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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
Daily: Crude oil slightly up, but pressured by an unexpected drop in US crude oil inventories
Crude oil prices posted a slight increase on Wednesday, but pressured by an unexpected drawdown in U.S. crude and gasoline inventories, offset by fears that Saudi Arabia will trigger a record output even as OPEC mulls a reduction of global glut. U.S. West Texas Intermediate crude futures ended at $46.79 a barrel, up 0.45 percent on the day or about 21 cents. Brent crude futures recovered from mid-day losses to jump 55 cents at $49.78 a barrel.
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 continues rally to five-week highs, up 10 percent in a three-day hike
Crude oil prices reached five-week highs on Monday, jumping about 10 percent cumulatively in the past three sessions on intensifying speculation over potential producer meeting to prop up prices amid an oversupply. Brent crude rose $1.38, or 2.9 percent, to close at $48.35 a barrel. It extended gains after settlement, hitting $48.46, its highest level since July 12. Since the start of August, it has rallied about 14 percent. U.S. West Texas Intermediate (WTI) crude climbed $1.25, or 2.8 percent, to settle at $45.74 a barrel. It also boosted in post-settlement trade to $45.87, its highest level since July 21. WTI has progressed 10 percent on the month.
read more... 16/08/2016