Buz Investors Oil pushes higher on worries The commodity is trading at $53.74 per barrel at 10:40 GMT this morning, 0.19% higher from the New York close. Crude oil witnessed a high of $54.05

Brent decreased 0.41 USD/BBL or 0.79%

Brent decreased 0.41 USD/BBL or 0.79%

Buz Investors Brent decreased 0.41 At 10:40 GMT, the commodity is trading at $49.41 per barrel, 0.42% lower from the New York close. During the session, crude oil traded a

Oil

Buz Investors Brent decreased 0.41 At 10:40 GMT, the commodity is trading at $49.41 per barrel, 0.42% lower from the New York close. During the session, crude oil traded at a high of $49.80 per barrel and a low of $49.31 per barrel. The commodity advanced in the New York session yesterday, closing 1.29% higher at $49.62 per barrel, amid rising concerns that growing US crude production may undermine efforts to rebalance global supply. Crude oil has its first support at $48.62 per barrel and its first resistance at $50.18 per barrel.



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Brent decreased 0.41 At 10:40

US crude production may undermine efforts to rebalance global supply

Brent decreased 0.41 USD/BBL or 0.79% to 51.78 on Friday March 10 from 52.19 in the previous trading session. Historically, Brent crude oil reached an all time high of 145.61 in July of 2008 and a record low of 2.23 in May of 1970

Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil. The Brent prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so. This page provides – Brent crude oil – actual values, historical data, forecast, chart, statistics, economic calendar and news. Brent crude oil – actual data, historical chart and calendar of releases – was last updated on March of 2017.




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Oil prices fell to three-month lows on Thursday as producers continued to pump more than needed, filling inventories, and economic growth prospects darkened. Brent crude oil was down 50 cents at $42.97 a barrel by 1010 GMT, after touching $42.88, its lowest since April 20. U.S. light crude was down 20 cents at $41.72. U.S. government data on Wednesday revealed a surprise rise in crude and gasoline inventories. The build added to an already huge global refined product glut just as slowing economic growth dents the demand outlook. "U.S. commercial stocks are a good reflection of the oversupplied nature of the global oil market," said Tamas Varga, lead oil analyst at London brokerage PVM Oil Associates. Oil markets have been dogged by oversupply for the last two years and fell by as much as 70 percent between 2014 and early 2016, when Brent hit the lowest in more than a decade at around $27 per barrel. Markets have since recovered some ground but oil remains very weak and low refining margins are hurting energy companies. Energy major Royal Dutch Shell reported a more than 70 percent fall in quarterly profit on Thursday, well below analysts' estimates, as weak oil and gas prices further ate into revenue. Shell's net income came in at $1 billion in the second quarter, compared with expectations of $2.2 billion and $3.8 billion achieved in the same period last year.

Brent crude oil Thursday March 2

Brent crude oil  Thursday March 2

Buz Investors Brent crude oil Thursday The commodity is trading at $53.38 per barrel at 10:40 GMT this morning, 0.54% lower from the New York close.

Oil

Buz Investors Brent crude oil  Thursday  The commodity is trading at $53.38 per barrel at 10:40 GMT this morning, 0.54% lower from the New York close. Crude oil witnessed a high of $53.78 per barrel and a low of $53.30 per barrel during the session. In the New York session yesterday, crude oil fell 0.96% to close at $53.67 per barrel, after the EIA reported that US crude oil stockpiles increased by 1.5 million barrels to 520.2 million barrels last week, advancing for an eighth consecutive week. Immediate downside, the first support level is seen at $52.97 per barrel, while on the upside, the first resistance level is at $54.11 per barrel.



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Brent crude oil  Thursday

 

EIA reported that US crude oil stockpiles increased by 1.5 million barrels

Brent decreased 0.15 USD/BBL or 0.27% to 56.16 on Thursday March 2 from 56.31 in the previous trading session. Historically, Brent crude oil reached an all time high of 145.61 in July of 2008 and a record low of 2.23 in May of 1970.

Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil. The Brent prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so. This page provides – Brent crude oil – actual values, historical data, forecast, chart, statistics, economic calendar and news. Brent crude oil – actual data, historical chart and calendar of releases – was last updated on March of 2017.




