Brent trades near $32 as focus turns to Tehran after Saudi pact
Brent oil traded near $32 before a meeting between Iraq and Iran in Tehran after Saudi Arabia and Russia agreed to freeze production at near record levels amid a global glut.
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OMV forecasts $40 oil in 2016
OMV said it expects to book around €1.6billion in write-downs in its upstream business on top of €300million charge in its downstream business.
London shares struggle despite rise in oil prices
The London market struggled for direction this morning, despite oil prices continuing to gain ground and brightening prospects for world trade.
Oil is ‘trade of the year’ for Citigroup after Iran export surge
Stick with oil, it’s could be the “trade of the year,” according to Citigroup Inc. The outlook for crude isn’t all bad, even as prices head for the worst start to a year since 1991 and there are dire warnings of the world drowning in supply. Forecasters from UBS Group AG to Societe Generale SA are predicting a rebound in the second half and Citigroup says the market just needs to weather a surge of exports from Iran after the removal of sanctions.
Brent trades near $28 as glut expands on rising US stockpiles
Brent oil traded near $28 a barrel as rising U.S. crude stockpiles add to a swelling global glut.
Markets tumble amid sliding oil prices
Markets tumbled on opening this morning as traders reacted to sliding oil prices, and as Royal Dutch Shell said its earnings are expected to more than halve for 2015. The FTSE 100 Index fell 3%, or 175.2 points, to 5699.5 after the price of Brent Crude fell below $27.50 before staging a slight recovery.
Cosmo Oil purchase US crude oil cargo
Japan’s Cosmo Oil has purchased a US crude oil cargo, the first by a buyer in the country since the 40 year ban on US crude exports.
Brent gains from 12-year low as threat of more declines persists
Brent oil rebounded after closing at the lowest level in more than 12 years in London. A persistent oversupply means prices still haven’t staved off the threat of further declines.
Oil decreases for third week on signs of Iran export boost
Oil in New York headed for its third weekly decline as Brent crude’s discount to U.S. prices increased on signs Iran is moving closer to boosting exports. West Texas Intermediate futures dropped as much as 3.3 percent in New York and are down 8.4 percent for the week after slipping below $30 a barrel on Tuesday. International sanctions on Iran may be lifted Monday, allowing for a boost in oil shipments from the fifth-biggest member of the Organization of Petroleum Exporting Countries. The European benchmark’s discount to WTI widened to the biggest intraday gap since July 2010.
Petrol price cuts ‘being hit by increased profit margins’ for refineries
Motorists are being denied further savings on petrol from the tumbling oil price because of increased profit margins for refineries, experts have warned. Oil prices have fallen by 30% since early December, with Brent crude sinking to $30 a barrel this week.
Oil extends losses from 12-year low as stockpiles seen expanding
Oil extended declines from the lowest close in more than 12 years before U.S. government data forecast to show crude supplies expanded, exacerbating a global glut.
Oil extends slide From 11-year low as hedge funds head for exit
Crude extended its slide from an 11-year low, confirming the view of hedge funds that cut bullish price bets to the lowest since 2010.
Britain’s trade deficit narrows as oil price falls cut import costs
Britain’s trade deficit narrowed to £3.2 billion in November, as plunging oil prices cut the cost of imports. The Office for National Statistics (ONS) said the total trade deficit for goods and services fell from £3.5 billion in October. It added that the deficit for goods alone also narrowed to £10.6 billion in November from £11.2 billion the month before.
Oil jumps from 12-year low as China volatility dominates markets
Oil was swept along by volatility in Chinese markets, rallying from a 12-year low as the country sought to quell losses in its equities and stabilize its currency. Futures rose as much as 3.2 percent in New York after China suspended a controversial equity circuit breaker system and its central bank set the yuan’s reference rate little changed after an eight-day stretch of weaker fixings. Crude slid Thursday to the lowest since December 2003 as market turbulence reverberated across the globe amid concern over economic growth in the world’s biggest energy consumer.
Oil retreats toward $37 as Hong Kong China stocks fall with Yuan
Oil fell, giving up some of a rally Tuesday that helped push U.S. stocks toward a gain for 2015. Chinese shares in Hong Kong fell as the offshore yuan touched an almost five-year low, while the US dollar extended its advance. West Texas Intermediate crude dropped 1.9 percent, holding above $37 a barrel. Standard & Poor’s 500 Index futures fluctuated after the US benchmark halted a two-day slide. The Hang Seng China Enterprises Index fell for a third day, widening a divergence with mainland equities.
