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Tag Archives: Brent crude

Oil trades near three-month low as excess supply takes toll

LONDON – Brent crude oil futures gained some ground on Friday but remained near three-month lows as the pressure of a persistent supply glut limited optimism for a price recovery. Brent crude struggled to hold onto small gains as the overhang that has cut prices by more than 10 percent this month continued to weigh on the market. “The drivers ...

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Oil down 3 percent; tumbling gasoline adds to China, Iran worries

NEW YORK – Crude oil fell 3 percent on Monday as tumbling gasoline prices deepened a selloff sparked by China’s slowing growth and signs that a nuclear deal waiving sanctions on Iranian oil will be implemented this year. A stronger dollar and weaker stock prices on Wall Street added to weight on the petroleum complex, traders said. [USD/] [.N] “The ...

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NYMEX – U.S. crude oil falls for 5th day on glut concerns

SEOUL – U.S. crude futures fell for a fifth consecutive day on Thursday, hit by concerns over a growing global glut of oil and after data showing a higher-than-expected U.S. inventory build last week. FUNDAMENTALS * U.S. crude lost 42 cents or 0.90 percent at $46.22 a barrel as of 0008 GMT, after it settled down 2 cents at $46.64 ...

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Oil prices strengthen, shrug off Goldman warning: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own) LONDON – Timespreads for West Texas Intermediate (WTI) and Brent futures have strengthened significantly over the last month as fears about another big build up in crude oil stocks eased. The discount for WTI delivered in November 2015 rather than May 2016 has shrunk from $3.33 per ...

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Oil rallies but U.S. supply may temper gains

LONDON – Oil prices headed for their largest weekly rise in six weeks on Thursday, although an unexpectedly large increase in U.S. inventories may temper some of the optimism among investors that global demand and supply could soon be in balance. U.S. crude stocks rose by 3.1 million barrels to 461 million last week as refineries cut output and idled ...

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Oil up as U.S. production falls, stockpiles draw

LONDON – Oil prices rose on Wednesday after data showed the market was beginning to tighten, with falling supply, higher demand and lower inventories after two years of heavy surplus. The U.S. government’s Energy Information Administration (EIA) said in a monthly report global oil demand should increase by its fastest rate in six years in 2016, suggesting a surplus of ...

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Crude oil futures push higher after range breakout

TOKYO – Crude oil futures rose further in thin Asian trade on Wednesday after breaking out of a month-long trading range on a forecast suggesting a global glut in supply may be easing. Oil prices jumped more than $2 a barrel in the previous session with the global benchmark, Brent crude, closing above $50 a barrel for the first time ...

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Crude jumps on U.S. output forecast; stocks mixed

NEW YORK  – Crude prices jumped more than 4 percent on Tuesday after the United States cut output forecasts, while global equity markets mostly rose on expectations the Federal Reserve will not raise interest rates this year. Helping crude was news that Russia and Saudi Arabia had met last week and discussed the oil market, and planned to continue exchanging ...

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Oil up to $50 on speculation producers getting together

LONDON – Oil prices rose on Tuesday, heading for the first three-day gain in five weeks, on signals that the world’s biggest producers of crude may act jointly to support prices, which have halved over the past year. Brent crude, the global oil benchmark traded up 75 cents at the $50.00 a barrel milestone for the first time in two ...

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Crude up over 2 pct as gasoline jumps, Russia mulls oil talks

NEW YORK – Crude oil prices rose more than 2 percent on Monday, bolstered by a rally in U.S. gasoline and Russia’s willingness to meet other major oil producers to discuss the market. Higher stock prices on Wall Street provided further support to oil and other dollar-denominated commodities. Global crude benchmark Brent rose by $1.35, or 2.7 percent, to $49.48 ...

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