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Showing posts with the label Oil Price Closing Report

Energy | Oil | Oil Price Closing Report: Oil falls 1% as global demand concerns grow

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3minutos - Source: CNBC Aramco oil facility near al-Khurj area, just south of the Saudi capital Riyadh on Sept. 15, 2019. Fayez Nureldine | AFP | Getty Images Oil prices fell nearly 1% on Monday after comments from a U.S. official stymied hopes that a U.S.-China trade deal would be reached soon, feeding worries that a slowing global economy would reduce demand for oil. Brent crude futures settled down 47 cents, or 0.8%, to $58.94 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled 47 cents, or 0.9%, lower at $53.31 a barrel. Although President Donald Trump has said he would like to sign a deal when he meets his Chinese counterpart at November’s APEC summit, the U.S. commerce secretary said an initial trade deal does not need to be finalized next month. “The key thing is to get everything right that we do sign. That’s the important element. That’s what the president is wedded to,” Wilbur Ross said, after being asked if

Energy I Oil I Oil Price Closing Report: Oil deepens slide on recession fears, China's trade threats

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3-4 minutes - Source: CNBC Andrew Burton | Getty Images Oil prices fell more than 1% on Thursday, extending the previous session’s 3% drop, pressured by mounting recession concerns and a surprise boost in U.S. crude inventories. In a sign of investor concern that the world’s biggest economy could be heading for recession, weighing on oil demand, the U.S. Treasury bond yield curve inverted on Wednesday for the first time since 2007. China’s threat to impose counter-measures in retaliation for the latest U.S. tariffs on $300 billion of Chinese goods also weighed on oil prices. Brent crude fell as much as 3%, to $57.67 a barrel. The international benchmark was 2.35% lower at $58.08 and West Texas Intermediate crude (WTI) was down 1.76%, to $54.26. “Oil is getting whacked again as risk-aversion again kicks in and fears of a trade war inflicted slowdown grip traders,” said Craig Erlam, senior market analyst at OANDA. “WTI had enjoyed

How Did Oil End up last Friday, August 8, 2019?

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Oil jumps more than 3% on European stockdraw despite demand slowdown forecast 3-4 minutes - Source: CNBC An idled pump jack, once used to extract crude oil from the ground, sits above a well on the edge of a farmer’s field near Ridgway, Ill., Jan. 21, 2015. Getty Images Oil prices jumped on Friday, supported by a drop in European inventories and expectations of more OPEC output cuts despite the International Energy Agency reporting demand growth at its lowest since the financial crisis of 2008. Brent crude futures gained $1.10, or 1.9%, to $58.48 a barrel. U.S. West Texas Intermediate (WTI) crude futures were up $1.96, or 3.7%, to settle at $54.50 a barrel. “Despite a further cut in oil demand growth by the IEA, oil prices are trading marginally higher, as the demand growth cut was already announced previously by the head of the IEA and the agency still expects larger inventory draws for 2H19,” said UBS analyst Giovanni Staunovo. The IEA said

Oil | Oil Price Closing Report on Thursday 8, 2019: Oil jumps 3% due to firm yuan, expectations of more OPEC cuts

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3 minutes - Source: CNBC Idled oil well pump jacks sit in the yard at Wood Energy Inc. in Woodlawn, Ill, Jan. 20, 2015. Getty Images Oil jumped more than $1 a barrel on Thursday on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions. Brent crude was up $1.37 at $57.63 a barrel, after hitting a session high of $58.01. U.S. West Texas Intermediate (WTI) crude futures rose $1.76, or 3% to $52.87 a barrel. China’s yuan strengthened against the dollar and its exports unexpectedly returned to growth in July on improved global demand despite U.S. trade pressure. “Brent and WTI were rebounding on the combination of a stronger-than-expected official fix in the yuan, alleviating currency war fears,” said Harry Tchilinguirian, global oil strategist at BNP Paribas in London. Reports that Saudi Arabia, the worl

Oil | Oil Price Closing Report: Oil falls 1.9% as US-China trade tensions weigh

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3-4 minutes - Source: CNBC Oil pumpjacks in the Permian Basin oil field are getting to work as crude oil prices gain. Spencer Platt | Getty Images Oil prices fell slightly on Tuesday, with Brent crude remaining near seven-month lows just below $60 a barrel because of increasing trade tensions between China and the United States. Brent prices have lost more than 9% in the past week, with U.S. President Donald Trump vowing to impose new tariffs on Chinese imports and China making further moves against U.S. agricultural cargoes. The United States also responded to a decline in China’s yuan on Monday by branding China a currency manipulator, pushing Beijing to accuse the United States of causing chaos in financial markets. U.S. President Donald Trump on Tuesday dismissed concerns over a protracted trade war with China, as Beijing warned that Washington’s decision to label it a currency manipulator would lead to chaos in financial markets

Oil | Oil Price Closing Report on August 5, 23019: Oil falls 3% as trade war concerns hit demand outlook

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3 minutes Global oil benchmark Brent futures fell more than 3% on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world’s two biggest buyers. Brent crude fell $2.08, or 3.36%, to settle at $59.81 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 97 cents, or 1.74%, to settle at $54.69 a barrel, finding some support from a draw in inventories at the Cushing, Oklahoma, storage hub and delivery hub for WTI. Stocks at Cushing fell nearly 2.4 million barrels in the week to Aug. 2, traders said, citing data from market intelligence firm Genscape. WTI’s discount to Brent narrowed to $5.15 a barrel, its narrowest since July 2018. Both crude benchmarks plummeted by more than 7% last Thursday to their lowest level in about seven weeks after Trump’s announcement, before recovering somewhat to leave Brent down 2.5% on the week and

Oil | Oil Price Closing Report on Friday 2, August 2019 | Oil rallies more than 3%, recouping some losses from Trump tariffs comments

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3-4 minutes Oil prices jumped more than 3% on Friday, a partial rebound from their biggest daily drop in several years on U.S. President Donald Trump’s vow to impose more tariffs on Chinese imports. The tariffs, due to take effect on Sept. 1, intensify the trade war between the world’s top two economies and oil consumers. Any resulting economic slowdown could hurt crude demand. The U.S. crude benchmark gained $1.71, or 3.2%, to settle at $55.66 a barrel, a day after tumbling nearly 8%, the biggest loss in more than four years. Before the slide, crude futures had seen a fragile rally supported by steady drawdowns in U.S. inventories but pressured by a shaky global demand outlook. “The market is still digesting the impact of the tariffs on oil markets, but given China has been taking very little U.S. crude year-to-date, we see little scope for the tariffs to directly impact market fundamentals,” RoboResearch Commodities Strategis Ryan Fi

Energy | Oil Price Closing Report on Thursday 1 August 2019 | Oil plunges the most in 4 years after Trump's new China tariffs raise fears of a global slowdown

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Maggie Fitzgerald 2-3 minutes Crude oil plunged on concerns the global economy would weaken further after President Donald Trump ended a tariff ceasefire with China. The president said additional tariffs of 10% on the remaining $300 billion in Chinese goods would be added in September. Futures for WTI crude dropped 7.9% to $53.95. WTI broke a 5-day winning streak with its worst daily performance in more than 4 years. “The oil market has been the highest hit asset around from the trade war and this only exacerbates the situation,” said John Kilduff Founding Partner of Again Capital. “It was a rough day for oil even before the tweet came out,” said Kilduff. “The oil markets didn’t get help from the stance the Federal Reserve took yesterday and then got hurt by the president’s announcement.” Brent crude , the international benchmark, also fell more than 6% to $60.67 following Trump’s tweets. Brent had its worst day since February 2