Crude oil prices lost ground on Tuesday, with WTI ending below $50 a barrel for the first time in just a week, dragged down by the possibility that OPEC ‘s plan to slash output will fail after Iraq showed unwillingness to participate in the proposed deal. WTI crude for December delivery crude lost 56 cents, or 1.1%, to end at $49.96 a barrel on the New York Mercantile Exchange. That was the lowest settlement and first finish below $50 since October 17. Brent crude for December delivery fell 67 cents, or 1.3%, to settle at $50.79 a barrel on London’s ICE.
read more... 26/10/2016
Crude oil prices settled down on Monday on news of the forthcoming restart of Britain’s Buzzard oil field and as Iraq wants to be exempted from OPEC production cuts as it needs more money to fight Islamic State militants. Brent, the international benchmark for crude, lost 32 cents, or 0.6 percent, to close at $51.46 a barrel. Its session low was $50.50. U.S. West Texas Intermediate (WTI) crude declined 33 cents, or 0.7 percent, to end at $50.52.
read more... 25/10/2016
Crude oil ended up on Friday on hopes that Russia and OPEC will reach a deal at the weekend aimed to keep crude above $50 a barrel, although traders worried about pressure from a double-digit increase in the U.S. oil rig number. Brent rose 40 cents, or 0.8 percent, to settle at $51.78. For the week, it ended flat. U.S. West Texas Intermediate crude climbed 22 cents, or 0.4 percent, to end at $50.85 a barrel. WTI reached a July 2015 high of $51.93 on Wednesday and ended the week 1 percent higher.
read more... 24/10/2016
Oil prices closed down more than 2 percent on Thursday, as a reviving dollar spurred players to take profit on the previous day’s hike that drove U.S. crude to 15-month highs. The dollar reached seven-month high against a basket of currencies. Benchmark Brent crude for December delivery eased $1.29, or 2.5 percent, to settle at $51.38 per barrel. U.S. West Texas Intermediate (WTI) crude's November contract, which expired as the front-month, declined $1.17, or 2.3 percent, to end at $50.43. WTI's December contract, which will be front-month from Friday, shed $1.19 to settle at $50.63.
read more... 21/10/2016
Crude oil prices rallied over 2 percent on Wednesday, with WTI crude reaching the highest level in 15 months after the government unveiled an unexpected large decline in stockpiles for the sixth week out seven. London-traded Brent crude rose by 99 cents, or 1.9 percent, at $52.67. U.S. WTI crude for November delivery settled up $1.31, or 2.6 percent, at $51.60 a barrel for its highest settlement since July 14. Its session high of $51.93 was the highest in 15 months.
read more... 20/10/2016