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Daily: Crude oil jumps about 1% on hopes over non-OPEC output restrictions
Crude oil prices boosted about 1 percent on Friday on optimism that non-OPEC producers meeting in Vienna over the weekend would agree to cut output according to restrictions announced on November 30. However, both Brent and U.S crude futures posted their first weekly loss in four weeks. Brent crude rose by 44 cents, or 0.82 percent, to settle at $54.33 per barrel after fluctuating between $53.77 and $54.46. U.S. crude's West Texas Intermediate (WTI) futures closed the session at $51.50 a barrel, up 66 cents or 1.30 percent, after trading narrowly between $50.86 and $51.66.
read more... 12/12/2016
Daily: Oil breaks the $50 threshold on hopes for non-OPEC output reduction
Crude oil prices recovered from the week’s low to end above $50 a barrel on Thursday, on hopes that non-OPEC producers might agree to slash output after the cartel agreement to curb production. Brent gained 89 cents, or 1.7 percent, to settle at $53.89 a barrel. WTI light crude climbed $1.07, or 2.2 percent, to end at $50.84 a barrel. Both Brent and U.S. benchmarks soared after the former secretary general of the OPEC made comments supportive of non-member production cuts.
read more... 09/12/2016
Daily: Oil retreats on downbeat U.S. inventory report, doubts over OPEC cut
Crude oil prices tumbled on Wednesday on pessimistic U.S. petroleum inventory figures and doubts that output curtailing envisaged by OPEC and Russia would be sufficient to put a cap on oversupply that has put pressure on oil market for more than two years. Brent futures eased 93 cents, or 1.7 percent, to settle at $53.00 a barrel, while U.S. crude fell by $1.16, or 2.3 percent, to close at $49.77.
read more... 08/12/2016
Daily: Electricity curve prices in Europe decline on French nuclear restart, higher wind, thermal output in Germany
Crude oil prices settled lower on Tuesday for the first time since OPEC agreed on November 30 to curb output, as data showed record output in producer group fed skepticism that it would be able to curtail supplies. Brent futures shed $1.01 to settle at $53.93 a barrel, while U.S. West Texas Intermediate (WTI) crude futures eased 86 cents to end at $50.93 per barrel. Crude had soared over 15 percent in the four sessions since the November 30 OPEC meeting.
read more... 07/12/2016
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