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 »
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 »
Saturday, 10 December 2016 NEW YORK: Oil prices rose about 1% on Friday on hopes that non-OPEC producers meeting in Vienna over the weekend would agree to output restrictions following limits OPEC announced last week to curb an oil glut. Both Brent and U.S crude futures, however, notched their first …Read More »
Wednesday, 30 November 2016 NEW YORK : Oil slumped by roughly 4% on Tuesday as OPEC’s leading oil exporters struggled to agree on a deal to cut production to reduce global oversupply and boost prices, with Iran and Iraq at loggerheads with Saudi Arabia a day ahead of meeting. Brent …Read More »
Monday, 7 November 2016 SINGAPORE: Oil prices rose in early trading on Monday, with traders citing opportunistic buying following sharp declines in the previous week on the back of ongoing weak fundamentals. International Brent crude oil futures were trading at $45.92 per barrel at 0119 GMT, up 34 cents, or …Read More »
Saturday, 10 September 2016 NEW YORK: Oil prices fell 4 percent on Friday, paring most of the previous session’s rise as traders noted that a tropical storm was behind this week’s unexpected slump in U.S. crude inventories. The market ended up around 3 percent, its first gain in three weeks. …Read More »
Friday, 2 September 2016 NEW YORK: Oil prices fell more than 3 percent on Thursday, heading for their sharpest weekly slide since January as investors brushed aside talk that OPEC might freeze production and focused on a growing glut from U.S. crude stockpiles. Energy monitoring service Genscape’s report of a …Read More »
Thursday, 25 August 2016 SINGAPORE: Crude prices edged lower on Thursday as brimming U.S. and Asian fuel inventories returned investors’ attention to a large global supply overhang, cutting short a price rally and restricting Brent crude futures to below the $50 a barrel mark. International benchmark Brent crude oil futures …Read More »
Monday, 31 July 2017 SINGAPORE: Oil prices rose to their highest levels since May early on Monday as a dip in U.S. output tightened the market and the threat of sanctions against Venezuela kept traders on edge. Brent crude futures, the international benchmark for oil prices, were trading up 18 …Read More »
Wednesday, 12 July 2017 OPEC oil output has risen in June by more than 300,000 barrels per day, (bpd) according to figures the exporter group uses to monitor its supply, as a recovery in two nations exempt from a supply cut deal countered high compliance by many others. The Organization …Read More »