U.S. #crude #oil fell sharply on Tuesday (May 29), tacking on more losses as the market sold off ahead of an #OPEC meeting that could see major producers lift output caps that have been in place since Jan 2017. #SaudiArabia and #Russia, 2 of the world's top 3 producers, have recently signaled that OPEC and its allies could decide at a June 22 gathering in Vienna to begin exiting their supply cutting agreement. The prospect of lost exports from #Iran in the face of renewed U.S. sanctions and falling output in crisis-afflicted #Venezuela is coaxing the producers to start winding down the historic deal.

U.S. #WestTexasIntermediate crude futures fell as much as 3% on Tuesday, posting a fifth straight day of losses after hitting a 3½-year high last week. The contract ended the session down $1.15, or 1.7%, at $66.73 a barrel. Meanwhile, #Brent crude futures stabilized, rising 12 cents to $75.42. The international benchmark for oil prices tumbled 5.6% over the last 3 sessions, slipping further from a 3½-year high at $80.50.


#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI
US crude tumbles 1.7%, settling at $66.73, as OPEC looks poised to ease output capshttps://www.cnbc.com/2018/05/29/oil-prices-keep-selling-off-as-opec-looks-poised-to-ease-output-caps.html

#Oil prices were mixed in Asian trading on Tuesday (May 29), but remained under pressure from expectations that #SaudiArabia and #Russia would pump more crude to ease a potential shortfall in supply. #Brent #crudefutures were up 31 cents, or 0.41%, at $75.61 a barrel, after settling at their lowest since May 8 at $75.30. U.S. #WestTexasIntermediate (WTI) crude was down $1.05, or 1.55%, at $66.83 a barrel, sitting around its lowest since April 17.

Concerns that Saudi Arabia and Russia could boost output have put downward pressures on oil prices, along with rising oil production in the United States. Saudi Arabia and Russia have discussed raising #OPEC and non-OPEC oil production by some 1 million barrels per day to make up potential supply shortfalls from #Venezuela and #Iran.


#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI
Oil prices mixed but expected output increase drags
https://www.reuters.com/article/us-global-oil/oil-prices-mixed-but-expected-output-increase-drags-idUSKCN1IU02M

#Oil prices fell on Monday (May 28), extending a steep decline in the previous session, as the market eyed an increase in output from the world's three top crude producers, #Russia, the #UnitedStates and #SaudiArabia. #Brent #crudefutures were at $75.34 per barrel (Asia), down $1.10, or 1.4%, from their last close. U.S. #WestTexasIntermediate crude futures were at $66.31 a barrel, down $1.57, or 2.3%. Brent and WTI have fallen by 6.4% and nearly 9% respectively from peaks reached earlier in May. In China, Shanghai crude oil futures tumbled by 4.5% to 459 yuan ($71.83) per barrel.


#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI #INE
Oil prices fall as top three producers look to boost supplies
https://www.investing.com/news/commodities-news/oil-prices-fall-as-supply-from-top-three-producers-set-to-rise-1464618

The US benchmark West Texas Intermediate (WTI) crude for June's delivery fell USD0.11 to settle at USD72.13 a barrel on the New York Mercantile Exchange. #OilPrices #WestTexasIntermediate #BrentCrude

#Oil prices fell on Friday (May 18), but #Brent #crude was on track for a sixth straight week of gains, boosted by plummeting Venezuelan production, strong global demand and looming U.S. sanctions on Iran. Brent futures for July delivery fell 26 cents, 0.3 percent, to $79.04 a barrel. The global benchmark on Thursday broke through $80 for the first time since November 2014, and investors anticipate more gains due to supply concerns, at least in the short-term. Brent has gained about 20% since the start of the year. U.S. #WestTexasIntermediate (WTI) crude futures for June delivery dropped 21 cents to $71.28 a barrel, a 0.3% loss. The contract was on track for a third straight week of gains.


#Commodities #CommodityMarket #CommodityPrices #OilFutures #CrudeOil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #WTI
Oil prices fall, Brent set for sixth week of gains
https://www.reuters.com/article/us-global-oil/oil-prices-set-for-sixth-week-of-gains-india-sounds-alarm-idUSKCN1IJ022

March #WestTexasIntermediate crude rose $1.03, or 2%, to settle at $53.78 (Jan 26) a barrel on the New York Mercantile Exchange - the highest settlement since Jan. 6, according to FactSet data. #Brent crude for March delivery added $1.16, or 2.1%, to $56.24 a barrel.

