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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
Daily: Crude oil records its best week in years after OPEC’s decision to slash output
Crude oil prices surged to the highest level in at least five years on Friday, steadying above $51 a barrel, following OPEC’s decision to slash crude output to control the global oversupply that dragged down prices for more than two years. Front-month Brent crude futures settled the session up at $54.46 a barrel, up 52 cents, 0.96 percent. The contract gained more than 15 percent for the week, its biggest increase since early 2009. U.S. crude ended at $51.68 per barrel, up 62 cents or 1.21 percent and posted its biggest weekly gain since early 2011, with a rise of 12 percent.
read more... 05/12/2016
Daily: Brent rockets over 6% after OPEC output deal
Crude oil prices soared 5 percent on Thursday, with Brent crude at its highest level in about 16 months, prolonging gains after OPEC and Russia agreed to reduce output to fight against the global oversupply. Benchmark Brent futures rallied 6.88 percent or $3.47 higher at $53.94. Earlier in the session, prices climbed at $54.53 a barrel, the highest level since July 27, 2015. U.S. crude closed the session at $51.06, up $1.62 or 3.3 percent on the day. Its session high was $51.80 a barrel, 13 cents below its 2016 high.
read more... 02/12/2016