News Oil 

Oil prices drop on potential increase in OPEC output

“The Organization of Petroleum Exporting Countries (OPEC) may decide to increase oil output to make up reduced supply from Iran and Venezuela in response to concerns from Washington over a rally in oil prices, OPEC and oil industry sources told Reuters” writes Midwest Communications Inc for 95kqds.com. The group previously agreed to curb their output by about 1.8 million barrels per day to boost oil prices and clear a supply glut.SEOUL (Reuters) – Oil prices fell on Thursday on expectations that OPEC members will step up production in the face…

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Futures News Oil 

U.S. oil benchmark futures prices end with modest loss

“Prices for U.S. oil benchmark futures ended with a modest loss on Tuesday with traders focused on developments tied Iran and Venezuela and the potential that U.S. actions against those countries will contribute to tighter global crude supplies” writes Markets Commodities Reporter for marketwatch.com. Robbie Fraser, commodity analyst at Schneider Electric attributed the move lower to “the usual intraday volatility.”. June West Texas Intermediate crude CLM8, -0.21% which expired at the session’s conclusion, fell 11 cents, or nearly 0.2%, to settle at $72.13 a barrel on the New York Mercantile…

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Futures News Oil 

Oil edges higher as Venezuela election stokes supply worries

“Yawger said oil futures may need Venezuela headlines to push crude after WTI stalled above $72 a barrel and Brent above $80 last week” writes Saefong William Watts for marketwatch.com. The U.S. has stopped short of a ban on oil imports from Venezuela on fears of worsening the country’s broad economic crisis.Oil futures rose Monday on fears the U.S. could impose new sanctions on Venezuela, after weekend elections in the country that were viewed as illegitimate by the opposition and foreign governments.Read: Why surging oil prices don’t always mean big…

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Markets News Oil 

Oil Will Be The Headline Risk Soon; Here’s Why You Should Ignore The Naysayers

“The logical conclusion therefore is that oil prices could move a little higher but will stop and turn before long” writes Martin Tillier for nasdaq.com. In this case, it is quite likely that oil will continue to move a little higher from here.In the short term, that will keep a bullish tone to oil, but it is not like Middle East unrest is a new thing for oil traders.Both WTI and Brent crude are trading at multi-year highs, prompting a round of predictions from analysts of both the Wall Street…

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News Oil 

Why surging oil prices don’t always mean big profits for U.S. shale producers

“Looking ahead, it looks as though shale oil producers may have the time they need to catch up” writes Markets Commodities Reporter for marketwatch.com. Figuring out the break-even cost per barrel for shale oil producers is a bit tricky, though experts agree that it runs lower than current futures prices.Read Opinion: These U.S. shale-oil companies are poised to profit when prices rise But that rise in prices put companies who hedged against the potential of falling oil prices at a disadvantage.U.S. shale producers have also increased their investments as prices…

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News Oil 

Oil takes a split path, pressured by growing U.S. output, but supported by political unrest

“Oil took a split path Tuesday, with U.S. benchmark prices pressured by growth in domestic crude output, but global benchmark prices finding support from supply concerns tied to political unrest in the Middle East” writes Markets Commodities Reporter for marketwatch.com. Turmoil in the Middle East and U.S. trade sanctions against major oil producer Iran have recently supported crude.More figures on U.S. oil output will be released separately by the EIA and International Energy Agency on Wednesday.On Nymex, June gasoline RBM8, +0.54%  rose 0.6% to $2.213 a gallon, while June heating…

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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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News Oil 

Oil prices could rally to $100 a barrel if Middle East tensions ‘really kick off,’ analyst says

“Oil prices could soon skyrocket to more than $100 a barrel amid escalating tensions in the Middle East, one oil analyst told CNBC Friday” writes unknown author for cnbc.com. “I don’t think its unfeasible to see triple-digit oil prices at some point this year if things really kick off in the Middle East,” Anish Kapadia, founder and managing director of Akap Energy, told CNBC’s “Street Signs” on Friday. Source: cnbc.com Share This:

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News Oil 

Oil looks poised for another test to the upside

“The past two days have seen WTI trade under $62 for a brief period, but the downside was stalled by the trendline support stretching to August last year” reports forexlive.com. But the more important picture for WTI is that a wedge is starting to form (topside resistance at $66.66 and the trendline support) and the breakout will be the next key trade for the commodity. Source: forexlive.com Share This:

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Futures News Oil 

Reports that China will pay for oil in yuan are moving Shanghai crude futures

“Shanghai September crude oil futures rose 3 percent by the midday break on Friday as investors placed bullish bets following reports that China is mulling steps to purchase crude in yuan” reports cnbc.com. The front-month contract on the exchange was at 418.9 yuan ($66.85) at 11:30 local time after Benchmark Brent and West Texas Intermediate (WTI) gained about 1 percent on Thursday.”China’s tax rebate plan will help support oil demand. Reports that China will pay for oil in yuan will also benefit the crude futures market,” Wang Xiao, head of…

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