News Oil 

Oil Dips Below $50 as Rising US Stockpiles, OPEC Indecision, Pounds Global Crude

“Data from the Energy Information Administration yesterday showed U.S. crude stocks rose by a bigger-than-expected 3.58 million barrels last week, the 10th consecutive gain and the longest streak since 2015, taking the total to just over 450 million barrels” writes Martin Baccardax for thestreet.com. Brent crude contracts for the same month, the global benchmark, were seen 79 cents lower at $57.97 per barrel.U.S. oil prices fell below $50 for the first time since in more than a year Thursday, as record domestic output and rising crude stockpiles continue to pressure world…

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News Oil 

Oil prices shift higher on dollar weakness, but 10th weekly rise in crude stockpiles limits gains

“A rise in U.S. crude supplies for a 10th week in a row, however, exacerbated expectations for a global inventory glut, limiting price gains for oil” writes Markets Commodities Reporter for marketwatch.com. At 450.5 million barrels, U.S. oil inventories are at their highest since Thanksgiving week in 2017 and “have climbed by more than 56 million barrels since mid-September,” he said.Oil futures shifted slightly higher on Wednesday, giving up earlier losses fed by a 10th straight weekly rise in U.S. crude stockpiles, as remarks from Federal Reserve Chairman Jerome Powell…

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News Oil 

EIA reports first weekly U.S. crude supply climb in six weeks

“The Energy Information Administration reported that domestic crude supplies rose by 1.9 million barrels for the week ended Sept. 21” writes Myra P for marketwatch.com. Gasoline stockpiles rose 1.5 million barrels for the week, while distillate stockpiles fell by 2.2 million barrels, according to the EIA. The S&P Global Platts survey had shown expectations for supply increases of 256,200 barrels in gasoline and 667,000 barrels in distillates.November crude CLX8, -0.54% fell 48 cents, or 0.7%, to $71.80 a barrel on the New York Mercantile Exchange. Source: marketwatch.com Share This:

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News Oil 

Oil Extends Gains as US Stockpiles Dip,Iran Sanctions Loom Ahead of OPEC Meeting

“That said, U.S. oil majors, as well as their peer, have failed to keep pace with the rise in global prices” writes Martin Baccardax for thestreet.com. Global oil prices rose for a third consecutive session Thursday as investors reacted to a sharp decline in U.S. crude stocks and re-set expectations for a worldwide supply ahead of a key meeting of OPEC ministers later this week in Algeria.Russia’s oil minister, Alexander Novak, will attend the meeting and told Reuters earlier this week that all options for the cartel, including increasing output…

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Markets News Oil 

Oil climbs as EIA reports a 5th-straight decline in U.S. crude stockpiles

“The Energy Information Administration reported Wednesday that domestic crude supplies fell by 2.1 million barrels for the week ended Sept. 14” writes Markets Commodities Reporter for marketwatch.com. Oil futures climbed Wednesday, with the U.S. benchmark getting a boost after a government report revealed a fifth-straight weekly decline in U.S. crude inventories.Rising tensions between Russia, a major non-OPEC crude producer, and Israel also contributed to gains for oil Tuesday.Gasoline stockpiles declined by 1.7 million barrels for the week, while distillate stockpiles climbed by 800,000 barrels, according to the EIA. The S&P…

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Futures News Oil 

U.S. oil futures mark highest finish month to date

“October West Texas Intermediate oil CLV8, +1.46% rose 98 cents, or 1.4%, to settle at $69.51 a barrel on the New York Mercantile Exchange” writes Markets Commodities Reporter for marketwatch.com. Oil climbed Wednesday, with U.S. benchmark prices marking their highest settlement of this month so far after U.S. government data showed a bigger-than-expected weekly fall in crude stockpiles along with declines in gasoline and distillate supplies. Source: marketwatch.com Share This:

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Futures News Oil 

U.S. oil falls to 7-week low as EIA report fuels downbeat mood

“The API data also showed supplies of gasoline gained 3.1 million barrels, while distillate stockpiles added 1.8 million barrels, sources said” writes Rachel Koning Beals for marketwatch.com. Oil prices turned sharply lower Wednesday as the bullish narrative that had buoyed crude futures for the past two sessions—supply disruptions and strong demand—appeared to reverse course for now.A weaker-than-expected drawdown in crude stockpiles added to the downbeat action in oil futures when the U.S. Energy Information Administration reported that domestic crude supplies declined by 1.351 million barrels for the week ended Aug.…

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News Oil 

Oil prices retain sharp losses after EIA inventory report

“Oil prices held on to losses late=morning Wednesday after the Energy Information Administration reported that domestic crude supplies declined by 1.351 million barrels for the week ended Aug. 3” writes Mark Decambre for marketwatch.com. Analysts surveyed by The Wall Street Journal had estimated a fall of 2.3 million barrels in the week.Gasoline stockpiles rose by 2.9 million barrels for the week, while distillate stockpiles added 1.2 million barrels, according to the EIA. September crude CLU8, -3.93% held sharp losses, down by $1.59, or 2.3%, to $67.59 a barrel on the…

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News Oil Stocks 

Oil prices rise for second day, buoyed by fall in US inventories

“Crude inventories fell by 3.2 million barrels in the week to July 20 to 407.6 million barrels, compared with analyst expectations for a decrease of 2.3 million barrels” writes unknown author for cnbc.com. Gasoline stocks fell by 4.9 million barrels, compared with analyst expectations in a Reuters poll for a 713,000-barrel drop.Distillate fuels stockpiles, which include diesel and heating oil, fell by 1.3 million barrels, compared with expectations for a 207,000-barrel gain, the API data showed.Oil prices rose for a second day on Wednesday after industry group data showed U.S.…

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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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