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Daily: Oil prices rebound after Kuwait’s statements on output freeze
Crude oil prices boosted on Tuesday after Kuwait's OPEC governor Nawal Fuzaia said that the oil producers could agree to freeze the output at February levels at the April 17 Doha meeting even without Iran. The market prolonged gains in post-settlement trade after preliminary data on U.S. crude supply-demand for last week from industry group American Petroleum Institute (API) showed an unexpected draw of 4.3 million barrels. U.S. crude closed the session up 19 cents at $35.89, reaching a one-month low of $35.24 during the session. It increased to $36.58, up 88 cents, after the API data. Brent crude rose 18 cents to settle at $37.87 a barrel on the Intercontinental Exchange (ICE), after plunging to a March 4 low of $37.27 earlier. It recorded a post-settlement high of $38.44.
read more... 06/04/2016
OPEC and non-OPEC members to meet on April 17 in Doha despite divergent views
Saudi Arabia has said it will freeze oil output in April regardless of whether or not it can come to an agreement with Iran.
read more... 28/03/2016
Daily: Crude oil losses enthusiasm after three days of hikes
Crude oil hike run out of the steam on Thursday after three consecutive days of gains as a record high of U.S. inventories countered OPEC plans for an output freeze. WTI crude futures closed slightly lower and Brent rose after figures from market intelligence provider Genscape showed stockpiles at the Cushing, Oklahoma delivery hub boosted 1.1 million barrels to 68.7 million during the week to March 1. Brent futures increased 14 cents to close at $37.07 a barrel, after hiking earlier to $37.37. Brent has rebounded nearly $2 since Friday's settlement. U.S. crude futures eased 9 cents to end at $34.57.
read more... 04/03/2016
Daily: Crude oil prices close up for third consecutive day on OPEC producers meeting
Crude oil prices closed up for a third straight day in row on Wednesday as buyers neglected a record high in U.S. crude inventories to focus on an OPEC plan to freeze output. Brent futures rose 12 cents to close at $36.93 a barrel. They have climbed more than $1.80, or 5 percent, since Friday's settlement. U.S. crude's West Texas Intermediate (WTI) futures edged 26 cents higher at $34.66 a barrel. Only in mid-February, WTI plunged to a 2003 low of $26.05.
read more... 03/03/2016
Daily: Crude oil rebounds 3% on China measures to boost economy, decline in crude oil output
Crude oil prices rose 3 percent on Monday after China took measures to boost its slowing economy, a reduction in crude output from OPEC and the U.S., and an engagement by Saudi Arabia to curb market volatility. Brent crude's front-month contract for April delivery climbed 87 cents, or 2.5 percent, to settle at $35.97 a barrel before expiring and going off the board. Brent for May delivery increased $1.13, or 3.2 percent, to close at $36.57 a barrel. U.S. crude's front-month contract added 97 cents, or 3 percent, to stand at $33.75.
read more... 01/03/2016