Oil prices fell on Wednesday after a rise in U.S. crude inventories and ongoing high output from OPEC producers revived concerns of a fuel supply overhang. Brent crude futures , the international benchmark for oil prices, were at $48.64 per barrel at 0613 GMT, down 20 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.22 per barrel, down 18 cents, or 0.4 percent. U.S. crude stocks rose last week, adding 1.6 million barrels in the [Read more]
Oil dips on rising U.S. crude inventories, high OPEC supplies
Oil prices fell on Wednesday after a rise in U.S. crude inventories and ongoing high supplies from producer club OPEC revived concerns of a fuel supply overhang. Brent crude futures , the international benchmark for oil prices, were at $48.73 per barrel at 0128 GMT, down 11 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.28 per barrel, down 12 cents, or 0.3 percent. U.S. crude stocks rose last week, adding 1.6 million barrels in the [Read more]
Oil rises on strong demand, falling Saudi exports
NEW YORK (Reuters) - Oil prices rose slightly on Tuesday as Saudi exports fell and solid demand soaked up some of what is seen as an oversupplied market, but Ecuador's decision to opt out of a supply reduction pact complicated the outlook for the OPEC-led cut agreement. Benchmark Brent crude LCOc1 settled up 42 cents to $48.84 a barrel, while U.S. light crude oil CLc1 settled up 38 cents to $46.40. "Saudi Arabia showed a reduction of output so there's a little bit of strength from the data [Read more]
Oil prices stable as strong demand meets ongoing supply glut
Oil prices were stable on Tuesday, supported by strong consumption but weighed by ongoing high supplies from producer club OPEC and also the United States. Brent crude futures , the international benchmark for oil prices, were at $48.55 per barrel at 0130 GMT, up 13 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.12 per barrel, up 10 cents, or 0.2 percent. In a sign of strong demand, data on Monday showed refineries in China [Read more]
Oil prices ease on signs of steady output from some producers
NEW YORK (Reuters) - Oil prices were about 1 percent lower on Monday as investors continued to await strong indications that an OPEC-led effort to drain a glut was proving effective but output increases in some top producers eased, keeping losses in check. Libya's national oil production stood at 1.03 million barrels per day (bpd), little changed from its level since the end of last month, an oil industry official said. U.S. drillers added two oil rigs in the week to July 14, bringing the [Read more]
Oil prices rise on strong China demand, signs of US output slowdown
Oil prices rose on Monday, supported by a slowdown in the growth of rigs looking for crude in the United States and because of strong refinery demand from China. Brent crude futures were at $49.10 per barrel at 0454 GMT, up 18 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.70 per barrel, up 16 cents, or 0.3 percent. Both benchmarks extended gains from strong performances last week. Analysts said the rising prices were a [Read more]
Oil prices firm on signs of U.S. production slowdown
Oil prices firmed on Monday, supported by a slowdown in new rigs looking for crude and a perception of strong demand. Brent crude futures , the international benchmark for oil prices, were at $49.08 per barrel at 0126 GMT, up 17 cents, or 0.35 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.70 per barrel, up 16 cents, or 0.34 percent. Both crudes extended gains from a strong previous week. Traders and analysts said the rising prices were a [Read more]
In search for new CEO, Cenovus seeks fresh blood for old path
Cenovus Energy Inc's search for a new chief is focusing on external candidates with strong technical skills to help stabilize a company whose shares have nearly halved after an unpopular acquisition. The Canadian crude producer is working with executive recruitment firm Korn/Ferry International to find a replacement for outgoing Chief Executive Brian Ferguson, who was an accountant by profession, sources familiar with the matter told Reuters. Cenovus made a transformational [Read more]
U.S. drillers add oil rigs for 2nd week in a row -Baker Hughes
U.S. energy firms added oil rigs for a second week in a row as the drilling recovery continues into a 14th month, but the pace of additions has slowed to its lowest this year amid weak crude prices despite OPEC-led efforts to end a global supply glut. Drillers added two oil rigs in the week to July 14, bringing the total count up to 765, the most since April 2015, Baker Hughes energy services firm said in its closely followed report on Friday. That compares with 357 active oil rigs during [Read more]
Oil edges lower on high fuel inventories, industry efficiency
Oil markets edged lower on Friday amid high fuel inventories and improving industry efficiency, but remained on track for a solid weekly gain, Brent crude futures , the international benchmark for oil prices, were down 19 cents, or 0.4 percent, at $48.23 per barrel at 0709 GMT. They have risen about 3.5 percent so far this week. U.S. West Texas Intermediate (WTI) crude futures were at $45.93 per barrel, down 15 cents, but heading for a 3.8-percent gain over the week. Crude prices are still [Read more]