Saudi Arabia said OPEC and its allies should reverse about half the increase in oil output they made earlier this year as fears of shortages are supplanted by concerns about oversupply and collapsing prices.
Oil climbed after a record run of losses as Saudi Arabia said it will reduce crude sales in December and speculation rose that OPEC and its allies will cut output next year.
Oil headed for the biggest weekly loss since February as the U.S. softened its crackdown on Iranian exports and American supplies surged, assuaging fears of an impending shortage.
Oil faltered below $70 a barrel as Saudi Arabia said it has no intention of using its oil wealth as a political tool and as American crude stockpiles were seen gaining for a fifth week.
For oil investors, this is both the best of times and the worst of times, depending on which crude benchmark you trade.
Oil fell near $69 a barrel on concern over higher inventories at a key storage hub in the U.S. and as the threat posed by a storm to Gulf of Mexico assets eased.
Oil extended gains after an industry group signaled American crude stockpiles fell more than expected and a weaker dollar raised the allure of commodities priced in the U.S. currency.
WTI crude held gains near $66 a barrel as investors assessed signs of slowing growth in U.S. crude production due to a pipeline crunch against ongoing concerns over a trade war between the world’s biggest economies.
A bruising week for oil has set prices on course for the longest weekly losing streak in three years as a trade war between the world’s two biggest economies stokes fears it could sap energy demand.
S&P Global Platts, the company that sets the key price of Brent crude, is contemplating the eventual incorporation of U.S. oil to help calculate one of its newest European benchmarks, a sign of just how much America’s booming exports are reshaping global energy trading.
The world’s two most important oil benchmarks are behaving very differently in the aftermath of OPEC’s meeting in Vienna.
Oil in London headed for a second weekly decline as investors tried to gauge whether OPEC and its allies will ease production caps at what’s set to be a contentious meeting next week.
It’s tough to stay positive on crude when the world’s three oil superpowers are likely to increase production.
Long-established relationships between the world’s most important oil prices are being strained by conflicting forces across the globe.
Oil’s rally to its highest level since 2014 was curtailed this month after two of the world’s biggest crude suppliers signaled they may scale back historic output cuts that helped drain a global glut.
Oil held losses below $67 as global risk assets slid on renewed trade tensions between the U.S. and China as well as political turmoil in Europe, with concerns simmering that OPEC may ease its output curbs.
Oil rebounded from the biggest loss in more than a week as OPEC hinting at extending output cuts fanned optimism and investors anticipated a drop in U.S. stockpiles.
Brent held near $70 a barrel after Saudi Arabia intercepted multiple ballistic missiles fired by Houthi forces in Yemen.
China launched its first ever crude-futures contract as the world’s biggest oil buyer seeks to wield greater power over pricing and challenge benchmarks in the U.S. and Europe.
Oil is poised for its first monthly decline in six months as a rally at the start of the year fades on growing fears over booming U.S. shale supply.
Oil headed for a second weekly increase as a surprise pullback in U.S. crude inventories compounded signs that a global glut is easing.
Brent crude fell from a two-week high as the market weighed forecasts for a surge in U.S. production against OPEC’s success in accelerating the pace of draining a global glut.
Oil shook off some of the fears that had rattled the market to extend gains above $62 a barrel as the dollar weakened and global equities rebounded from a rout.
Oil headed for its first weekly gain this month as a weaker dollar boosted the allure of commodities priced in the U.S. currency.
Oil is being held back after its worst week in two years as fears over rising U.S. crude supplies curb investor optimism.