Oil price hits two months high $53

 

Oil prices hit a two-month high on Monday lifted by a tightening US crude market and the threat of sanctions against OPEC-member Venezuela.

Brent crude futures were 52.90 dollars per barrel earlier in the day, their highest since May 25.

U.S. West Texas Intermediate (WTI) futures were up 16 cents or 0.3per cent at 49.87 dollars per barrel.

The entire WTI curve is close to moving back over 50 dollars per barrel, with only September and October a notch below that level.

The price rise put both crude benchmarks on track for a sixth consecutive session of gains.

Prices have risen around 10 per cent since the last meeting of leading Continue reading “Oil price hits two months high $53”

Oil prices rise above $50

Oil prices rose to near eight-week highs on Wednesday as a fall in US inventories bolstered expectations that the long-oversupplied market was moving toward balance.

Brent crude futures rose 40 cents to 50.60 dollars a barrel by 1213 GMT after rallying more than three per cent on Tuesday.

US West Texas Intermediate futures climbed 50 cents to 48.39 dollars a barrel.

US crude stockpiles fell sharply last week as refineries boosted output, while gasoline inventories increased and distillate stocks decreased, the industry group the American Petroleum Institute said on Tuesday.

Crude inventories fell 10.2 million barrels in the week ending July 21 to Continue reading “Oil prices rise above $50”

Oil prices tumble amid uncertainty over implementation of OPEC deal

Due to pressure from high global inventories and doubts about OPEC’s ability to implement agreed production cuts, oil prices dropped to six-week lows on Thursday.

Brent crude oil fell 30 cents to $46.70 a barrel, its weakest since May 5 and just above six-month lows.

It, however, recovered a little to trade around $46.90, according to Reuters.

United States’ light crude was down 25 cents at $44.48, also not far off six-month lows, the news agency added.

Continue reading “Oil prices tumble amid uncertainty over implementation of OPEC deal”

Oil prices tumble amid U.S. Climate pact withdrawal

Crude oil extraction [Photo credit: Bloomberg]

Oil prices tumbled on Friday amid worries that United States’ President Donald Trump’s decision to abandon a climate pact could spark more crude drilling in the United States, US.

Analyst said the U.S’ decision may worsen global glut.

Brent crude tumbled below $50 Friday afternoon, heading for a second straight week of losses, while Benchmark Brent crude futures were off by 1.8 per cent at $49.73 per barrel, down 90 cents from the previous close.

On its part, the U.S. West Texas Intermediate crude futures fell 84 cents to $47.54 per barrel, figures from Reuters show.

Continue reading “Oil prices tumble amid U.S. Climate pact withdrawal”

Oil prices stabilise as Russia joins OPEC in production cut

OPEC [PHOTO CREDIT: Zero Hedge]

Oil steadied on Wednesday as Russia joined OPEC in cutting production to balance the market, although large supply in places such as the United States dragged on prices.

The Organisation of the Petroleum Exporting Countries, OPEC, is an intergovernmental organisation of oil-exporting developing nations that aims to ensure stable oil prices within global oil markets.

Brent crude futures LCOC1, the international benchmark for oil prices, were trading at $55.63 per barrel at 0749 GMT (02:49 a.m. ET), up 5 cents from their last close.

Continue reading “Oil prices stabilise as Russia joins OPEC in production cut”