Oil prices fell on Friday as a rise in stocks of refined petroleum products offset a sharp decline in U.S. crude inventories to the lowest level since 2015.
Showing posts with label Crude Oil prices. Show all posts
Showing posts with label Crude Oil prices. Show all posts
Saturday, 8 September 2018
Thursday, 9 August 2018
Oil prices rebound after heavy declines over trade dispute
Oil prices on Thursday eked out gains on concerns about Iranian crude supplies as the U.S. hit Tehran with renewed sanctions, halting the previous session's declines amid the escalating China-U.S. trade dispute and worries over China's demand.
Brent crude futures were up 30 cents, or 0.4 percent, at $72.58 barrel by 0417 GMT, following a decline of more than 3 percent on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures had gained 11 cents, or 0.2 percent, to $67.05 a barrel, after dropping 3.22 percent the previous session.
"The market is supported by concerns the sanctions on Iran are going to reduce Iranian supply," said Tony Nunan, oil risk manager at Mitsubishi in Tokyo.
"The geopolitical risk from Iran is keeping a floor under the price," he said.
The U.S. reimposed sanctions on some industries on Tuesday against Iran, third-biggest producer in the Organization of the Petroleum Exporting Countries (OPEC).
Gold Live Tips
Tuesday, 7 August 2018
Oil rises ahead of renewed U.S. sanctions against Iran
Oil prices rose on Tuesday ahead of the introduction of U.S. sanctions against major crude exporter Iran.
Spot Brent crude oil futures were at $73.88 per barrel at 0241 GMT on Tuesday, up 13 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 1 cent at $69.02 barrel.
U.S. sanctions against Iran, which shipped out almost 3 million barrels per day (bpd) of crude in July, are set to begin at 12:01 a.m. U.S. Eastern time (0401 GMT) on Tuesday.
"The U.S. seems hell-bent on regime change in Iran," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Many countries, including U.S. allies in Europe as well as China and India oppose the introduction of new sanctions, but the U.S. government said it wants as many countries as possible to stop buying Iranian oil.
HEAT IMPACTS OIL
The main oil market price drivers of recent months have been output levels by top producers Russia, Saudi Arabia and the United States, renewed Iran sanctions, the U.S.-China trade dispute, and unplanned supply disruptions. Some analysts warned that a global heat wave could also now affect oil demand.
Today Gold Live Tips
Wednesday, 11 July 2018
Oil falls after U.S. softens stance on Iranian sanction waivers
Oil prices fell on Wednesday, with Brent dropping by more than $1, after the United States said it would consider requests for waivers from sanctions due to snap back into place on Iranian crude exports.
Brent crude futures were down $1.10, or 1.4 percent, at $77.76 a barrel by 0112 GMT. U.S. crude was down 68 cents, or 0.9 percent, at $73.43.
Both contracts had posted gains earlier in the previous session after industry data showed inventories fell more than expected last week in the United States.
Washington will consider requests from some countries to be exempted from sanctions it will put into effect in November to prevent Iran from exporting oil, U.S. Secretary of State Mike Pompeo said on Tuesday.
U.S. crude inventories fell last week by 6.8 million barrels, according to data from industry group, the American Petroleum Institute.
That decline was larger than expected, causing crude futures to gain in post-settlement trading.
Analysts polled by Reuters forecast that crude stocks fell on average by 4.5 million barrels, ahead of government data at 10:30 a.m. EDT (1430 GMT) on Wednesday.
Commodity MCX Live Price
Monday, 9 July 2018
Oil prices edge up as investors eye tight market
Oil prices rose on Monday as investors focused on tight market conditions after data late last week showed U.S. crude inventories fell to their lowest in more than three years.
Global benchmark Brent rose 37 cents, or 0.5 percent, to $77.48 a barrel by 0305 GMT. U.S. crude futures added 29 cents, or 0.4 percent, to $74.09.
Official data that came out on Thursday, a day later than normal due to the July 4 public holiday, showed inventories at Cushing, the delivery point for U.S. crude futures, fell to their lowest in 3-1/2 years.
Cushing is clearly screaming out for crude, with the prompt few months more than $2 backwardated.
Backwardation refers to a market situation that suggests tightness as prices for immediate delivery are higher than those for later dispatch.
Investors are also focusing on how much exports from Saudi Arabia and other Gulf states will rise.
Today Commodity MCX Live Price 09 July 2018
Friday, 22 June 2018
Oil prices climb on uncertainty over possible rise in OPEC output
Oil prices rose by more than 1 percent in early Asian trading on Friday, pushed up by uncertainty over whether OPEC would manage to agree a production increase at a meeting in Vienna later in the day.
Brent crude futures, the international benchmark for oil prices, were at $74.07 per barrel at 0034 GMT, up $1.02 cents, or 1.4 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $66.45 a barrel, up 90 cents, or 1.4 percent.
The Organization of the Petroleum Exporting Countries (OPEC), a producer cartel de-facto led by top exporter Saudi Arabia, is meeting together with some non-OPEC members including top producer Russia at its headquarters in the Austrian capital to discuss output policy.
The group started withholding supply in 2017 to prop up prices.
Amid strong demand, the market has since tightened significantly, pushing up crude prices and triggering calls by consumers to increase supplies.
Today Commodity MCX live Price 22 June 2018
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