NEW YORK: Oil prices rose modestly in a see-saw session on Tuesday, as concerns about the global consumption outlook counterbalanced the struggle by big OPEC producers to pump enough supply to meet growing demand.
Both benchmarks were at one point up by $1 per barrel, but Brent crude pared gains and settled just up 44 cents at $74.36 a barrel, after falling by almost 2% on Monday.
The October West Texas Intermediate (WTI) contract, which expired on Tuesday, rose 27 cents to settle at $70.56 a barrel, after dropping 2.3% in the previous session. The more active November contract rose 35 cents a barrel to $70.49.
Brent and the November WTI contract earlier reached session highs of $75.18 a barrel and $71.48 per barrel, respectively.
"It seemsRead More »
TOKYO: Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China's economy of a crisis at heavily indebted property group China Evergrande.
Brent crude gained 95 cents or 1.3% to $74.87 a barrel by 0645 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI), which expires later on Tuesday, was up 91 cents or 1.3% at $71.20 after dropping 2.3% in the previous session.
Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ida that imply less supply is available, ANZ analysts said.
"While slowing Chinese economic growth andRead More »
NEW YORK: Oil prices fell 2% on Monday as investors grew more risk averse, which hurt stock markets and boosted the U.S. dollar, making oil more expensive for holders of other currencies
Brent crude fell US$1.42, or 1.9%, to settle at $73.92 a barrel after sinking to a session low of $73.52. U.S. West Texas Intermediate (WTI) declined $1.68, or 2.3%, to end at $70.29 after falling to as low as $69.86.
The dollar, seen as a safe haven, rose as worries about Chinese property developer Evergrande's solvency spooked equity markets and investors braced for the Federal Reserve to take another step toward tapering this week.
"As the U.S. dollar is usually a safe haven, its exchange rate against other currencies strengthens, a development that supplements tRead More »
SINGAPORE: Oil prices dropped on Monday, extending last week's losses after the U.S. dollar jumped to a three-week high and the U.S. rig count rose, although nearly a quarter of U.S. Gulf of Mexico output stayed offline in the wake of two hurricanes.
Brent crude futures fell 61 cents, or 0.8%, to $74.73 a barrel at 0650 GMT after losing 33 cents on Friday.
U.S. West Texas Intermediate (WTI) crude futures fell 66 cents, or 0.9%, to $71.31 a barrel, after declining 64 cents on Friday.
"Strength in the USD over the last couple of days has provided some headwinds to the market," researchers at ING Bank said in a note on Monday.
Oil fell with the greenback near a three-week high following a rally on Friday on better-than-expected U.S. retail saleRead More »
NEW YORK,: Oil prices fell on Friday as energy companies in the U.S. Gulf of Mexico restarted production after back-to-back hurricanes in the region shut output.
Brent crude futures fell 33 cents to settle at US$75.34 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 64 cents to settle at $71.97 a barrel. For the week, Brent was up 3.3% and U.S. crude was up 3.2%, supported by tight supplies due to the hurricane outages.
Friday's slump followed five straight sessions of rises for Brent. On Wednesday, Brent hit its highest since late July, and U.S. crude hit its highest since early August.
"The reason oil pRead More »
SINGAPORE: Oil prices fell on Friday as more supply came back online in the U.S. Gulf of Mexico following two hurricanes, but both benchmark contracts were on track for weekly gains of more than 3% as recovery in output is seen lagging demand.
Brent crude futures fell 35 cents, or 0.5%, to $75.32 a barrel at 0646 GMT, erasing Thursday's 21 cent gain.
U.S. West Texas Intermediate (WTI) crude futures were down 42 cents, or 0.6%, at $72.19 a barrel, after settling unchanged in the previous session.
"Oil prices are slightly softer as offshore U.S. production continues to slowly return, and as return to normal across large parts of Asia hit some road bumps, and as some countries still struggle to contain the delta variant (of the coronavirus) spread," saRead More »
Tuesday, 23 August 2016 SINGAPORE: Oil prices fell over 1 percent on Tuesday, with Goldman Sachs warning that August’s price rally had been overdone and that a proposed oil production freeze at current near-record levels would not help rein in an oversupplied market. International Brent crude oil futures were trading …Read More »
Thursday, 29 June 2017 HONG KONG: Oil held gains as U.S. crude production tumbled the most in almost a year, easing pressure on OPEC-led efforts to drain a global glut. Futures rose 0.5% in New York after advancing 5.2% in the previous five sessions. U.S. production tumbled by 100,000 …Read More »