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Daily: Crude oil rocketed over 10% after OPEC’s decision to cut production
Crude oil prices surged over 10 percent on Wednesday to over $50 a barrel and its highest in a month as some of the world’s biggest producers agreed to limit production for the first time since 2008 in a bid to prop up prices. Yesterday, OPEC decided to slash production from January by around 1.2 million barrels per day (bpd), or over 3 percent, to 32.5 million bpd. U.S. West Texas Intermediate crude futures for January delivery rose by $4.21 to close at $49.44 a barrel, posting a 9.6 percent gain. They earlier rallied 10 percent, the largest one-day hike since February. Brent crude futures for January delivery climbed $4.09 a barrel or 8.82 percent to end at $50.47 a barrel. The contract expires Wednesday, and the February contract soared 8.9 percent to $51.51.
read more... 01/12/2016
Daily: Crude oil plunges nearly 4% on doubts aver OPEC output reduction
Crude oil prices decreased by about 4 percent on Tuesday as OPEC’s top oil exporters struggled to agree on a deal to limit production in order to increase prices, with Iran and Iraq in dispute with Saudi Arabia a day ahead of the meeting. Brent futures lost $1.86, or 3.9 percent, to close at $46.38 a barrel, while U.S. crude shed $1.85, or 3.9 percent, to end at $45.23. That was the largest daily percentage decline for Brent since September.
read more... 30/11/2016
Daily: French spot electricity price surges over 70 euros as temperatures fell
Crude oil prices firmed more than 2 percent on Monday in volatile trading, recovering losses as the market reacted to uncertain conditions that top producers will be able to agree on output reductions at a meeting on Wednesday. U.S. West Texas Intermediate crude futures rose $1.02, or 2.21 percent to settle at $47.08 a barrel. Brent crude gained $1.00, or 2.12 percent, to close at $48.24 a barrel. In post-settlement trading, oil futures paired gains on reports that OPEC experts did not agree on the details of a deal to curb production.
read more... 29/11/2016
Daily: Crude oil down 4% amid OPEC reduction uncertainty
Crude oil prices tumbled nearly 4 percent on Friday, pulled out by uncertainty over whether the OPEC producers will reach an output deal after Saudi Arabia stated it will not attend talks on Monday with non-OPEC members to discuss supply reduction. Brent crude futures closed at $47.24 a barrel, down $1.76 or 3.59 percent. U.S. crude futures ended down $1.90 a barrel at $46.06, posting a 3.96 percent loss. Prices continued to decline in post-settlement trading, declining as low as $45.88 a barrel.
read more... 28/11/2016
Daily: Oil prices end flat ahead of OPEC meeting
Crude oil prices posted minor changes on Thursday ahead of next week’s meeting of OPEC to debate implementation of its proposed output reduction. Brent crude futures rose by 5 cents to settle at $49.00 a barrel. U.S. West Texas Intermediate (WTI) crude advanced 2 cents at $47.98 at 1928 GMT, but activity was thin after the U.S. Thanksgiving holiday and as many traders are reluctant to take big new positions ahead of a scheduled OPEC meeting next week.
read more... 25/11/2016