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Daily: WTI crude settle below $50 for the first time in a week as OPEC plan is expected to fail
Crude oil prices lost ground on Tuesday, with WTI ending below $50 a barrel for the first time in just a week, dragged down by the possibility that OPEC ‘s plan to slash output will fail after Iraq showed unwillingness to participate in the proposed deal. WTI crude for December delivery crude lost 56 cents, or 1.1%, to end at $49.96 a barrel on the New York Mercantile Exchange. That was the lowest settlement and first finish below $50 since October 17. Brent crude for December delivery fell 67 cents, or 1.3%, to settle at $50.79 a barrel on London’s ICE.
read more... 26/10/2016
Daily: European spot power prices increase sharply on stronger demand, weaker renewables supply
Crude oil prices settled down on Monday on news of the forthcoming restart of Britain’s Buzzard oil field and as Iraq wants to be exempted from OPEC production cuts as it needs more money to fight Islamic State militants. Brent, the international benchmark for crude, lost 32 cents, or 0.6 percent, to close at $51.46 a barrel. Its session low was $50.50. U.S. West Texas Intermediate (WTI) crude declined 33 cents, or 0.7 percent, to end at $50.52.
read more... 25/10/2016
Daily: Oil ends up on Russia-OPEC hopes
Crude oil ended up on Friday on hopes that Russia and OPEC will reach a deal at the weekend aimed to keep crude above $50 a barrel, although traders worried about pressure from a double-digit increase in the U.S. oil rig number. Brent rose 40 cents, or 0.8 percent, to settle at $51.78. For the week, it ended flat. U.S. West Texas Intermediate crude climbed 22 cents, or 0.4 percent, to end at $50.85 a barrel. WTI reached a July 2015 high of $51.93 on Wednesday and ended the week 1 percent higher.
read more... 24/10/2016
Daily: Crude oil prices increase on expectations of OPEC output cut
Oil prices finished higher on Tuesday on expectations of OPEC output reduction, then continued gains in post-settlement trade after the American Petroleum Institute (API) indicated an unexpected draw in U.S. crude stockpiles last week. Brent crude rose 16 cents, or 0.3 percent, to settle at $51.68 a barrel. It climbed to as high as $52.15 after the API figures. U.S. West Texas Intermediate (WTI) crude closed the session up 35 cents, or 0.7 percent, at $50.29. In post-settlement trade, it hit $50.78.
read more... 19/10/2016
Daily: Crude oil slightly down on U.S. rig count rise, firmer dollar
Crude oil prices posted a modest decline on Friday as traders balanced a stronger dollar and another build in the U.S. oil ring number against expectations that more OPEC negotiations of output reductions will keep crude above $ 50 per barrel. Brent, the London-traded crude benchmark, lost 8 cents, or 0.2 percent, to end at $51.95 a barrel. For the week, it closed flat. U.S. West Texas Intermediate (WTI) crude settled down 9 cents at $50.35. It boosted about 1 percent on the week.
read more... 17/10/2016