Futures Markets
Crude oil prices drop again
Crude oil prices were down again on Tuesday, although the declines were not as pronounced as the 4 percent drop on Monday. Part of the price declines came as analysts and traders continue to doubt that the OPEC production cuts slated to be implemented beginning Wednesday will actually materialize. So far, only Saudi […]
Brent crude drops more than $2 per barrel
Crude oil prices were down sharply on Monday as investment funds got rid of their exposure to the sector ahead of Organization of Petroleum Exporting Countries production cuts, due to go into effect on November 1. More than 52,000 contracts were sold, according to the Commodity Futures Tradning commission, as speculators divested themselves of […]
Iran, Nigeria confirm adherence to OPEC production cuts
Crude oil prices were lower on Thursday but remained at or above the $61 per barrel level. The declines came after Wednesday saw the biggest one day price gain in seven months on reports that inventories had dropped much more than had been expected last week. The lower prices also came despite the […]
Brent, WTI gain nearly $2 per barrel on session
Crude oil prices were significantly higher on Wednesday after the US Energy Information Administration released figures showing that crude oil, gasoline, and heating oil stockpiles were all lower in the week ending October 20. Crude stockpiles had been expected to rise due to maintenance work that took US refinery utilization down to 86.2 percent […]
Abu Dhabi National Oil announces export cuts
Crude oil prices were slightly higher on Tuesday on the heels of an announcement that Abu Dhabi National Oil Corporation will export 5 percent less oil next month. The cut is United Arab Emirates’ contribution to OPEC’s output cuts. However, some analysts are of the opinion that for the OPEC cuts to do […]
Crude prices down further in spite of OPEC announcement
Crude oil prices were down on Monday despite last week’s announcement of production cuts from OPEC and in the face of a possible further cut in December. A number of analysts, however, doubt that the promised cuts will materialize since some of the nations scheduled to make cuts from actual production are already having […]
Crude prices fall despite OPEC announcement of cuts
The Organization of Petroleum Exporting Countries agreed Friday to cut output to 26.3 million barrels of crude oil per day on November 1. Meanwhile, Saudi Arabia said that a further production cut of 0.5 million barrels per day was possible in December if prices haven’t risen by then. Some analysts, however, said that […]
OPEC cuts will come from actual output
Crude oil prices rose on Thursday after Saudi Arabia broke its silence on the issue of OPEC production cuts and announced that it supports the proposal to cut production from actual output from OPEC nations rather than taking the cut from its current official 28 million barrels per day quota. In his remarks, the […]
Crude oil inventories higher; gasoline, heating oil stockpiles drop
Crude oil prices were lower on Wednesday after the US Energy Information Administration released new inventory figures for the week ending October 13. Crude oil stockpiles were up by 5.1 million barrels during the week, against an expected rise of only 1.3 million barrels. The build-up was a result of refineries cutting down […]
Uncertainty remains over OPEC production cuts
After early gains, crude oil prices were lower on Tuesday as uncertainty remains over exactly what news will come out of an emergency meeting of the Organization of Petroleum Exporting Countries later in the week in Qatar. While earlier reports said that proposed production cuts will come out of actual production rather than official […]
OPEC said to be ready to cut actual output
Crude oil prices were mixed on Monday ahead of an emergency OPEC meeting scheduled for later in the week in Qatar. It is expected that an announcement of a production cut of 1 million barrels per day will come out of the meeting, and that the cut will be made from actual production rather […]
Supply disruption worries send crude prices higher
Crude oil prices were higher on Friday on worries that North Sea and Louisiana supplies could be disrupted. In the North Sea, Norway’s Petroleum Safety Authority threatened to close oil fields there because facilities there did not provide adequate lifeboats in case of emergency. A closure there could halt 200,000 barrels per day […]
Still no decision on production cuts from OPEC
Crude oil prices were up slightly on Thursday as investors waited for the Organization of Petroleum Exporting Countries to announce a decision on production cuts. As more time passed without word on the form of the cuts, many began to doubt that there would be an agreement at all and some said that the […]
IEA drops oil demand growth forecast
Crude oil prices were mixed on Wednesday as it appeared as if the members nations of the Organization of Petroleum Exporting Countries cannot agree on whether or not to cut production by 1 million barrels a day from the quota cap of 28 million barrels per day or from actual production, which was around 27.5 […]
Crude lower on OPEC news
Crude oil prices were lower on Tuesday, dropping while investors waited for news confirming that the Organization of Petroleum Exporting Countries will cut output. Brent crude November contracts were $1.04 lower to $59.50 per barrel. West Texas Intermediate for November delivery fell $1 to $58.96 per barrel on the New York Mercantile Exchange.
Oil briefly back above $61 per barrel
Crude oil prices briefly spiked back above the $61 per barrel level on Monday on the announcement from North Korea that it had tested a nuclear device, but West Texas Intermediate and Brent crude both dropped back below that level later in the session. Brent crude for November delivery reached as high as $61.38 per […]
Oil prices return to above $60 per barrel
Crude oil prices rose on Thursday after Organization of Petroleum Exporting Companies officials said they have reach an informal agreement to cut production by a minimum of 1 million barrels per day. All OPEC members are expected to make some cuts, including a decline of 300,000 barrels per day by Saudi Arabia. Analysts said that […]
Crude prices up slightly
Crude oil inventories were up more than expected last week, adding 3.3 million barrels when a drop of 0.5 million barrels had been expected. In addition, gasoline stockpiles were 1.2 million barrels higher, much above the expected 0.7 million barrel increase. Only distillate stockpiles did not rise as much as predicted, gaining 200,000 barrels when […]