News Oil 

Are the Days of Low Oil Prices Receding?

“Rising crude oil prices have translated into modestly higher prices for consumers” writes Stanley Reed for nytimes.com. Others say that higher prices could just encourage more supply, for example by shale oil producers in the United States, which would keep prices from escalating.There seems a good chance that oil prices will push at least modestly higher over the next few years. Source: nytimes.com Share This:

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Markets News Oil 

Oil headed to $10? China may be in the driver’s seat

“Cunningham was expanding on a prediction made by Chris Watling, who believes growing interest in alternative energy fuels could drive oil prices to $10 a barrel over the next six to eight years” writes Markets Reporter for marketwatch.com. He rattles off a number of signs of China’s electric-car gear-up, such as big planned investments and a growing clampdown on autos that cloud its skies with pollution. “It will only take a small change in oil demand to upend price forecasts.That synchronized global uptrend is looking pretty intact, with almost every…

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News Oil Reviews 

Oil Daily Review October 16, 2017

Oil Daily Review for October 16, 2017 Oil prices end at a 2-week high, up more than 4% for the week A previous version had the incorrect direction for prices in the headline. It has been corrected. Oil prices finished at their highest level in two w   Baker Hughes reports a second-straight weekly decline in U.S. oil-rig count Baker Hughes BHGE, -0.56% on Friday reported that the number of active U.S. rigs drilling for oil fell by 5 to 743 this week after posting a fall of 2  …

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News Oil 

Oil prices could see prolonged rally on Iraqi and Kurdish tensions, expert says

“Stephen Brennock, oil analyst at PVM Oil Associates, described Monday’s rally in oil prices as a “knee-jerk reaction” but warned, “it may well have the legs to go the distance if the situation worsens.”” writes unknown author for cnbc.com. Intensifying tensions between Iraqi and Kurdish forces in the oil-rich region of Kirkuk could prompt a sustained rally in oil prices, an analyst told CNBC on Monday.Oil prices reacted strongly to the reports in Iraq during mid-morning deals, with Brent crude rising 1.4 percent to $57.97 a barrel. Source: cnbc.com Share This:

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News Oil 

Iraqi forces launch ‘major, multi-pronged’ attack on Kurdish-held Kirkuk causing ‘lots of casualties’

“The United States has supplied and trained Iraqi federal forces and the peshmerga, both of which are fighting the Islamic State group” writes Asif Shahzad for businessinsider.com. KIRKUK, Iraq (AP) — Iraqi Kurdish officials said early Monday that federal forces and state-backed militias have launched a “major, multi-pronged” attack aimed at retaking the disputed northern city of Kirkuk, causing “lots of casualties” in fighting south of the city.Bahzad Ahmed, a spokesman for Kurdish forces, said federal forces have seized an oil and gas company and other industrial areas south of…

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News Oil 

Oil rises as fighting escalates in Iraq’s oil-rich Kirkuk

“Kirkuk accounts for 200,000 barrels per day (bpd) of the some 600,000 bpd of oil produced in the KRG region” reports foxbusiness.com. The conflict heightened worries over oil exports.Prices tempered gains as an Iraqi oil ministry official said oil and gas production in Kirkuk was “proceeding normally”, and that Kurdish leaders had agreed to avoid fighting in oil and gas facilities.Oil markets jumped on Monday as Iraqi forced entered the oil city of Kirkuk, taking territory from Kurdish fighters and raising concerns over exports from OPEC’s second-largest producer.Analysts said that…

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Futures News Oil 

Oil jumps on fears of new Iran sanctions, Iraq conflict

“U.S. West Texas Intermediate (WTI) crude futures were trading at $51.89 per barrel, up 44 cents, or 0.9 percent” reports foxbusiness.com. Brent crude futures, the international benchmark for oil prices, were at $57.85 at 0356 GMT, up 68 cents, or 1.2 percent, from the previous close.During the previous round of sanctions against Iran, some 1 million barrels per day (bpd) of crude oil supplies were cut off global markets.Oil markets jumped on Monday on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq, while an…

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News Oil 

Oil rallies on China import boost, Mideast tensions

“OPEC-led cuts have breathed new life into oil bulls but unless the organization digs deeper, the drawdown in global oil stockpiles will soon fizzle out,” broker PVM’s Stephen Brennock wrote” reports foxbusiness.com. Oil prices firmed on Friday as bullish news from strong Chinese oil imports and tensions in the Middle East put Brent on track for a nearly 3 percent weekly gain.Chinese oil imports hit 9 million barrels per day (bpd) in September, data showed on Friday.Imports averaged 8.5 million bpd between January and September, solidifying China’s position as the…

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News Oil 

Oil rallies on Chinese import boost and Mideast tensions

“Oil prices firmed on Friday as bullish news from strong Chinese oil imports to turmoil in the Middle East put Brent on track for a more than 3 percent weekly gain” reports foxbusiness.com. Chinese oil imports hit 9 million barrels per day (bpd) in September, data showed on Friday.Imports averaged 8.5 million bpd between January and September, solidifying China’s position as the world’s biggest oil importer.”U.S. sanctions could cut off a lot of Iranian oil trade finance,” FGE President Jeff Brown told Reuters this week.Later on Friday, U.S. President Donald…

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