Markets News Oil 

Trump can’t do much more than tweet about high oil prices if OPEC’s power play with Russia holds: Yergin

“They are going to continue to squeeze” oil prices higher” writes Matthew J for cnbc.com. Yergin, vice chairman of consultancy group IHS Markit, said he’s not surprised that Trump jumped on the higher oil prices, which usually means higher gas prices at the pump.Saudi Arabia’s oil minister told CNBC on Friday that a dramatic upswing in crude prices was little reason to become complacent.But even as President Donald Trump on Friday blasted the cartel for keeping oil prices “artificially” high, there are few options for the White House to fight…

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News Oil 

Trump blasts OPEC, says cartel is keeping oil prices ‘artificially very high’ and that ‘will not be accepted’

“With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!” writes John Melloy for cnbc.com. WTI oil prices hit a three-year high above $69 a barrel this week and were still trading above $68 on Friday. Oil prices retreated from their highs following Trump’s tweets: WTI crude was down 0.5 percent and Brent was 0.6 percent lower.The international benchmark, Brent crude, was above $73 on Friday after also hitting its highest level since November 2014 this week.President Donald…

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Markets News Oil Regulators 

There’s an ‘interesting phenomenon’ happening with crude, and it could be sending a signal to bonds

“We have this interesting phenomenon where crude oil is highly correlated to the direction of inflation expectations,” Bilello told CNBC’s “Trading Nation” on Thursday” writes unknown author for cnbc.com. The Federal Reserve is sure to hike interest rates again this year, but the key question is how many times.Since 2016, crude oil has made a roughly 160 percent advance, picking up speed this year, and inflation expectations have risen alongside it.From 2014 to 2016, for example, when the oil glut pushed crude below $30 a barrel, inflation expectations also tumbled.”The…

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News Oil 

Oil falls after Trump goes after OPEC in a tweet

“Crude futures steadied on Friday, recovering from a sharp drop after President Donald Trump suggested in a tweet that OPEC is keeping oil prices artificially high” writes Tom Dichristopher for cnbc.com. U.S. West Texas Intermediate crude oil prices were up 4 cents at $68.37 a barrel, after dropping as low as $67.50 after Trump’s tweet. However, oil market watchers said it’s unlikely Trump would use the reserve as a means of countering OPEC’s production cuts.The prolonged oil price rout heaped pressure on nations like Saudi Arabia that depend on oil…

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Futures News Oil 

Trump rails against high oil prices, OPEC pushes back

“The U.S. government cannot legally influence oil prices other than through releasing oil from its strategic reserves which it does occasionally” reports businessinsider.com. Earlier this week, three officials from the country, the world’s leading oil exporter, told Reuters they would be happy to see oil hit $80 or $100 a barrel.WASHINGTON/DUBAI (Reuters) – U.S. President Donald Trump accused OPEC on Friday of “artificially” boosting oil prices after a year-plus pact that has slashed global crude inventories, drawing rebukes from oil-producing countries as prices dipped following his remarks.Since then, oil prices…

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News Oil 

Trump blasts OPEC: Cartel keeping oil prices ‘artificially very high’; ‘Will not be accepted’…

“With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!” writes John Melloy for cnbc.com. WTI oil prices hit a three-year high above $69 a barrel this week and were still trading above $68 on Friday. Oil prices retreated from their highs following Trump’s tweets: WTI crude was down 0.5 percent and Brent was 0.6 percent lower.The international benchmark, Brent crude, was above $73 on Friday after also hitting its highest level since November 2014 this week.President Donald…

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News Oil 

Asian oil demand to hit record, but industry can’t take eyes off Middle East

“Worries about “trade wars and fears that higher oil prices will start to weigh on demand growth … are overdone,” it said” reports businessinsider.com. Several traders said more such outages are due in May and June, likely reducing China’s crude imports in coming months.Suresh Sivanandam of energy consultancy Wood Mackenzie said he expected China’s overall oil demand to grow by 370,000 bpd this year to 12.78 million bpd.The record comes despite maintenance season, which usually dents imports at this time of year, and indicates that China’s oil requirement is bigger…

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News Oil 

Oil remains close to late-2014 highs as ongoing supply cuts reduce inventories

“Brent crude oil futures were at $73.69 per barrel at 0129 GMT, down 9 cents from their last close” writes Midwest Communications Inc for 95kqds.com. SINGAPORE (Reuters) – Oil prices were firm on Friday near three-year highs reached earlier this week as ongoing OPEC-led supply cuts gradually drawn down excess supplies.Beyond OPEC’s supply management, crude prices have also been supported by an expectation that the United States will re-introduce sanctions on OPEC-member Iran.U.S. West Texas Intermediate (WTI) crude futures were down 7 cents at $68.22 a barrel. Source: 95kqds.com Share This:

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Futures News Oil 

OIL PRICE HIGHEST SINCE OBAMA…

“The weekly figures also showed gasoline demand rose to 9.86 million barrels a day ahead of the summer driving season” writes Matthew Staver for cnbc.com. Oil price extended gains Thursday, rising to the highest levels in more than three years as U.S. crude stockpiles continued to drop and gasoline demand hit a record.U.S. West Texas Intermediate crude futures topped out at $69.56 a barrel, the highest level since Nov. 28, 2014, when WTI hit $73.56.Crude futures surged in the previous session after the Energy Information Administration reported U.S. crude stockpiles…

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