Markets News Oil 

Oil prices rise on signs of falling U.S. inventories

“The OPEC monthly oil market report is also scheduled for release in the morning” writes Markets Reporter for marketwatch.com. Prices for Brent crude oil, the global benchmark, pulled back Tuesday after rallying to a 2½-year high following news that a major North Sea pipeline would be shut down for weeks.Oil prices rose Wednesday after data from an industry group showed a decline in U.S. crude supplies, putting traders on watch for an official reading due later in the day.The system delivers almost 40% of the U.K.’s North Sea oil and…

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Brent Crude Prices Spike to July 2015 Highs Following Forties Pipeline Shutdown

“The shutdown will impact that largest input into the so-called ‘dated Brent’ crude mix that is used to settle around half of the worlds’ crude contracts” writes Nyc Port Authority for thestreet.com. The moves took Brent prices, which are used as the global benchmark, more than $7.20 higher than those for February delivery of West Texas Intermediate crude, which was marked at $58.41.Brent crude prices surged to the highest levels in more than two and a half years Tuesday, extending its premium over U.S. prices past $7 a barrel after…

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OPEC has given US shale producers a ‘Christmas gift,’ says Tom Kloza

“We may be at a record right now for shale,” Kloza said” writes unknown author for cnbc.com. “OPEC basically gave a Christmas gift to U.S. shale producers,” the company’s global head of energy analysis said this week on CNBC’s “Futures Now.”. “It establishes a stronger bottom for crude oil.”.  Source: cnbc.com Share This:

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Oil Benchmarks Part Ways as Keystone Woes Push WTI Higher While Brent Stalls

“Brent crude’s modest gain came as traders paused ahead of next week’s crucial OPEC-led meeting of oil exporters” writes Paul Whitfield for thestreet.com. Benchmark oil prices headed in opposite directions Friday as supply issues pushed the U.S.’s West Texas Intermediate sharply higher, while international benchmark Brent Crude dipped as traders nervously eyed next week’s crucial OPEC meeting.TRP expects shipments along the pipeline, which transports oil to the U.S. from Canada, will be down about 85% over November. Source: thestreet.com Share This:

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US crude extends rally to $58, first time since 2015

“U.S. crude rose to $58.05 a barrel, the highest since July 2015, before easing to $57.76, up 93 cents, by 1434 GMT. Brent crude, the global benchmark, was up 40 cents at $62.97” reports foxbusiness.com. LONDON, Nov 22 (Reuters) – Oil extended gains on Wednesday, with U.S. crude hitting $58 a barrel for the first time since July 2015 as a major pipeline cut Canadian crude flows to the United States, where inventories are expected to have fallen further.”There is a shortage of crude oil into the United States.Keystone, which carries 590,000 barrels per…

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Oil prices rally 1.5%, rebounding from 2-week low

“Oil prices moved firmly higher on Friday, rebounding from a two-week low but still not enough to save the West Texas Intermediate and Brent contracts from their first weekly losses in six weeks” writes Markets Reporter for marketwatch.com. For the week, however, crude oil was set for a 1.5% slump, while Brent has lost 2.6% since last Friday.In other energy products on Friday, gasoline RBZ7, +0.88%  climbed 0.9% to $1.73 a gallon, while heating oil rallied 1.1% to $1.9% a gallon.The dollar was Friday also hammered by concerns the probe…

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Rising oil prices might not be enough to lift these commodity currencies

“Indeed, commodity currencies only began their hesitant advance when the U.S. dollar began to lose ground on Monday” writes Anneken Tappe for marketwatch.com. Oil benchmarks topped their recent rally with the biggest one-day gain in almost a year on Monday, but crude-related currencies appeared hesitant to follow suit.Brent crude LCOF8, -0.82% the international oil benchmark, posted its best single-day performance since December 2016 on Monday, as concerns over political stability in Saudi Arabia—home to some of the world’s largest known oil reserves—took hold of the market. Source: marketwatch.com Share This:

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Oil prices near two-year highs as supply cuts bite

“Oil prices eased on Tuesday after a week of gains as the prospect of increasing U.S. exports dampened bullish sentiment that has driven Brent to more than two-year highs above $60 per barrel” reports foxbusiness.com. U.S. crude production has risen almost 13 percent since mid-2016 to 9.5 million barrels per day (bpd).”The large differential has opened the door on regional arbitrage, driving a spike in U.S. crude exports over recent weeks,” BMI Research said in a note.Iraq’s move to increase oil exports from its southern ports by 220,000 barrels per…

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Markets News Oil 

U.S. oil hits 8-month high, Brent pushes above $60

“Oil prices extended gains Monday, with the global crude benchmark pushing further above $60 a barrel to levels not seen in more than two years and the U.S. benchmark crude trading at an eight-month high” writes Markets Commodities Reporter for marketwatch.com. A surge for oil prices last week stemmed from speculation that the Organization of the Petroleum Exporting Countries and other major producers will agree to extend their production-cut deal through the end of the next year.U.S. benchmark West Texas Intermediate crude for December delivery CLZ7, -0.04%  gained 22 cents,…

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Analysts Are Suddenly Bullish On Oil Again

“Regarding U.S. oil production growth, RBC Capital Markets differs from Allianz and Jefferies and is optimistic on American oil production at least until 2019” reports etfdailynews.com. RBC Capital Markets also raised its oil prices forecasts for next year–albeit by just a dollar or two.From Tsvetana Paraskova : Just a few of months ago, analysts and investment banks  slashed  their oil price forecasts as OPEC’s production cuts drew down the global oil oversupply slower than initially expected, and rising U.S. shale production capped any short-lived oil price gains.While banks and analysts…

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