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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
Daily: Brent breaks the $50/bbl threshold on OPEC freeze hopes
Crude oil prices hiked for a sixth consecutive day, with Brent crude hitting above $50 for the first time in six weeks as the world’s top producers envisage a possible freeze of crude production to prop up prices. Brent closed the session up 2.09 percent at $50.89. The session peak of $51.05 was its highest since June 23. U.S. crude ended at $48.22, up 3.06 percent after reaching a session high of $48.38, the highest level since July 5.
read more... 19/08/2016
BP hit a milestone oil production in Azerbaijan
A BP unit working in the Caspian Sea unveiled a milestone for oil pulled from Azeri waters with its 3 billionth barrel since the start of production from the Chirag platform in 1997.
read more... 18/08/2016
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 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