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Daily: Crude oil rocketed over 10% after OPEC’s decision to cut production
Crude oil prices surged over 10 percent on Wednesday to over $50 a barrel and its highest in a month as some of the world’s biggest producers agreed to limit production for the first time since 2008 in a bid to prop up prices. Yesterday, OPEC decided to slash production from January by around 1.2 million barrels per day (bpd), or over 3 percent, to 32.5 million bpd. U.S. West Texas Intermediate crude futures for January delivery rose by $4.21 to close at $49.44 a barrel, posting a 9.6 percent gain. They earlier rallied 10 percent, the largest one-day hike since February. Brent crude futures for January delivery climbed $4.09 a barrel or 8.82 percent to end at $50.47 a barrel. The contract expires Wednesday, and the February contract soared 8.9 percent to $51.51.
read more... 01/12/2016
Daily: Crude oil plunges nearly 4% on doubts aver OPEC output reduction
Crude oil prices decreased by about 4 percent on Tuesday as OPEC’s top oil exporters struggled to agree on a deal to limit production in order to increase prices, with Iran and Iraq in dispute with Saudi Arabia a day ahead of the meeting. Brent futures lost $1.86, or 3.9 percent, to close at $46.38 a barrel, while U.S. crude shed $1.85, or 3.9 percent, to end at $45.23. That was the largest daily percentage decline for Brent since September.
read more... 30/11/2016
Maersk, Dong Energy mull $10 bln oil merger
Danish companies Maersk and Dong Energy envisage a $10 billion merger of their oil and gas operations to shore up their defenses against low oil prices.
read more... 29/11/2016
Daily: French spot electricity price surges over 70 euros as temperatures fell
Crude oil prices firmed more than 2 percent on Monday in volatile trading, recovering losses as the market reacted to uncertain conditions that top producers will be able to agree on output reductions at a meeting on Wednesday. U.S. West Texas Intermediate crude futures rose $1.02, or 2.21 percent to settle at $47.08 a barrel. Brent crude gained $1.00, or 2.12 percent, to close at $48.24 a barrel. In post-settlement trading, oil futures paired gains on reports that OPEC experts did not agree on the details of a deal to curb production.
read more... 29/11/2016
Daily: Crude oil down 4% amid OPEC reduction uncertainty
Crude oil prices tumbled nearly 4 percent on Friday, pulled out by uncertainty over whether the OPEC producers will reach an output deal after Saudi Arabia stated it will not attend talks on Monday with non-OPEC members to discuss supply reduction. Brent crude futures closed at $47.24 a barrel, down $1.76 or 3.59 percent. U.S. crude futures ended down $1.90 a barrel at $46.06, posting a 3.96 percent loss. Prices continued to decline in post-settlement trading, declining as low as $45.88 a barrel.
read more... 28/11/2016