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Oil prices fall 1% as supply strains storage Market News 

Oil prices fall 1% as supply strains storage

Oil prices fall 1% as supply strains storage Oil prices fall on Friday, ending a two-day rally, as a glut of crude and refined products weighed on markets and investors eyed a possible stutter in China’s imports. Futures held their losses after the dollar index spiked following abetter-than-expected U.S. jobs report that showed the country added 255,000 positions in July. A stronger greenback makes dollar-denominated crude more expensive to holders of other currencies. U.S. West Texas Intermediate (WTI) crude crude futures fell 67 cents, or 1.6 percent, to $41.26 per…

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Oil prices give up early gains as oversupply weighs Market News 

Oil prices give up early gains as oversupply weighs

Oil prices give up early gains as oversupply weighs Oil prices slipped after gains made earlier on Thursday and the previous day as overproduction and large volumes of unsold crude and ample refined products around the world weighed on markets. Brent crude futures were trading at $42.72 a barrel at 1203 GMT, down 38 cents from their last close and down from an intra-day high of $43.65 a barrel. U.S. West Texas Intermediate (WTI) crude futures were trading at $40.62 per barrel, down 21 cents, and after hitting an intra-day…

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Beware oil inventory data, experts warn it's misleading markets Market News 

Beware oil inventory data, experts warn it’s misleading markets

Beware oil inventory data, experts warn it’s misleading markets Oil prices remained subdued on Wednesday oil inventory data Oil markets are once again in the doldrums amid fears of a persistent oversupply and concerns over the slow drawdown in U.S. inventories, but oil experts say those concerns are overdone. “We are at the start of the rebalancing, we haven’t finished it yet, whereas the market almost priced in that everything was done but now it’s gone almost the other way, saying that no rebalancing has been done whatsoever,” Amrita Sen,…

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US stocks slip as falling oil prices punish energy companies Market News 

US stocks slip as falling oil prices punish energy companies

US stocks slip as falling oil prices punish energy companies US stocks wobbled and finished mostly lower Monday as the price of oil continued to nosedive thanks to the strong dollar. Energy companies took the biggest losses as U.S. crude hovered around $40 US a barrel, its lowest price in almost four months, and materials companies also traded lower. Every oil, gas and pipeline company on the Standard & Poor’s 500 finished lower as a slump in the price of oil and other fuels extended into a third week. The…

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WTI Crude Oil dips under $40 – USD/CAD hardly rises Forex News 

WTI Crude Oil dips under $40 – USDCAD hardly rises

WTI Crude Oil dips under $40 – USDCAD hardly rises USDCAD hardly rises The Canadian dollar is losing ground, but showing a lot of resilience. USDCAD cannot rise too much due to weak US indicators. USDCAD is trading around 1.31. It is a rise of 60 pips that certainly fails to reflect the magnitude in the dive in oil. The loonie remains resilient. Resistance is at 1.3140 and 1.3240. Support is at the round number of 1.30. The ISM Manufacturing PMI missed and this added to the poor GDP report from the…

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US oil posts worst settlement since April 20, closes 3.7 pct lower, at $40.06 Market News 

US oil posts worst settlement since April 20, closes 3.7 pct lower, at $40.06

US oil posts worst settlement since April 20, closes 3.7 pct lower, at $40.06 U.S. crude prices on Monday settled sharply lower after briefly breaking below $40 a barrel for the first time since April, weighed by a survey showing output in OPEC reached record highs last month amid the biggest addition of U.S. oil rigs in two years. U.S. West Texas intermediate (WTI) ended 3.7 percent lower, or $1.54, at $40.06 — its lowest settlement since April 20 — after sliding as low as $39.86 just after midday. Brent…

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Why oil will drop to $35 by end of summer Market News 

Why oil will drop to $35 by end of summer

Why oil will drop to $35 by end of summer The state of the oil market these days can be summed up in a four-letter word—no, not one those salty terms, by a powerful, unoffending term: glut. After peaking in early June, near $52, WTI oil prices have fallen upwards of twenty percent, getting under $41 per barrel, for a time, on Friday. There were several supply issues that ranged from the Canadian wild fires to renewed unrest in the Niger Delta that combined to reduce global oil output, or…

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Saudi Arabia Oil Demand Growth at 6-Year Low as Economy Sputters Market News 

Saudi Arabia Oil Demand Growth at 6-Year Low as Economy Sputters

Saudi Arabia Oil Demand Growth at 6-Year Low as Economy Sputters Oil consumption in Saudi Arabia, the world’s biggest crude exporter, is expanding at the slowest pace in at least six years as low energy prices hurt economic growth. The kingdom’s demand for oil increased by an average of 24,000 barrels a day in the first five months of 2016, the slowest growth rate for that period since at least 2010, the first year for which data are available from the Joint Organisations Data Initiative in Riyadh. The International Energy…

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Oil and gas are trading in a ‘bizarro world’: Tom Kloza Market News 

Oil and gas are trading in a ‘bizarro world’: Tom Kloza

Oil and gas are trading in a ‘bizarro world’: Tom Kloza After a strong first half of the year, oil just posted its worst month since July 2015. Despite fears that the commodity could retest the mid-$30 range, one closely-followed oil watcher is especially bullish on where energy is heading in the coming months and years—and investors should not get comfortable with currently low prices. “It may get a little uglier with some European refinery shutdowns,” admitted Tom Kloza recently on CNBC’s “Futures Now” when discussing the potential for a…

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Here’s the key factor pushing oil prices to $35 a barrel Market News 

Here’s the key factor pushing oil prices to $35 a barrel

Here’s the key factor pushing oil prices to $35 a barrel After enjoying a stellar run-up, crude futures are headed south again, treading into bear-market territory. However, the fundamentals of supply and demand may not be the key reason behind the recent bout of weakness in crude futures. U.S. benchmark oil, West Texas Intermediate trading on the New York Mercantile Exchange CLU6, -0.95% has lost nearly 15% of its value so far in July, as of Thursday. Back on June 8, WTI had nearly doubled its value closing at a…

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