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Daily: Brent crude falls on receding hopes for imminent action to tackle a supply glut
Brent crude declined almost 1 percent on Tuesday, as hopes for a deal between two of the largest oil producers to freeze oil production vanished. On Monday, Russian and Saudi officials said they would set up a working group to monitor the oil market and come up with recommendations to promote stability in order to tackle global supply. The announcement gave a lift to oil prices. However, those gains faded by Monday afternoon as the news underwhelmed traders. On Tuesday, Brent futures for November delivery lost 37 cents, or 0.8 percent, to end at $47.26 a barrel. WTI crude did not settle on Monday due to the Labor Day holiday.
read more... 07/09/2016
Daily: Crude oil rallies at one-week high after Russia and Saudi Arabia pact
Crude oil futures hit a one-week high on Monday, after top producers Russia and Saudi Arabia signed a pact to cooperate on stabilizing the oil market and raised hopes that they would work together to tackle a global glut. Brent crude futures for November delivery rose 80 cents per barrel or 1.71 percent to settle at $47.63 a barrel. They earlier touched a session high of $49.40, a peak since August 30, ahead of the Russia-Saudi agreement. U.S. crude for October delivery gained 75 cents or 1.69 percent to end at $45.19 a barrel, after attaining a high of $46.53 a barrel earlier.
read more... 06/09/2016
Italy's Edison in talks with Russian Gazprom over ITGI Poseidon gas pipeline
Russia’s energy gyant Gazprom and Italy’s Edison have held talks over the organization of the southern route of Russian natural gas deliveries to Europe via the ITGI Poseidon gas pipeline route (Turkey-Greece-Italy interconnector pipeline project) related to the resumption of the Turkish Stream project.
read more... 01/09/2016
Turkish Stream pipeline to be realized
The Turkish Stream pipeline project, which foresees Russian gas supply to Turkey through the Black Sea, will be realized. The Turkish Stream pipeline, which is to run via Turkey to Greece, was designed to replace South Stream, a pipeline from Russia to Bulgaria.
read more... 31/08/2016
Daily: Oil prices increased on rumors that Saudi Arabia and some OPEC members will reach an agreement with non-OPEC producers on a production freeze
Crude oil prices have augmented by about $10 per barrel since early August, on thoughts that Saudi Arabia and other members of OPEC will reach an agreement next month with non-OPEC producers headed by Russia concerning a production freeze. U.S. West Texas Intermediate (WTI) crude ended at $48.22 a barrel, up 30 cents, or 0.6 percent, after reaching a session high of $48.75, the highest level since July 5. Brent settled at $50.88 a barrel, a penny lower, after scaling a two-month high at $51.22. Brent rose by 8 percent on the week, going up for a third week consecutively.
read more... 22/08/2016