Futures Markets News Oil 

Oil prices trade mixed, contracts remain on track for a third weekly decline in a row

“Oil futures saw mixed trading Friday, finding some support as Saudi Arabia expects to reduce exports in August, easing some concerns of coming oversupply in the market” writes Saefong William Watts for marketwatch.com. The global benchmark, September Brent crude LCOU8, +0.22%  traded at $72.80 a barrel, up 22 cents, or 0.3%, on ICE Futures Europe.Traders also look to the release of weekly U.S. oil rig data from oil-field services firm Baker Hughes BHGE, -0.16%  due at 1 p.m.Prices, however, remained on track for a third-straight weekly decline on renewed trade-war…

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Futures Markets News Oil 

Oil lower on renewed trade-war fears

“Oil futures traded lower Friday, on track for a third straight weekly decline, on renewed trade-war fears after President Donald Trump said he was ready to impose tariffs on all $505 billion worth of Chinese imports” writes Deputy Markets Editor for marketwatch.com. Traders on Friday will be looking ahead to the release of weekly oil rig data from oil-field services firm Baker Hughes.The global benchmark, September Brent crude LCOU8, +0.10%  was flat at $72.58 a barrel, on the ICE Europe exchange.West Texas Intermediate crude for September delivery CLU8, -0.09% the…

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Futures News Oil 

Houston has overtaken Cushing as the US’s most important oil hub

“Oil gushing from Texas and exported through the Gulf Coast has put a premium on oil in Houston, as opposed to oil located inland” writes Oilprice Com for businessinsider.com. Scott Olson/Getty Houston is emerging as one of the great oil hubs in the world, and pretty soon it will be outfitted with an oil futures contract, which could cement its position.The ICE Permian WTI futures contract will provide price discovery, settlement and delivery at Magellan Midstream Partners, L.P.’s terminal in East Houston, ICE said.But the explosion of production from the…

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Setback for Trump: Saudi Arabia won’t export much more oil this month, official says

“Meanwhile, Saudi crude oil exports are poised to drop by 100,000 bpd in August compared with July” writes Jonathan Ernst for cnbc.com. Saudi exports were about 7.2 million bpd in June, an industry source told Reuters.The commentary from Saudi Arabia could be aimed at preventing oil prices from falling too far too fast, said John Kilduff, founding partner at energy hedge fund Again Capital.July exports from OPEC’s top producer will be roughly in line with last month’s total, the Dow Jones reported, citing Saudi OPEC governor Adeeb Al Aama.Oil prices…

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The oil market is becoming increasingly dangerous, analysts say — and crude prices are feeling the pressure

“The oil market is likely to become progressively more unpredictable over the coming months, analysts have told CNBC, in the latest sign dynamics shaping crude futures have dramatically shifted since the crude rally began” writes unknown author for cnbc.com. International benchmark Brent crude has tumbled nearly 9 percent from last week’s high of more than $79 a barrel.It’s most recent dip comes amid emerging evidence of higher crude production from OPEC kingpin Saudi Arabia and other members of the Middle East-dominated cartel — as well as Russia and the U.S.…

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Futures News Oil 

Oil under pressure as traders eye inventory levels

“Oil futures lost ground Thursday, unable to completely shake off a rise in U.S. crude inventories and a pickup in output by major oil producers” writes Deputy Markets Editor for marketwatch.com. September Brent crude futures LCOU8, +0.67% the global benchmark, fell 77 cents, or 1.1%, to $72.13 a barrel on ICE Europe.Producers from the Organization of the Petroleum Exporting Countries and non-OPEC producers cut oil output in June by 20% more than agreed levels, compared with 47% in May, Reuters reported Wednesday.Oil futures on Wednesday shook off data that showed…

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Asian shares higher on U.S. earnings but trade worries rattle offshore yuan

“TOKYO (Reuters) – Asian shares made early gains on Thursday as upbeat Wall Street earnings supported global investor sentiment, although trade war jitters pushed China’s offshore yuan to a fresh one-year low” writes Midwest Communications Inc for 95kqds.com. “Trade war fears are something that won’t go away overnight.On the foreign exchange market, the trade war fears between the United States and China kept the offshore yuan to 6.7650 per dollar, to hit its lowest level since July, 2017.Against the Japanese yen, the dollar hit a 6-1/2 month high of 113.140…

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Oil prices volatile as U.S. crude stockpiles rise unexpectedly and output climbs to a record

“The Energy Information Administration reported Wednesday that domestic crude supplies climbed 5.8 million barrels for the week ended July 13” writes Markets Commodities Reporter for marketwatch.com. Oil prices saw a volatile Wednesday, with U.S. prices briefly falling toward session lows then recovering, following data that showed a surprise climb in domestic crude stockpiles and record weekly production. Source: marketwatch.com Share This:

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Markets News Oil 

Oil price drops on talk of increased global supply, slowdown in economic growth

“Oil prices dropped Monday, with talk of a possible release from global crude reserves, data from the International Monetary Fund showing a slowdown in global economic growth, and the potential for U.S. waivers on Iran oil sanctions, pushing prices for global benchmark Brent crude to their lowest finish in three months” writes Christopher Alessi for marketwatch.com. Traders also fretted over a potential slowdown in the global economy, which could hurt demand for oil.Fatih Birol, director of the International Energy Agency, also said at a private dinner last month that a…

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Oil falls four percent to three-month low as supply outage concerns ease

“NEW YORK (Reuters) – Oil prices slumped 4 percent on Monday, with Brent reaching a three-month low, as Libyan ports reopened and traders eyed potential supply increases by Russia and other producers” writes Midwest Communications Inc for 95kqds.com. Supply outages in Libya, a labor dispute in Norway and unrest in Iraq all helped to push oil prices higher late last week, though prices still fell for a second straight week.In Norway, a union for workers on oil and gas drilling rigs stepped up a six-day strike on Monday.EDT (1534 GMT),…

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