Oil falls third day near two-month low as supplies seen expanding
Oil extended losses from the lowest close in two months before U.S. government data forecast to show crude stockpiles expanded in the world’s biggest consumer. Futures slid as much as 1.5 percent in New York, falling for a third day. Inventories probably rose by 3.1 million barrels last week, according to a Bloomberg survey before an Energy Information Administration report Wednesday. Algeria supports Venezuela’s call for a summit of heads of state from OPEC and other oil-exporting nations to lift prices, Algerian Foreign Minister Ramtane Lamamra said in Paris. Oil’s rally above $50 a barrel earlier this month failed as surging U.S. inventories bolstered speculation that a global glut will be prolonged. The Organization of Petroleum Exporting Countries continues to pump above its quota and the International Energy Agency sees world crude supplies remaining ample until at least the middle of 2016.
Oil swings near 4-week low as rig data balances China rate cut
Oil swung between gains and losses near the lowest closing price in almost four weeks as investors weighed a slowing pace of U.S. drilling-rig reductions against an interest rate cut in China. Futures in New York rose as much as 0.5 percent and fell as much as 0.4 percent. The number of active machines targeting oil dropped by 1 through Oct. 23 after declining by 45 over the prior three weeks, according to Baker Hughes Inc. China, the world’s second-biggest crude consumer, stepped up monetary easing with its sixth interest-rate cut in a year on Friday to combat deflationary pressures and a slowing economy. Oil is failing to sustain a rally earlier this month above $50 a barrel as surging U.S. inventories bolstered speculation that a global glut will be prolonged. World crude supplies will remain ample until at least the middle of 2016 while investments in the industry is set to shrink further, International Energy Agency Executive Director Fatih Birol said in Singapore on Monday.
Oil slide means `almost everything’ for sale as deals accelerate
More than $200 billion worth of oil and natural gas assets are for sale globally as companies come under renewed financial pressure from the prolonged commodity price rout, according to IHS Inc.
Experts give their predictions on where the price of oil will be by 2016
After a senior economist said he expected a barrel of Brent crude to reach $60 by the end of the year - three experts give their view on whether this estimate is feasible.
Oil near $50 set for biggest weekly gain since August on demand
Oil headed for the biggest weekly gain since August amid speculation an increase in demand will ease a global glut. Futures climbed as much as 1 percent in New York and are up 9.4 percent this week. A “new capital discipline” in the industry will allow consumption to catch up with supply, boosting prices, Gary Ross, the founder and chairman of PIRA Energy Group, said Thursday. World oil use will expand more than forecast this year, according to Abdalla Salem El-Badri, the secretary-general of the Organization of Petroleum Exporting Countries.
Oil surges to one-month high as output drop seen balancing market
Oil climbed to the highest level in a month amid speculation that falling crude production will ease the global supply glut. Futures rose as much as 5.6 percent in London and 5.1 percent in New York. The first signs of recovery in the oil market are beginning to appear, Royal Dutch Shell Plc Chief Executive Officer Ben Van Beurden said at an industry conference in London Tuesday, though the company still plans for a long period of low prices. U.S. crude output fell 120,000 barrels a day in September, the Energy Information Administration said. Oil has held near $45 a barrel for more than four weeks after plunging to a six-year low in August amid speculation a global glut will be prolonged. U.S. crude stockpiles remain about 100 million barrels above the five-year average, while OPEC continues to pump above its collective quota.
Jim Rogers says oil ignoring bad news usually means rebound near
Oil’s holding near $45 while the bad news keeps coming. For investor Jim Rogers, that’s usually a sign a rebound’s round the corner. The Organization of Petroleum Exporting Countries is still pumping near record amounts of oil, China’s imports have slowed and US crude stockpiles remain about 100 million barrels above the five-year seasonal average. Yet, US benchmark prices have held steady for more than four weeks since plunging to a six- year low at the end of August.
Stripper wells burning cash at $30 oil to speed US output drop
The speed at which oil wells spitting out their final drops of unprofitable crude will be shut may hold the key to an eventual rebound if prices fall further. Crude prices tumbling to $30 a barrel would threaten the profitability of about 206,000 barrels per day of production from older wells that produce minimal amounts of oil, according to a report.
September saw largest three-day gain in Brent price since 1990
Brent prices jumped by $11 in the month of September marking the largest gain in three days since 1990, according to a market update. The latest findings from KPMG showed volatility in the oil markets has persisted in August and mid-September brought on by China’s financial slump and its wider effect on the markets. The price jump per barrel was influenced by speculation of an OPEC production cut.
Brent crude breaks the $50 barrier
The price of Brent crude has broken back above the $50 barrier as a report on inventories in the US outweighed a gloomy outlook on manufacturing in China. Benchmark Brent rose more than 2% after the Energy Information Administration said US crude inventories fell 1.9 million barrels to 453.97 million last week, exceeding analysts expectations.