Oil prices fell nearly 2 percent on Monday, pulling back from last week's rally built on signs the global market is starting to rebalance from chronic oversupply. Brent crude futures lost 2 percent, or $1.07, at $51.65 a barrel as of 12:01 p.m. EDT, after surging more than 3 percent on Friday. U.S. West Texas Intermediate crude futures fell 1.9 percent, or 90 cents, to $47.63 a barrel. The contract had also risen 3 percent in the previous session. "We are currently seeing some profit-taking [Read more]
Canadian oil sands producers: Heady days may not last long
Canadian oil sands producers such as Cenovus and MEG Energy impressed investors in the second quarter as prices of heavy crude rose, but those gains are expected to be short-lived. Most of these companies are expected to book losses or post sharp drops in profit in the coming quarters as prices take a hit from a spike in oil sands production and costs rise due to a lack of pipeline capacity. Demand for heavy crude extracted from Canadian oil sands surged in the past few months as U.S. [Read more]
Oil prices fall after rally encourages profit-taking
Oil prices fell on Monday as a rally at the end of last week prompted investors to close positions at a higher price, against a backdrop of signs the global market is starting to rebalance. Benchmark Brent crude futures were down 15 cents at $52.57 a barrel at 1214 GMT, after surging more than 3 percent in the previous session. U.S. West Texas Intermediate crude futures traded at $48.50 a barrel, down 1 cent. The contract had also risen 3 percent in the previous session. "We are currently [Read more]
U.S. drillers cut oil rigs for second week in three – Baker Hughes
U.S. energy firms cut oil rigs for a second week in three, data showed on Friday, with drillers cutting spending plans in reaction to declining crude prices. Drillers cut five oil rigs in the week to Aug. 18, bringing the total count down to 763, General Electric Co's Baker Hughes energy services firm said in its report on Friday. That compares with 406 active oil rigs during the same week a year ago. Drillers have added rigs in 56 of the past 64 weeks since the start of June 2016. The [Read more]
Oil nudges higher on tightening supplies, weak dollar
Oil prices edged higher on Friday, with investors offered some encouragement from data hinting that oversupply was easing steadily and a weaker dollar. But prices were still on track to close the week 2 to 3 percent lower after concerns about weaker Chinese oil demand weighed earlier in the week. At 1152 GMT, benchmark Brent crude futures were up 6 cents at $51.09 a barrel on the day but still about 2 percent lower on the week. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 11 [Read more]
Oil steady as high U.S. output balances crude stock draw
Oil prices steadied on Thursday after U.S. data showed a big fall in crude stockpiles but also an increase in production, taking U.S. crude output to its highest in more than two years. Brent crude was down 10 cents at $50.17 a barrel by 1245 GMT. U.S. light crude was 15 cents lower at $46.63. Both benchmarks fell more than 1 percent on Wednesday. Energy Information Administration (EIA) data showed commercial U.S. crude stocks have fallen by almost 13 percent from their peaks in March to [Read more]
Oil dips despite steep draw in U.S. crude stocks
NEW YORK (Reuters) - Oil prices fell on Wednesday even though U.S. crude stockpiles declined by the most in a year, as the government also reported that domestic crude production was edging higher. U.S. crude inventories dropped for a seventh consecutive week, falling 8.95 million barrels last week to 466.5 million barrels to their lowest since January 2016. Including emergency reserves, crude stocks were at 1.15 billion barrels, the lowest levels since October 2015, the Energy Information [Read more]
Oil edges up on bets on falling U.S. crude stocks
Oil prices edged up on Wednesday, lifted by hopes U.S. crude inventories declined for a seventh straight week, although markets were still restrained by excess supply. The U.S. government's Energy Information Administration was due to release stocks data on Wednesday after industry group the American Petroleum Institute said on Tuesday it believed crude inventories fell by 9.2 million barrels in the week to Aug. 11. That compared with analysts' expectations for a decrease of 3.1 million [Read more]
Oil prices settle flat after testing three-week lows
NEW YORK (Reuters) - Oil prices settled little changed on Tuesday after slumping to three-week lows as the U.S. dollar climbed and signs of weaker petroleum demand in China weighed the market down for a second day. Benchmark Brent crude LCOc1 settled up 7 cents a barrel at $50.80, after retreating to $50.02 during the session. U.S. light crude settled down 4 cents at $47.55, off a session low of $47.02, the lowest since July 25. Brent and U.S. crude reached two-month highs in early August but [Read more]
Oil slips on strong dollar, OPEC and China weigh
Oil prices slipped on Tuesday, extending a heavy sell-off after a surge in the dollar and weighed down by signs of weaker demand in China, the world's second-largest consumer. Benchmark Brent crude LCOc1 was down 40 cents at $50.33 a barrel by 1230 GMT. U.S. light crude CLc1 was 30 cents lower at $47.29. Chinese oil refineries operated in July at their slowest daily rates since September, official data showed. The drop was steeper than expected, raising concerns over the state of Chinese [Read more]