at the lowest levels in about three months, according to Bloomberg,
CNBC Oil steadied on Friday, with global benchmark Brent heading for its first weekly gain in three weeks, as economic indicators from big consumers China and the United States bolstered hopes for higher demand. China’s industrial output rose 6.7% year on year in April as recovery in its manufacturing sector gathered pace, accelerating from 4.5% in March and pointing to
World Oil (Bloomberg) – The Biden administration is taking advantage of a dip in oil prices to restart plans to refill its depleted emergency oil cache. The Energy Department announced Tuesday it was seeking as much as 3.3 MMbbl of crude oil in October for the Strategic Petroleum Reserve after a rise in oil prices led the agency to cancel
US News LONDON – Brent crude oil prices steadied around $88 a barrel on Wednesday after rallying in the previous session on a surprise fall in U.S. crude stocks and a drop in business activity in the world’s largest oil consumer. Brent crude futures were down 35 cents, or 0.4%, to $88.07 a barrel by 1315 GMT, while U.S. West
Yahoo Finance HOUSTON – Prices for heavier crude oil along the U.S. Gulf Coast have climbed in recent weeks, trading at a rare near-par with lighter oil, a sign of supply tightness that could add to rising gasoline prices. Refineries along the Gulf Coast, which account for more than 55% of total U.S. refining capacity, are geared to run medium
Yahoo Finance HOUSTON – Oil prices dipped for a second straight day on Tuesday, as talks for a ceasefire in Gaza continued, but losses were limited to less than a dollar a barrel as Egyptian and Qatari mediators met resistance in their search to find a way out of the war. The talks in Cairo, also attended by the director
Oil Price The recent rally in oil prices is pushing the benchmarks towards a quarter of gains thanks to the OPEC+ output cuts. WTI, according to Bloomberg, has added 14% since the start of the year, topping $82 per barrel earlier this week. Brent crude has gone from around $78 per barrel at the start of the year to over $86
Yahoo Finance NEW YORK – Oil prices rose by more than $1 a barrel on Thursday, after falling for two consecutive sessions, as investors anticipated tighter supplies given the OPEC+ producer alliance is widely expected to stay the course on its current production cuts. Brent crude futures for May were up $1.21, or 1.4%, at $87.30 a barrel, while the
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