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Tom DiChristopher 4 minutes Sergei Karpukhin | Reuters Oil prices fell on Thursday, after rising to five-month highs earlier this week on OPEC-led production cuts and free-falling Venezuelan output. International benchmark Brent futures were down $1, or 1.4%, at $70.73 a barrel around 1:30 p.m. ET (1930 GMT). Brent hit a more than five-month high at $71.78 on Wednesday. U.S. West Texas Intermediate crude oil futures fell $1.11, or 1.7%, to $63.50 per barrel. WTI whit a high of $64.79 going back to Nov. 1 earlier this week. Selling accelerated Thursday morning as U.S. crude dropped below $63.71 a barrel, a technically-significant level at which some funds had stops in place, triggering automatic sales, said Bob Yawger, director of energy futures at Mizuho in New York. U.S. crude inventories surged by 7 million barrels to a 17-month high of 456.6 million barrels last week, the Energy Information Administration said on Wedne

Tom DiChristopher 3-4 minutes A truck used to carry sand for fracking is washed in a truck stop in Odessa, Texas. Getty Images Oil prices slipped from 2019 highs on Thursday, as U.S. government data showed a fifth weekly build in crude inventories and record production, while concerns about slowing global economic growth weighed. Losses were capped by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran. Advancements in Washington-Beijing trade deal discussions also supported prices. U.S. West Texas Intermediate crude oil futures ended Thursday’s session 20 cents lower at $56.96 a barrel. WTI hit a fresh three-month high of $57.61 earlier in the day. Brent crude futures fell by 13 cents to $66.95 around 2:25 p.m. ET, after touching a 2019 peak on Wednesday at $67.38. U.S. crude oil stockpiles rose to the highest in more than a year, as production hit a record high and seasonal maintenance kept refining rates low last week

Tom DiChristopher 4 minutes Oil prices plunged on Monday as weak industrial earnings in both China and the United States raised fresh concerns about a global slowdown that could cut fuel demand. U.S. West Texas Intermediate crude fell $1.97, or 3.7 percent, to $51.72 a barrel around 1:40 p.m. ET. Brent crude , the international benchmark for oil prices, was down $1.97, or 3.2 percent, at $59.67, slipping below $60 for the first time in nearly two weeks. Profits at Chinese industrial firms contracted in December for a second straight month, China’s National Bureau of Statistics said on Monday. The latest datapoint adds to series of weak signals coming from the world’s second biggest economy. Last week, Beijing reported that the economy grew at the slowest pace in nearly 30 years in 2018. Later on Monday, bellwether industrial Caterpillar issued weak guidance for future profits and reported disappointing fourth-quarter earnings, citing t

Tom DiChristopher 3-4 minutes Jean-Paul Pelissier | Reuters Oil prices rose on Thursday, boosted by the U.S. threat of sanctions on OPEC member Venezuela, but gains were limited by U.S. data showing record high gasoline inventories and a large, unexpected build in crude stockpiles. Brent crude futures were up 7 cents at $61.21 a barrel around 1:10 p.m. ET, while U.S. West Texas Intermediate futures were up 53 cents, or 1 percent, at $53.15. Washington signaled it could impose sanctions on Venezuela’s crude exports as Caracas descends further into political and economic turmoil. Venezuela’s opposition leader Juan Guaido declared himself interim president on Wednesday, winning backing from Washington and parts of Latin America and prompting socialist Nicolas Maduro, the country’s leader since 2013, to break relations with the United States. “That’s the big story of the day for oil,” said Phil Flynn, an analyst at Price Futures Group

Tom DiChristopher 3 minutes Men work for Iraqi Drilling Company at Rumaila oilfield in Basra, Iraq, Essam Al-Sudani | Reuters Oil prices rose around 2 percent on Tuesday amid production cuts by OPEC and Russia as well as signs of lower U.S. oil stocks, but grim Chinese economic data raised fears for global growth. Brent crude oil was up $1.26, or 2.1 percent, at $60.25 per barrel around 12:40 p.m. ET. The benchmark crude had fallen more than 2 percent on Monday. U.S. West Texas Intermediate rose $1.31, or 2.6 percent, to $51.82. “OPEC-led cuts and declining U.S. rig counts have bolstered market sentiment in the new year,” Singapore-based brokerage Phillip Futures said. The Middle East-led Organization of the Petroleum Exporting Countries and other producers including Russia agreed in late 2018 to cut supply starting this month, seeking to rein in a global glut. The bloc and its allies set a meeting for March 17-18 to

Tom DiChristopher 3 minutes Jean-Paul Pelissier | Reuters Oil prices ripped higher on Wednesday, rebounding from a pullback on bearish U.S. stockpile data after Saudi Arabia reassured the market that its oil production and exports are falling sharply. The oil market also drew support from talks between the United States and China aimed at preventing an all-out trade war. The market fears the dispute between the world’s two biggest economies could slow global growth and weigh on fuel demand. U.S. West Texas Intermediate crude  surged 5 percent to a nearly one-month high at $52.58 in late morning trade. The contract was last up $2.38, or 4.8 percent, to $52.16. International benchmark Brent crude rose $2.46, or 4.2 percent, to $61.18 around 1:36 p.m. ET, after earlier hitting $61.58. Saudi Energy Minister Khalid al-Falih on Wednesday said the kingdom will meet its goal of reducing output to 10.2 million barrels per day this month. T

Tom DiChristopher 3-4 minutes Essam Al-Sudani | Reuters Oil prices rose on Tuesday, supported by hopes that demand may rise more quickly if talks between U.S. and Chinese officials resolve the trade dispute between the world’s two biggest economies. A possibility that OPEC-led supply cuts could be extended also supported prices. U.S. West Texas Intermediate (WTI) crude oil futures ended Tuesday’s session up $1.26, or 2.6 percent, at $49.78 per barrel. International Brent crude futures gained $1.29, or 2.3 percent, to $58.62 per barrel by 2:26 p.m. ET. “The trade situation is definitely bullish; you have a good demand construction if we can wrap up this trade deal,” said Bob Yawger, director of futures at Mizuho in New York. The talks are going well so far and will continue on Wednesday, U.S. delegation member Steven Winberg said. These are the first face-to-face meetings between officials from the two countries since U.S. Presiden

Tom DiChristopher 3-4 minutes Oil prices climbed on Monday, rebounding further from 1½-year lows reached in December on support from OPEC production cuts and steadying equities markets . U.S. West Texas Intermediate crude oil futures  ended Tuesday’s session 56 cents, or 1.2 percent, higher at $48.52 a barrel. Brent crude futures rose 37 cents to $57.43 a barrel around 2:36 p.m. ET, up from December’s slide below $50, which was its lowest level since July 2017. Brent has gained about 10 percent since last Monday in its biggest week-on-week rally in two years. “Momentum is coming back into the market from very depressed price levels,” Petromatrix strategist Olivier Jakob said. “We’ve had five consecutive days of price gains already, so what you have today is a continuation of that.” The oil prices are drawing support from an agreed supply cut by OPEC, well as some non-member countries such as Russia and Oman. OPEC oil supply fell in D