News Oil 

Oil prices rebound as market moves on from OPEC deal

“Oil prices, meanwhile, headed higher a day after dropping to a three-week low” writes Christopher Alessi for marketwatch.com. The market’s focus continues to be rising U.S. crude production, according to analysts.Also on Nymex Thursday, prices for oil looked to recoup some of their recent losses.The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas edged up by 2 billion cubic feet for the week ended Dec. 1. Source: marketwatch.com Share This:

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News Oil 

Oil ends at more than 2-year peak on bullish bets ahead of OPEC confab

“U.S. oil prices rose on Friday, settling at a 21/2-year high, as investors focused on a disruption to a major crude-oil hub in Oklahoma and looked ahead to a key meeting of the Organization of the Petroleum Exporting Countries next week” writes Mark Decambre for marketwatch.com. West Texas Intermediate crude oil trading on the New York Mercantile Exchange for January delivery CLF8, +1.59% finished up 93 cents, or 1.6%, at $58.95 a barrel. For the week, WTI crude oil, the U.S. benchmark, closed with a weekly climb of 1.8%, according…

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News Oil 

Oil Benchmarks Part Ways as Keystone Woes Push WTI Higher While Brent Stalls

“Brent crude’s modest gain came as traders paused ahead of next week’s crucial OPEC-led meeting of oil exporters” writes Paul Whitfield for thestreet.com. Benchmark oil prices headed in opposite directions Friday as supply issues pushed the U.S.’s West Texas Intermediate sharply higher, while international benchmark Brent Crude dipped as traders nervously eyed next week’s crucial OPEC meeting.TRP expects shipments along the pipeline, which transports oil to the U.S. from Canada, will be down about 85% over November. Source: thestreet.com Share This:

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Markets News Oil 

WTI Crude Oil breaks resistance – will CAD rise?

“This is surprising given the main beneficiary of the pipeline is Canadian oil” writes Yohay S Google for forexcrunch.com. The price of oil resumes its uptrend, especially in the West Texas Intermediate measure.In any case, significant breakouts in the price of oil should have been better-echoed by the C$.WTI is back to backwardation, for the first time since late 2014, when oil prices collapsed. Source: forexcrunch.com Share This:

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Futures Markets News Oil 

Oil prices rise on Canadian pipeline disruption to United States

“Brent crude futures, the international benchmark for oil prices, were at $62.97 per barrel, up 40 cents, or 0.6 percent” reports foxbusiness.com. Oil prices rose on Wednesday as ongoing cuts of piped Canadian crude to the United States added to falling U.S. crude inventories, while expectations of a prolonged OPEC-led production cut also offered support.U.S. West Texas Intermediate (WTI) crude futures were at $57.68 a barrel at 0454 GMT, up 85 cents, or 1.5 percent from their last settlement.Traders said the firm price lift was due to drop in crude…

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News Oil 

Oil prices stabilize after prior day’s slump, showing little change

“The U.S. Energy Information Administration reported on Wednesday that domestic crude supplies rose by 1.9 million barrels for the week ended Nov. 10” writes Markets Writer for marketwatch.com. December West Texas Intermediate crude CLZ7, -0.09%  traded hands at $55.27 a barrel, down by 6 cents, or 0.1%, after earlier showing a small gain. Source: marketwatch.com Share This:

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Futures News Oil 

Oil pulls back, consolidates below 28-month high

“Brent crude LCOF8, -0.56% the global oil benchmark, fell 44 cents, or 0.7%, to $63.49 a barrel on the ICE futures exchange” writes Deputy Markets Editor for marketwatch.com. Oil futures weakened Friday but remained on track for strong weekly gains that leave the U.S. benchmark near a 28-month high amid rising geopolitical uncertainty in the Middle East.This follows a recent rise in geopolitical risks in other oil producers including Venezuela and Iraq, Staunovo said.Oil remained lower after oil-field services firm Baker Hughes BHGE, +0.04%  said the number of U.S. oil…

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Markets News Oil 

Oil falls on lower Chinese crude imports; overall market well supported

“Oil prices fell on Wednesday as Chinese crude imports slipped to their lowest level in a year, although traders said the overall market remains well supported because of OPEC-led supply cuts” reports foxbusiness.com. U.S. West Texas Intermediate (WTI) crude was at $56.90 per barrel, down 30 cents, or 0.5 percent, from their last settlement.With crude more than 40 percent up since June, many U.S. shale oil drillers have locked in recent profits by selling future production, pushing up trading in WTI crude futures.For next year, however, independent refiners are likely…

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News Oil 

Oil prices hold around 2-1/2 year highs

“U.S. drillers cut eight oil rigs last week, the biggest reduction since May 2016, helping to support prices” reports foxbusiness.com. Despite the moves by the Saudi heir, analysts said they do not see Saudi Arabia, the world’s largest oil exporter, changing its policy of boosting crude prices for now.U.S. West Texas Intermediate (WTI) crude was down just 3 cents at $57.32 a barrel. Source: foxbusiness.com Share This:

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Markets News Oil 

Oil near two-year high as tightening market attracts buyers

“The next hard payment deadline for PDVSA is an $81 million bond payment that was due on Oct. 12 but on which the company delayed payment under a 30-day grace period” reports foxbusiness.com. This week’s U.S. Energy Information Agency (EIA) report on crude inventories and exports showed a large draw in U.S. stocks, showing that market is rebalancing.U.S. West Texas Intermediate (WTI) crude traded at $54.78 a barrel, up 24 cents. Source: foxbusiness.com Share This:

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