Crude oil futures are soaring at the end of the holiday-shortened trading week after the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement to slash output levels. Global financial markets paid close attention to the meeting because it would have either sparked a huge rally or sent crude prices crashing. With US output falling and OPEC and its allies cutting production, could oil rebound to $40 this month? June West Texas Intermediate (WTI) crude oil futures surged $2.17, or 7.19%, to $32.34 per barrel at 14:51 GMT on Thursday on the New York Mercantile Exchange. Crude prices are poised for a huge weekly gain of 20%, paring their year-to-date losses to 45%. Brent, the international benchmark, is also posting a big jump to … [Read More...]

Crude oil futures are enjoying their best week in history as investors are anticipating the major producers to slash output levels amid the coronavirus pandemic. US crude prices posted another huge session of gains, adding to its weekly jump and paring its immense 2020 losses. Will Saudi Arabia and Russia follow through on what President Donald Trump told the press this week? May West Texas Intermediate (WTI) crude oil futures surged $3.13, or 12.36%, to $28.45 per barrel at 18:59 GMT on Friday on the New York Mercantile Exchange. Crude prices are poised for an immense weekly spike of 30%, marking the best five-day performance in history. Year-to-date, US crude is still down 53%. Brent, the international benchmark for oil prices, is up slightly at the … [Read More...]

Futures for crude oil climbed today as tensions in the Middle East grew. Yesterday, the United States reported that the US navy downed Iranian drone, but Tehran denied that. Today, news hit the market that Iran seized a British oil tanker. That is likely a response to the seizure of Iranian tanker by the UK earlier this month. Adding to the positive factors for crude was the oil rig count released by Baker Hughes today. It showed a drop of oil rigs by 5 to 779 this week. The number of gas rigs increased by 2 to 174. Futures for WTI crude oil gained 1.41% to $56.08 per barrel as of 20:01 GMT on NYMEX today. September contract for Brent crude jumped 1.97% to $63.15 per barrel on ICE. Over the week … [Read More...]

Futures for Brent crude oil logged significant gains today. The West Texas Intermediate grade posted losses but has managed to rebound by now. There were several factors that helped the commodity. Some analysts speculated that better-than-expected US nonfarm payrolls buoyed the commodity. While the report boosted the dollar, hurting commodities priced in the US currency, it sent a positive signal about economic growth, and that was helpful to crude. Oil output from the Organization of Petroleum Exporting Countries dropped to the lowest level since 2014 as US sanctions against Iran and Venezuela helped to offset rising production in Saudi Arabia. Baker Hughes reported that the US oil rig count decrease by 5 to 788 this week. Yet US oil production increased by almost 1.2 million barrels per day, year-… [Read More...]

Crude oil rallied more than 2% today. The commodity was benefiting from the same reasons as some other raw materials — the weakness of the US dollar that followed abysmal US employment data and speculations about interest rate cut by the Federal Reserve. But crude also had its own bullish factors. One of them were signals from Saudi Arabia that the OPEC+ production cut deal will be extended till the end of the year, with Russia remaining in the agreement. Another one was the oil rig count from Baker Hughes that showed a decline of the number of US oil rigs by 11 to 789 this week. Contract for delivery of WTI crude oil in July jumped as much as 2.66% to trade at $53.99 per barrel as of 22:14 … [Read More...]

Crude oil rose a bit today but was still heading to weekly losses. Crude managed to carve out gains with help of US nonfarm payrolls. While the solid employment figure hurt gold, it also helped commodities linked to growth. Baker Hughes reported that US drilling firms increased the number of oil rigs by 2 last week. But that was not nearly enough to offset the previous week’s slump by 20 rigs, which put the total number of rigs to the lowest level in more than a year. The real culprit responsible for this week’s losses of the commodity was the US oil inventories data. A report from the Energy Information Administration showed an increase of the stockpiles by as much as 9.9 million barrels last week, which was … [Read More...]

Crude oil prices fell on Friday and ended the week with about 3% loss. Market specialists had different views on why crude declined. Some blamed poor US macroeconomic data, which signals about potential decrease in demand. Others pointed at recent sales from the Strategic Petroleum Reserves as the main negative factor for crude. There was also positive news for the commodity. Baker Hughes reported that US firms decreased the number of oil rigs by 10 last week. Now, the total count stands at 843 — the lowest since May 2018. Contract for delivery of WTI crude oil in April slumped as much as 2.57% to $55.75 per barrel as of 22:33 GMT on NYMEX today. Brent crude for delivery in May tumbled 2.02% to $64.97 per barrel on ICE. At the … [Read More...]

Prices for crude oil rallied strongly today. Market analysts named several factors probably responsible for the rally. Most experts pointed at the US sanctions against Venezuela as the major reason for the gains of crude. Another one was the sharp drop of output from the Organization of Petroleum Exporting Countries. Some analysts speculated that the strong employment growth and the expansion of the manufacturing sector in the United States also contributed to the rally of oil prices. The oil rigs count from Baker Hughes likely contributed to the rising prices as well. The agency reported that US drillers reduced the number of oil rigs by 15 this week. The decline offset the previous week’s increase of 10. Futures for delivery of WTI crude oil in March rallied 2.88% … [Read More...]