Saudi, Russia cutbacks buoy oil bulls, but respite from frackers won’t last
Saudi Arabia and Russia said they favour prolonging oil-output cuts by global producers through the end of the first quarter of 2018.
oil futures
Refineries slow as OPEC and fracking brings in more crude
A US government report shows that US refineries unexpectedly reduced operating rates while stockpiles of crude at the nation’s largest hub rose.
Oil drops to 6-year low, Asia stocks rise
Oil extended losses to a seventh day, with prices heading toward a bear market, with data projected to show the record U.S. stockpile expanding before the Federal Reserve’s monetary policy decision.
OPEC chief: After July, oil market will be back in balance
Crude has lost half its value since June as U.S. producers pumped oil at the fastest pace since 1983. Prices collapsed after OPEC’s decision on Nov. 27 to maintain production rather than sacrifice market share in the face of a glut.
Japanese stocks, US bond yields fall on growth concerns
Japanese stocks skid to two-month lows on Tuesday as heightened concerns about the health of the world economy unnerved investors, triggering a shift in funds to safe havens such as U.S. bonds.
Brent inches up towards $103, but supply glut caps gains
By Florence Tan SINGAPORE (Reuters) – Brent crude edged up towards $103 a barrel on Tuesday, rising for a second session, although persistent supply pressure and weak economic data in major consumer countries curbed gains. The benchmark is set for a second monthly decline in August as slow growth in China and Europe has curbed oil demand and led to … Read more
Brent pushes above $108 after plane downed in Ukraine
By Keith Wallis SINGAPORE (Reuters) – Brent futures climbed above $108 a barrel on Friday, extending sharp overnight gains amid heightened geopolitical concerns after a Malaysian jetliner was shot down over eastern Ukraine. Oil prices on both sides of the Atlantic surged about 2 percent on Thursday, recovering from a weeks-long decline, on news of the … Read more
Brent holds above $111, US oil in longest losing streak since 2009
By Manash Goswami SINGAPORE (Reuters) – Brent futures held steady above $111 a barrel on Friday on signs of an improving demand outlook, although the benchmark is still set to post its biggest weekly loss since early January as supply worries that have rattled oil markets for weeks recede. U.S. oil futures are down for … Read more