The #OPEC and Russian officials said they were making good progress on their pledges to cut back oil production - with 24 #oil producers making collective cuts totaling 1.5 million barrels a day - over 80% of the total pledged. The U.S. Energy Information Administration reported Wednesday that domestic oil inventories rose 2.8 million barrels in the week ended Jan. 20 - their third-straight weekly rise.


#Commodities #CommodityMarket #CommodityPrices #OilFutures #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #OilGlut #CrudeOil
Oil jumps to a nearly 3-week high as output cuts take hold
http://www.marketwatch.com/story/oil-prices-rebound-as-investors-shrug-off-another-jump-in-us-inventories-2017-01-26

July #WestTexasIntermediate crude lost 39 cents, or 0.8%, to settle at $48.49 a barrel on the New York Mercantile Exchange. That was the fourth consecutive decline in a row and marked the lowest finish since May 23. August #Brent crude on London’s ICE Futures exchange lost 52 cents, or 1%, to $49.83 a barrel.

The IEA released its first demand-growth forecast for 2017, for 1.3 million barrels a day to total 97.4 million barrels a day. But the IEA warned that should supply be restored in #Nigeria and #Canada, there could be a dip in prices. Nigerian output fell 250,000 barrels a day to 1.37 million barrels a day in June, levels not seen in almost 30 years.

#Commodities #CommodityMarket #CommodityPrices #OilFutures #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket
#Oil futures retreat, settle at a 3-week low
http://www.marketwatch.com/story/oil-prices-hover-below-50-as-us-stockpiles-come-into-focus-2016-06-14

December #WestTexasIntermediate crude climbed by 54 cents, or 1.1%, to settle at $49.72 a barrel (Oct 27) on the New York Mercantile Exchange after tallying a loss of more than 3% over the last 3 trading sessions. Prices settled at a 3-week low of $49.18 on Wednesday. December #Brent #crude on London’s ICE Futures exchange tacked on 49 cents, or 1%, to $50.47 a barrel. The oil market may get a better idea on the progress of OPEC’s proposed plan to curb production to between 32.5 million and 33 million barrels a day in the next few days.

The Energy Information Administration on Wednesday (Oct 26) reported that U.S. crude oil supply fell unexpectedly by 600,000 barrels for the week ended Oct. 21. Among the products traded on #Nymex Thursday, November #gasoline rose less than half a cent to $1.487 a gallon, while November #heatingoil added 1.9 cents, or 1.2%, to $1.570 a gallon.

#Commodities #CommodityMarket #CommodityPrices #OilFutures #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #OilCompanies #CrudeOil
Oil logs first gain in 4 sessions on fresh hopes for an output deal
http://www.marketwatch.com/story/oil-prices-steady-as-markets-ignore-us-supply-data-focus-on-opec-2016-10-27

#WestTexasIntermediate crude, the U.S. benchmark, and #Brent crude, the global benchmark, both jumped by more than 2% to notch one-month highs in electronic trade after U.S. warships launched more than 50 Tomahawk missiles in an attack on a Syrian airfield.

Military action in the Middle East, which accounts for around 40% of global oil production, always carries the risk of pushing up #oil prices. But Syria, following years of bitter civil war, produces virtually no oil - down from around 400,000 barrels a day in 2010, according to Thomas Pugh, commodities economist at Capital Economics.


#Commodities #CommodityMarket #CommodityPrices #OilFutures #Oil #CommoditiesTrading #OilIndustry #OilandGas #OilProduction #OilPrices #OilTrading #OilMarket #OilGlut #CrudeOil
Does oil deserve a ‘risk premium’ after Syria airstrike?
http://www.marketwatch.com/story/does-oil-deserve-a-risk-premium-after-syria-airstrike-2017-04-07

March #WestTexasIntermediate crude settled at $31.62 a barrel, down $2, or 6%, on the New York Mercantile Exchange. The decline came after oil posted a gain of roughly 10.8% over the past 4 trading sessions in a row. April #Brent crude on London’s ICE Futures exchange fell $1.75, or 4.9%, to $34.24 a barrel. Last week, #oilprices rose on speculation #Russia and #SaudiArabia were considering cuts in output to support prices. The gains soon evaporated after officials from the #OPEC  refuted such claims.

#Commodities #CommodityMarket #CommodityPrices #CommoditiesTrading #OilIndustry #OilProduction #OilGlut #OilandGas #OilMarket #OilTrading #OilExploration  #Oil 
#Oilfutures suffer first decline in 5 sessions
http://www.marketwatch.com/story/oil-sags-on-china-data-production-cut-doubts-2016-02-01