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Tag Archives: Brent crude

Yemen conflict keeps Brent crude oil around $63

LONDON – Brent crude oil steadied around $63 a barrel on Tuesday, not far below the 2015 high, supported by worries that a civil war in Yemen could destabilize the Middle East, affecting oil supplies. Oil has climbed around 15 percent this month due to concern over the conflict in Yemen, Saudi Arabia’s southern neighbor. The seaways around Yemen are ...

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Naimi says Saudi oil production near record high in April

SEOUL – Oil Minister Ali al-Naimi says Saudi Arabia is producing near record levels of crude in April, underscoring the kingdom’s willingness to defend market share at a time when oil markets have staged a fragile recovery. There are worries among some producers that growing output from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries ...

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Oil up on drop in U.S. crude stockpiles, Saudi tensions

NEW YORK – Oil prices rose on Monday after a drop in stockpiles at the delivery point for U.S. crude in the second half of last week outweighed pressure from near record high production in Saudi Arabia. Tensions in the Middle East and a drop in the number of rigs drilling for oil in the United States also put a ...

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Oil extends gains on lower U.S. rig count, Chinese stimulus

SINGAPORE – Oil prices rose on Monday, extending last week’s gains as a drop in the number of U.S. rigs drilling for crude pointed to lower supply later in the year, while China’s latest stimulus measure also underpinned the market. U.S. oil drilling rigs fell for a record 19th straight week to the lowest since 2010, data from Baker Hughes ...

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Speculators divided over U.S. oil prices: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – Despite the surge in U.S. oil prices, hedge funds are still divided about what will happen next, according to the latest data from the Commodity Futures Trading Commission (CFTC). Hedge funds and other money managers held long positions in WTI-linked futures and options equivalent to ...

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Brent rises above $64 after Yemen oilfield retreat

LONDON – Oil prices repaired early losses to rally above $64 on Friday due to the conflict in Yemen. Brent crude was within sight of its 2015 high reached on Thursday and has rallied 16 percent in April, supported by Yemen and the prospect that lower prices are starting to curb U.S. shale output. At 1509 GMT, Brent crude for ...

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Oil above $58 on U.S. shale report, Mideast tension

LONDON – Crude oil rose on Tuesday after a forecast that U.S. shale oil output would record its first monthly decline in more than four years and on tensions in Yemen, where top oil exporter Saudi Arabia is embroiled in a civil war. Brent crude was up 32 cents at $58.25 a barrel by 1339 GMT, while U.S. crude was ...

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Futures prices point to more balanced oil market in second half: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own.) LONDON – Professional commodity traders watch spreads (differences between the prices for adjacent futures contracts) rather than spot prices as the best indicator of the balance between supply and demand. In crude, the narrowing spreads for both Brent and West Texas Intermediate (WTI) indicate a closer balance ...

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Oil prices edge back from 6 pct fall, but outlook weak

SINGAPORE – Oil prices rose in early trading on Thursday, clawing back a part of the 6 percent slump in the previous session after a shock jump in U.S. crude inventories and record Saudi output, although analysts said sentiment remained bearish. A 10.95 million barrel surge in U.S. crude stockpiles to 482.4 million, the biggest gain in 14 years, and ...

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U.S. oil production is probably peaking right now: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – U.S. crude production will peak this month, according to revised forecasts published by the country’s Energy Information Administration (EIA). Output will average 9.37 million barrels per day (bpd) in April and the same in May before falling to 9.33 million bpd in June and 9.04 ...

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