News Oil 

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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News Oil Stocks 

Brent oil gains $1 to claw back some losses

“The announcement by Libya’s National Oil Corp that four export terminals were being reopened, ending a standoff that had shut down most of Libya’s oil output, was the catalyst for a correction, Razaqzada said” writes Andrew Cullen for cnbc.com. U.S. crude rose 21 cents, or 0.3 percent, to $70.59, after falling 5 percent the previous session.Brent crude was up 96 cents, or 1.31 percent, at$74.36 by 0102 GMT, after earlier rising to $74.46.Brent crude rose more than $1 on Thursday as focus turned to a big drawdown in U.S. stockpiles,…

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News Oil 

U.S. oil prices pare losses after EIA reports a weekly plunge in U.S. crude supplies

“U.S. oil prices pared much of their earlier losses Wednesday after the Energy Information Administration reported that domestic crude supplies plunged by 12.6 million barrels for the week ended July 6” writes Markets Commodities Reporter for marketwatch.com. Gasoline stockpiles fell by 700,000 barrels for the week, but distillate stockpiles jumped 4.1 million barrels higher for the week, according to the EIA. The S&P Global Platts survey forecast a supply decrease of 1 million barrels for gasoline and a rise of 1.7 million barrels for distillate stocks. August crude CLQ8, -1.92%…

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News Oil 

U.S. oil prices inch up on fall in local crude stockpiles

“But U.S. oil had rebounded by Tuesday’s close amid expectations U.S. crude oil stockpiles likely fell for a second week last week” writes Midwest Communications Inc for 95kqds.com. Distillate fuels stockpiles, which include diesel and heating oil, fell by 871,000 barrels, compared with expectations for a 784,000-barrel gain.U.S. crude inventories fell by 2 million barrels, compared with analyst expectations for a decrease of 1.8 million barrels, American Petroleum Institute data showed after Tuesday’s settlement. [API/S] Gasoline stocks rose by 3.8 million barrels, compared with analyst expectations for a 587,000-barrel gain.Brent…

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News Oil 

Oil slides amid ‘lack of clarity’ on OPEC and record US production

“Oil fell Friday morning as markets mulled the future of OPEC supply cuts and after US crude production continued to climb to record highs” writes Finanzen Net Gmbh for businessinsider.com. Artjom Hatsaturjants of Accendo Markets said a “lack of clarity” regarding OPEC’s intentions to ease voluntary supply cuts could have contributed to the dip.A Gulf source familiar with the thinking of the Saudis, told Reuters earlier this week that the group is “satisfied” with keeping the output cuts through December.Also weighing on prices, an Energy Information Administration report on Thursday said that US crude…

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News Oil 

EIA reports a surprise weekly climb of nearly 6 million barrels in U.S. crude supplies

“The U.S. Energy Information Administration reported Wednesday that crude supplies climbed by 5.8 million barrels for the week ended May 18” writes Markets Commodities Reporter for marketwatch.com. Gasoline stockpiles also rose by 1.9 million barrels for the week, while distillate stockpiles fell 1 million barrels, according to the EIA. The S&P Global Platts survey forecast supply declines 620,000 barrels for gasoline and 1 million barrels for distillates. July crude CLN8, -0.94% was down 84 cents, or 1.2%, to $71.36 a barrel on the New York Mercantile Exchange, down from $72.01…

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News Oil 

Oil settles 3% higher on U.S. exit from Iran deal

“Oil futures settled 3% higher on Wednesday, as the U.S. exit from the Iran nuclear deal raised the risk to Middle East crude supplies” writes Markets Commodities Reporter for marketwatch.com. A bigger-than-expected weekly decline in U.S. crude stockpiles also contributed to oil’s price rise.June West Texas Intermediate crude CLM8, +2.98% rose $2.08, or 3%, to settle at $71.14 a barrel on the New York Mercantile Exchange. Source: marketwatch.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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News Oil 

Oil prices rise on optimism ahead of U.S. supply data

“Front and center for traders Wednesday will be the release of weekly petroleum supply data from the Energy Information Administration” writes Markets Reporter for marketwatch.com. U.S. supply data is likely to swing more into focus as geopolitical tensions surrounding Syria have receded somewhat.June Brent LCOM8, +0.84% the global crude benchmark, gained 65 cents, or 0.9%, to $72.23 a barrel, after inching up 0.2% on Tuesday.The data also showed a decline of nearly 2.5 million barrels in gasoline stockpiles, with inventories of distillates falling by 854,000 barrels, sources said.Oil futures rose…

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News Oil Stocks 

Oil prices deepen decline as U.S. crude supplies edge up, but product stocks fall

“The U.S. Energy Information Administration early Wednesday reported that crude supplies rose by 1.6 million barrels for the week ended March 23” writes Markets Commodities Reporter for marketwatch.com. Oil prices deepened their declines on Wednesday, after failing at an attempt to turn higher in the wake of the latest weekly U.S. report on petroleum supplies.Data showed that U.S. crude inventories edged a bit higher last week and production rose, while stockpiles of both gasoline and distillates declined a bit more than expected. Source: marketwatch.com Share This:

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