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Showing posts with the label Oil Price Closing Report.

Energy | Oil Price Closing Report: Oil climbs higher on China, Japan rebound, hopes of OPEC+ supply curb

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  3 minutes - Source: CNBC A woman wearing face mask walks on the ocean front while Oil tankers are seen anchored off the coast of Long Beach, California, after sunset on April 25, 2020. Apu Gomes | AFP | Getty Images Oil prices climbed on Monday, recouping some losses from the previous session as hopes that OPEC+ will hold current output curbs offset concerns about weaker fuel demand due to rising Covid-19 cases and higher production from Libya. Figures showing a rebound in the world’s second and third largest economies, China and Japan, also supported prices, along with data that Chinese refineries processed the most crude ever in October on a daily basis. Brent crude futures for January rose $1.70, or 3.97%, to trade at $44.48 per barrel, while U.S. West Texas Intermediate crude for December was up $1.61, or 4%, at $41.74 per barrel. “Fundamentally China’s numbers do support why oil prices can keep at these levels,” OCBC economist Howie Lee said.

Energy | Oil | Oil Price Report on Friday 15, November 2019: Oil gains 1.7%, shrugging off rising supply concerns

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3-4 minutos - Source: CNBC Employees pass beneath pipes leading to oil storage tanks in Russia on February 4, 2014. Andrey Rudakov | Bloomberg | Getty Images Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices. Benchmark Brent crude gained $1.03, or 1.7%, to settle at $63.31 a barrel, while West Texas Intermediate crude rose 95 cents, or 1.7%, to settle at $57.72 a barrel. Brent and WTI both posted their second straight weekly gain. U.S. Commerce Secretary Wilbur Ross said in an interview on Fox Business Network on Friday that there was a very high probability the United States would reach a final agreement on a phase one trade deal with China. “We’re down to the last details now,” Ross said. U.S.-China trade talks were set to continue with a telephone call on Friday. A monthly report from the International Energy Agency wei

Oil falls 39 cents, settling at $52.62, as slowdown worries persist, US crude output rises.

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Tom DiChristopher 4 minutes A truck used to carry sand for fracking is washed in a truck stop in Odessa, Texas. Getty Images The oil market fell on Wednesday as a widespread economic slowdown, which may dent growth in demand for fuel, weighed on energy prices. Crude futures earlier got a boost from hopes that Japan and China would take fiscal stimulus measures to stem the slowdown. Prices got further support from expectations that U.S. crude stockpiles fell last week and official data indicated slowing growth in U.S. shale oil output in the coming years. But by midday benchmark futures were on pace for a second straight day of losses. International Brent crude oil futures fell 35 cents, or about half a percent, to $61.15 per barrel around 2:30 p.m. ET. U.S. West Texas Intermediate crude futures ended Wednesday's session down 39 cents, or about 0.75 percent, at $52.62 per barrel. Oil prices fell by 2 percent on Tuesday as finan