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Brent crude oil rises further above $50

Brent crude oil rises further above $50

Brent crude oil rises further above $50

Oil

  • Buz Investors crude oil rises The commodity is trading at $49.36 per barrel at 09:40 GMT this morning, 0.28% higher from the New York close.
  • Crude oil witnessed a high of $49.48 per barrel and a low of $49.00 per barrel during the session. In the New York session yesterday, crude oil rose 0.33% to close at $49.22 per barrel, after the EIA disclosed that US crude oil inventories unexpectedly declined by 553,000 barrels last week.
  • Immediate downside, the first support level is seen at $48.79 per barrel, while on the upside, the first resistance level is at $50.02 per barrel.

crude oil rises comments that OPEC’s Gulf members are willing to cut

Brent crude oil rises further above $50

crude oil rises Oil edged above $50 a barrel on Thursday, drawing support from sources’ comments that OPEC’s Gulf members are willing to cut their output by 4 percent and from a further drop in U.S. crude inventories.

Saudi Arabia and its Gulf OPEC allies are willing to make that reduction from their peak oil output, energy ministers from the Gulf countries told their Russian counterpart this week, sources familiar with the matter told Reuters.

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crude oil rises


Oil also drew support from the unexpected drop in U.S. crude inventories, and larger than expected falls in stocks of gasoline and distillates, reported this week, which raised hopes that a long-awaited market rebalancing is finally under way.

“The global stock overhang must be reduced in order to see higher prices. Whilst such reduction is largely in the hand of OPEC, the re-balancing is already taking place in the U.S.,” Tamas Varga of oil broker PVM said.

Oil drifts after Brent breaks $50 a barrel

Oil drifts after Brent breaks $50 a barrel

Oil drifts after Brent breaks $50 a barrel

Oil

  • Buz Traders Watch with cauiion Oil drifts after Brent breaks $50  At 09:40 GMT, the commodity is trading at $48.74 per barrel, 1.44% higher from the New York close.
  • During the session, crude oil traded at a high of $48.87 per barrel and a low of $47.79 per barrel. The commodity advanced in the New York session on Friday, closing 0.19% higher at $48.05 per barrel, extending its previous session gains.
  • Separately, Baker Hughes disclosed that the US oil rig count advanced by 7 to 425 during the week ended 30 September 2016.  Crude oil has its first support at $47.60 per barrel and its first resistance at $49.38 per barrel.

Oil drifts after Brent breaks $50

Oil drifts after Brent breaks $50 a barrel

 Oil drifts after Brent breaks $50  Oil prices drifted on Monday after Brent crude hit $50 a barrel and U.S. crude reached three-month highs as traders weighed weaker stock markets and a strong dollar against OPEC’s first planned output cut in eight years.

December Brent crude futures were last up 2 cents at $50.21 a barrel by 11:29 a.m. (1529 GMT), retreating from a six-week high of $50.90.

U.S. West Texas Intermediate (WTI) fell 4 cents to $48.20 a barrel. It earlier hit $48.87, its highest since July 5.

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Oil rallied last week, ending September higher for a second monthly gain in a row, after the Organization of the Petroleum Exporting Countries said it would cut output to between 32.5 million barrels per day (bpd) and 33 million bpd from about 33.5 million bpd, with details to be finalized at its policy meeting in November.

Initial skepticism last week over the effectiveness of the deal in eroding the global surplus gave way to a wave of short-covering that drove the price above $50 a barrel for the first time since late August on Monday.

“The lukewarm response to the OPEC deal from analysts (rightfully so) probably attracted some premature selling, with technical traders currently in the driving seat. Oil always runs ahead of itself and this time round is no exception,” Saxo Bank manager Ole Hansen said, referring to the price rally.

Brent Oil Prices Extend Declines Following Range Break

Brent Oil Prices Extend Declines Following Range Break

Brent Oil Prices Extend Declines Following Range Break

Investors Buz  –  Global Markets Roundup

Brent Oil Prices Extend Declines Following Range Break

Brent crude oil prices (UKOIL) tumbled on Monday, following a range break on Friday. Selling pressure started in early Asian trading, while a break lower was triggered in early North American trading that sent the instrument to 10-week lows. UKOIL was last seen at $44.83 for a decline of 1.87% on the day. Brent oil prices fell into a range in the second week of July, and have been trading in a broader zone between $46.00 and $48.50, while a declining trendline has capped rallies ahead of the upper range bound. A break lower from the two-week range was seen on Friday, and a recovery attempt from this week’s open failed ahead of the
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The broader technical break initially occurred on July 7 when a rising channel from January lows broke down. The break set a bearish tone for oil prices, and a second break from the range seen on Friday carries potential to take prices back to the 200 period daily moving average found at $42.39. Near-term support is seen at $44.43, the level served as resistance in mid-April, and support in late April.

The acceleration in momentum suggests that any recoveries will be limited. The previous range should cap any rallies at $45.88, and while below the price point, there is a clear bearish bias for oil prices.

… (full story)