News Oil 

Lime electric-assist bikes to launch in London boroughs of Brent and Ealing

“Electric-assist Lime bikes will be available in London for the first time from Friday” reports techdigest.tv. A fleet of 1,000 Lime e-bikes is to be placed throughout the boroughs of Brent and Ealing, where they can be hired and unlocked via a smartphone app.The dockless bikes cost £1 to unlock and 15p per minute of ride time.The London rollout follows the introduction of the bikes in Milton Keynes last month. Source: techdigest.tv Share This:

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Oil bounces by $1 per barrel after 6-percent plunge, but outlook still weak

“International Brent crude oil futures were at $63.60 per barrel at 0516 GMT, up $1.07 per barrel, or 1.7 percent from their last close” writes Midwest Communications Inc for 95kqds.com. U.S. crude oil production has jumped by almost a quarter this year, to a record 11.7 million bpd largely because of a surge in shale output.”A recovery in prices will… require that the Brent forward curve returns into backwardation from its sudden and significant flattening,” Goldman said.The Brent forward curve was in steep backwardation in October, implying a tight market…

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News Oil 

Oil prices fall into bear market on rising supply, economic concerns

“Front-month Brent crude oil futures were at $70.69 a barrel, 4 cents above their last close” reports cnbc.com. U.S. West Texas Intermediate (WTI) crude oil futures were at $65.60 per barrel at 0509 GMT, down 4 cents, or 0.1 percent from their last settlement.”As OPEC exports continue to rise, inventories continue to build which is putting downward pressure on oil prices,” analysts at Bernstein Energy said.Reuters technical commodity analyst Wang Tao said on Friday that “Brent oil may slide further into a range of $68.59-$69.69 per barrel.”. “Oil prices continue…

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Oil prices down 20 percent in a month as fundamentals weaken

“As OPEC exports continue to rise, inventories continue to build which is putting downward pressure on oil prices,” analysts at Bernstein Energy said” writes Midwest Communications Inc for 95kqds.com. U.S. West Texas Intermediate (WTI) crude oil futures were at $61.63 per barrel at 0125 GMT, down 4 cents from their last settlement.Reuters technical commodity analyst Wang Tao said on Friday that “Brent oil may slide further into a range of $68.59-$69.69 per barrel.”. Front-month Brent crude oil futures were at $70.79 a barrel, 14 cents above their last close However,…

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Markets News Oil 

The oil rout just became a bear market for U.S. crude

“A five-week rout for oil prices turned into a bear market Thursday for the U.S. crude benchmark, ending the longest bull run since 2015” writes Deputy Markets Editor for marketwatch.com. After falling into bear territory, oil won’t enter a bull market until it rises 20% from its bear-market low.The close left U.S. oil down 21% from its Oct. 3 peak, meeting a widely applied definition of a bear market as a pullback of 20% from a recent high.The bull market was the longest since a 350-day run that ended on…

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Utah mayor Brent Taylor killed in latest Afghanistan ‘insider attack’

“A Utah mayor was killed in Afghanistan during an “insider attack” while serving with the Utah National Guard in Kabul, the second deadly such attack in the war-torn country in less than a month” writes John Bacon for thedailyjournal.com. Initial reports indicated the attacker was killed by other Afghan Forces, the Pentagon said. Source: thedailyjournal.com Share This:

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Markets News Oil 

Brent oil prices dips on rising supply, global market woes

“One is high oil prices, and in many countries they’re directly related to consumer prices” reports businessinsider.com. Front-month Brent crude oil futures were at $77.05 a barrel at 0428 GMT, down 29 cents, or 0.4 percent, from their last close.High oil prices are hurting consumers and could dent demand, the executive director of the International Energy Agency (IEA) said on Tuesday.”There are two downward pressures on global oil demand growth.That’s an increase of 10 million bpd since the start of the decade and means that these three producers alone now…

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Oil extends declines as Saudi Arabia commits to meet demand

“Beyond the pledge by Saudi Arabia, oil prices are also being weighed down by economic concerns” reports cnbc.com. Front-month Brent crude oil futures were at $76.37 a barrel at 0031 GMT, 7 cents below their last close.”Oil prices fell substantially… as Saudi Arabia released assurances it could supply more to the global market,” Australia’s Rivkin Securities said.Morgan Stanley said “recent trends in refining margins, time spreads and inventories suggest a spell of weakness in oil markets.”. Oil prices on Wednesday extended falls from the previous day, when crude slumped as…

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Markets News Oil Stocks 

Energy stocks get whacked after OPEC says oil is ‘well supplied’

“But Barkindo said there were many non-fundamental factors influencing the oil market that were beyond oil producers’ control” writes Ethel Jiang for businessinsider.com. Brent crude dropped 3% on the news, sending shares of oil producers such as ExxonMobil and Chevron Corporation down more than 3%.Oil prices have rallied this year as market watchers expect that US sanctions on Iran, OPEC’s third-largest oil producer, will reduce oil supplies.Oil stocks took a beating Thursday after OPEC said its production rose in September, easing concerns about a drop-off in Iranian barrels as US…

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EIA lifts oil-price and U.S. crude output expectations for this year and next

“The EIA increased the domestic crude output forecast by 0.8% to 10.74 million barrels a day this year, and lifted the 2019 view by 2.2% to 11.76 million barrels a day” writes Markets Commodities Reporter for marketwatch.com. The EIA also raised its average Brent forecast by 2.2% to $74.43 this year, and by 1.9% to $75.06 next year.The U.S. Energy Information Administration on Wednesday raised its 2018 and 2019 price forecasts on West Texas Intermediate and Brent crude oil prices and U.S. production expectations for this year and next.November WTI…

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