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Daily: Crude oil slightly up, but pares gains as OPEC euphoria fades
Crude oil prices rose modestly on Monday, as the OPEC euphoria started to fade. The market lost confidence that OPEC cuts would be sufficient to limit oversupply given increased U.S. drilling activity. U.S. West Texas Intermediate crude jumped early in the day and began to pare gains in the late afternoon, ending at $51.79 a barrel, up 11 cents or 0.21 percent, before retreating to as low as $51.11 a barrel. Brent crude closed at $54.94 a barrel, up 48 cents - or 0.88 percent - before retreating to $54.22 a barrel.
read more... 06/12/2016
Daily: Crude oil records its best week in years after OPEC’s decision to slash output
Crude oil prices surged to the highest level in at least five years on Friday, steadying above $51 a barrel, following OPEC’s decision to slash crude output to control the global oversupply that dragged down prices for more than two years. Front-month Brent crude futures settled the session up at $54.46 a barrel, up 52 cents, 0.96 percent. The contract gained more than 15 percent for the week, its biggest increase since early 2009. U.S. crude ended at $51.68 per barrel, up 62 cents or 1.21 percent and posted its biggest weekly gain since early 2011, with a rise of 12 percent.
read more... 05/12/2016
Daily: Brent rockets over 6% after OPEC output deal
Crude oil prices soared 5 percent on Thursday, with Brent crude at its highest level in about 16 months, prolonging gains after OPEC and Russia agreed to reduce output to fight against the global oversupply. Benchmark Brent futures rallied 6.88 percent or $3.47 higher at $53.94. Earlier in the session, prices climbed at $54.53 a barrel, the highest level since July 27, 2015. U.S. crude closed the session at $51.06, up $1.62 or 3.3 percent on the day. Its session high was $51.80 a barrel, 13 cents below its 2016 high.
read more... 02/12/2016
Daily: Crude oil rocketed over 10% after OPEC’s decision to cut production
Crude oil prices surged over 10 percent on Wednesday to over $50 a barrel and its highest in a month as some of the world’s biggest producers agreed to limit production for the first time since 2008 in a bid to prop up prices. Yesterday, OPEC decided to slash production from January by around 1.2 million barrels per day (bpd), or over 3 percent, to 32.5 million bpd. U.S. West Texas Intermediate crude futures for January delivery rose by $4.21 to close at $49.44 a barrel, posting a 9.6 percent gain. They earlier rallied 10 percent, the largest one-day hike since February. Brent crude futures for January delivery climbed $4.09 a barrel or 8.82 percent to end at $50.47 a barrel. The contract expires Wednesday, and the February contract soared 8.9 percent to $51.51.
read more... 01/12/2016
Daily: Crude oil plunges nearly 4% on doubts aver OPEC output reduction
Crude oil prices decreased by about 4 percent on Tuesday as OPEC’s top oil exporters struggled to agree on a deal to limit production in order to increase prices, with Iran and Iraq in dispute with Saudi Arabia a day ahead of the meeting. Brent futures lost $1.86, or 3.9 percent, to close at $46.38 a barrel, while U.S. crude shed $1.85, or 3.9 percent, to end at $45.23. That was the largest daily percentage decline for Brent since September.
read more... 30/11/2016