Oil prices bounced off from losses chalked up the session before, but the market remained under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production, as Reuters reported earlier today. Brent crude futures, the international benchmark for oil, were at $50.99 per barrel at 0621 GMT, up 0.7% from…
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Oil prices accelerated today after U.S. data showed a surprise decline in inventories, suggesting that a global glut may be ending after moves by OPEC to cut production. Benchmark Brent crude oil LCOc1 was up 70 cents a barrel at $56.54 by 1025 GMT, recovering from a drop of 82 cents on Wednesday. U.S. light crude…
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Oil prices started to accelerate more than 1% today after the International Energy Agency (IEA) announced record initial compliance by Organization of the Petroleum Exporting Countries (OPEC) members implementing last year's landmark deal to curb output in an effort to prop up global oil prices. Members of OPEC made production cuts in January equating to…
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Oil prices edged higher on Friday as output cuts by OPEC members met with lingering concern that other producers could try to shirk their share of planned decreases aimed at curbing global oversupply, as reported by Reuters earlier today. Brent crude futures LCOc1 were trading at $57.20 per barrel at 1229 GMT (7:29 a.m. ET),…
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Organization of the Petroleum Exporting Countries (OPEC) meeting began on Wednesday in Vienna. Oil producers will try to agree on a production cut to bolster prices which have plunged by more than half since 2014, with Iran and Iraq resisting pressure from Saudi Arabia to participate fully in any action, as reported by Reuters. On…
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Oil prices were set for sixth straight day of declines this Friday, dragged lower by a surge in U.S. crude inventories, timid demand and doubts over the ability of producers to coordinate output cuts. Brent crude futures were at $46.21 per barrel at 0740 GMT, meaning they were down with 14 cents from their last close.…
Read moreOil prices hit a one-year high on Monday after Russian president Vladimir Putin mentioned that Russia was ready to sign on to an OPEC deal to cap production. A day later prices slipped as the International Energy Agency announced that global oil supplies have increased last month. Goldman Sachs analysts shared in a Tuesday note: An agreement to cut…
Read moreMarshall Gittler, Head of Investment Research for FXPRIMUS, takes an interesting look at where crude oil prices are heading. Oil prices were collapsing earlier this year before recovering more than 60% from their February lows. Will oil prices keep rising? Will oil prices remain volatile? What is happening with oil demand in China and India?…
Read more“The drop of Brent Crude oil prices to 50 USD per barrel will likely lead to the dollar growing to 64 rubles in the short term. Moreover, S&P's lowering of its rating for the Russian Federation to below "BBB-" in January may provoke a massive sell-off of Russian assets" - Sergey Kochergin, Senior Analyst, EXNESS
Read moreCME Group, the world's leading and most diverse derivatives marketplace, today announced it reached trading volume and open interest records for its NYMEX Brent (BZ) crude oil futures contracts on Friday, July 11, 2014. Open interest for NYMEX Brent set a record of 101,425 on July 11, surpassing the 100,000 contracts milestone for the first…
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