US News LONDON-Oil prices pulled back on Wednesday as the prospect of delays to U.S. interest rate cuts and a jump in U.S. crude stocks that trounced expectations offset a boost from a potential extension to OPEC+ supply curbs. Brent crude futures fell 76 cents, or 0.91%, to $82.89 a barrel by 1227 GMT. U.S. West Texas Intermediate futures (WTI)
Investing Oil prices were broadly steady on Friday following a 2% drop on Thursday, with the market unconvinced that the latest round of production cuts by the OPEC+ coalition will be able to lift prices out of their recent slump. Brent crude futures for February rose by 1 cent, or 0.01%, to $80.87 a barrel by 1325 GMT on their first
Oil Price The current oil market deficit will turn into a slight surplus next year even if OPEC+ leaders Saudi Arabia and Russia extend their production and export cuts into 2024, Toril Bosoni, the Head of Oil Industry and Markets Division at the International Energy Agency (IEA), told Reuters on Tuesday. Global oil stocks are currently falling “at a fast rate”, Bosoni
Nasdaq WASHINGTON – When OPEC+ made a surprise decision earlier this month to cut oil production, President Joe Biden responded with the political equivalent of a shrug – a far cry from his declaration that there would be “consequences” for Saudi Arabia, the de facto head of the oil cartel, when it lowered output in October. The tepid response reflects, in part,
World Oil (Bloomberg) — One oil exchange-traded fund saw its largest one-day outflow in more than three years, a possible sign that some investors remain concerned about the outlook after OPEC+ delivered an unexpected supply cut. WisdomTree’s Brent Crude Oil ETP — ticker BRNT — had an outflow of $55.7 million on Thursday, the largest one-day fall since late 2019. Another
Investing LONDON – Oil prices held broadly stable on Wednesday, as the market weighed worsening economic prospects against expectations of U.S. crude inventory declines and plans by OPEC+ producers to reduce output. Brent crude futures inched down 15 cents, or 0.18%, to $84.79 a barrel by 1350 GMT. West Texas Intermediate U.S. crude was 19 cents, or 0.24%, lower at $80.52 a
Nasdaq A big oil production cut by OPEC+ members will not spur new U.S. oil and gas production, energy executives told Reuters, despite the likely rise in prices that could signal higher profits and inflation pressures. The Organization of the Petroleum Exporting Countries and its allies, called OPEC+, meets on Wednesday to consider output cuts that could exceed 1 million barrels
Reuters Oil prices will stabilise above $60 a barrel level this year, as vaccine rollouts support a demand recovery and OPEC and its allies continue to rein in supply, a Reuters poll showed on Wednesday. The survey of 48 participants forecast Brent would average $63.12 per barrel in 2021, up from last month’s consensus of $59.07 and the average price
Reuters LONDON – Brent crude prices are approaching $60 a barrel, a one-year high, driven in large part by OPEC+ cuts that are set to keep the oil market in deficit this year. The coronavirus pandemic ravaged oil demand as economies around the world had to shut down for extended periods of time to curb the spread of the virus.
Reuters NEW YORK – Oil prices hit its highest in a year on Friday, closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies. Oil was also supported as U.S. stock markets hit record highs on signs of progress towards more economic stimulus, while a closely watched jobs report
Reuters SINGAPORE – Oil prices edged up on Friday but traded in a tight range as demand concerns caused by new coronavirus variants and slow vaccine rollouts offset a cut in Saudi Arabian oil supply and falling U.S. oil inventories. Brent crude futures for March rose 60 cents, or 1.1%, to $56.13 a barrel by 1455 GMT. The Brent March
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
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