News Oil 

Oil sinks 5% to 15-month low as US and Russian output rises

“The roughly two dozen producers began limiting their output last year in order to drain a global crude glut” reports etfdailynews.com. Brent crude, the international benchmark for oil prices, tumbled to a 14-month low below $57 a barrel.Oil prices plunged more than 5 percent to a 15-month low on Tuesday as the United States and Russia continue to pump at record levels even as analysts warn that signs of faltering demand are emerging. Source: etfdailynews.com Share This:

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Markets News Oil 

Oil drops 4 percent on oversupply, equities sell-off

“Specifically for the oil market, there are no clear signs yet of the market tightening,” he added” writes Midwest Communications Inc for 95kqds.com. Russian oil output has hit a record 11.42 million bpd this month, an industry source familiar with the data told Reuters.Both crude oil benchmarks have shed more than 30 percent since early October due to swelling global inventories.The United States has surpassed Russia and Saudi Arabia as the world’s biggest oil producer, with total crude output climbing to a record 11.7 million bpd.Oil production from seven major…

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News Oil 

Oil prices fall for third straight session amid supply glut worries

“Oil prices dropped over 1 percent on Tuesday, falling for a third straight session, as reports of inventory builds and forecasts of record shale output in the United States, currently the world’s biggest producer, stoked worries about oversupply” writes unknown author for cnbc.com. With oil prices now falling, unprofitable shale producers will eventually stop operating and cut supply, but that will take some time, analysts said.International benchmark Brent crude oil futures were at $58.90 per barrel at 0340 GMT, down 71 cents, or 1.2 percent, from their last close. Source: cnbc.com…

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Futures News Oil 

U.S. oil prices drop 1 percent on oversupply fears

“Crude oil prices were lower amid fears of weaker demand pushing inventories higher in the United States,” ANZ Bank said on Tuesday” writes Midwest Communications Inc for 95kqds.com. U.S. crude prices have tumbled more than 35 percent since early October and are currently at levels not seen since October 2017.International Brent crude oil futures had yet to trade.Concerns around future oil demand amid weakening global economic growth and doubts on the impact of planned OPEC-led production cuts were also hurting prices, traders said.Fuelling those doubts, Russian oil output has been…

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News Oil 

Kuwait government accepts oil minister’s resignation: report

“The resignation of Kuwait’s oil minister, Bakheet Al-Rashidi, was accepted by the country’s government following allegations of mismanagement, Bloomberg reported Monday, citing an unidentified person familiar with the situation” reports marketwatch.com. Al-Rashidi, who had been oil minister since last December, offered his resignation earlier this month after lawmakers pressured the government for his dismissal, the report said, noting that 15 people have served as oil minister over the last two decades amid political wrangling.Oil futures were higher Monday, with crude attempting to stabilize after a weekly decline.February Brent crude LCOG9,…

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News Oil 

Canada is woefully unprepared for a shift away from fossil fuels

“It would have almost tripled the amount of Alberta crude carried to a terminal near Vancouver and onward to world markets” writes The Economist for economist.com. Bitumen Beyond Combustion, a government-funded programme, is exploring what Alberta could do with the 165bn barrels of oil in the tar sands other than burning it.Ms Notley has political reasons for keeping her public focus on oil. Source: economist.com Share This:

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News Oil 

Oil prices fall as investors take profits amid China economy worries

“Brent crude oil futures were at $61.09 per barrel at 0353 GMT, down 36 cents, or 0.6 percent, from their last close” writes Jerome Favre for cnbc.com. In China, refineries processed 50.46 million tonnes of crude oil last month, or 12.28 million bpd, up 2.9 percent from the same month last year, the National Bureau of Statistics reported. Source: cnbc.com Share This:

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GBP Markets News Oil Regulators 

Asian shares wobbly, euro steady after ECB ends QE

“MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3 percent while Japan’s Nikkei dropped 0.4 percent” writes Midwest Communications Inc for 95kqds.com. The ECB ended its 2.6 trillion euro crisis-fighting bond purchase scheme but pledged to continue reinvesting maturing bonds – thereby avoiding shrinking its balance sheet – for an extended period of time.”If U.S. shares fall below their triple bottoms hit recently, that would be a very weak technical sign,” said Nobuhiko Kuramochi, chief strategist at Mizuho Securities.The euro changed hands at $1.1362, stuck in its well-worn $1.13-$1.14…

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News Oil 

Oil moves up as traders pore over data on OPEC crude output, U.S. supplies

“Oil prices moved higher Thursday as traders pored over data showing a rise in monthly OPEC output, as well as a recent report of a weekly decline in U.S. crude supplies and production” writes Markets Commodities Reporter for marketwatch.com. Record pumping from Saudi Arabia lifted overall oil production from the Organization of the Petroleum Exporting Countries in November, the International Energy Agency said Thursday.The report also showed a decline of 100,000 barrels to 11.6 million barrels in total domestic crude production.In its closely watched monthly oil market report, the IEA…

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