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Daily: Crude oil slightly up, but pressured by an unexpected drop in US crude oil inventories
Crude oil prices posted a slight increase on Wednesday, but pressured by an unexpected drawdown in U.S. crude and gasoline inventories, offset by fears that Saudi Arabia will trigger a record output even as OPEC mulls a reduction of global glut. U.S. West Texas Intermediate crude futures ended at $46.79 a barrel, up 0.45 percent on the day or about 21 cents. Brent crude futures recovered from mid-day losses to jump 55 cents at $49.78 a barrel.
read more... 18/08/2016
Iraq launches natural gas processing plant in southeast region
Iraq started running a new natural gas processing plant for oil fields in the southeastern area on Sunday as part of a plan to employ gas that was previously flared to produce power, as stated by the oil ministry.
read more... 17/08/2016
Daily: Oil hits fourth-consecutive day of gains, European power prices gain ground on firmer demand, tight nuclear
Crude oil futures settled higher on Tuesday, with prices posting a fourth consecutive session gain, spurred by U.S. dollar weakness in a context of revived talks to limit production next month. September West Texas Intermediate crude rose 84 cents, or 1.8%, to settle at $46.58 a barrel on the New York Mercantile Exchange. October Brent crude on London’s ICE Futures exchange increased 88 cents, or 1.8%, to settle at $49.23 a barrel. WTI and Brent both rallied at their highest levels in more than a month.
read more... 17/08/2016
Daily: Crude oil continues rally to five-week highs, up 10 percent in a three-day hike
Crude oil prices reached five-week highs on Monday, jumping about 10 percent cumulatively in the past three sessions on intensifying speculation over potential producer meeting to prop up prices amid an oversupply. Brent crude rose $1.38, or 2.9 percent, to close at $48.35 a barrel. It extended gains after settlement, hitting $48.46, its highest level since July 12. Since the start of August, it has rallied about 14 percent. U.S. West Texas Intermediate (WTI) crude climbed $1.25, or 2.8 percent, to settle at $45.74 a barrel. It also boosted in post-settlement trade to $45.87, its highest level since July 21. WTI has progressed 10 percent on the month.
read more... 16/08/2016
Daily: Crude oil rebounds 2 % on short covering, spurred by hope for production agreement
Crude oil prices gained about 2 percent on Friday, posting the largest weekly increase since April, after a short covering hike was spurred by comments from Saudi Arabia’s oil minister in the previous session about possible measures to help prop up the price. Brent crude futures rose 93 cents to settle at $46.97 at barrel after attaining $47.05, the highest level in more than three weeks. U.S. crude added $1 to close at $44.49 after reaching its highest level since July 22 at $44.60 per barrel.
read more... 15/08/2016