News Oil 

Goldman Sachs says demand for oil is growing faster than forecast

“In China, a key engine for oil demand, oil consumption grew by 340,000 bpd in January and February, according to Goldman” reports etfdailynews.com. The strong demand will likely push Brent crude, the international benchmark for oil prices, above $70 per barrel.For the first quarter, Goldman expects global oil demand to grow by nearly 2 million bpd, trouncing its earlier forecast for 1.1 million bpd and driven by consumption in emerging markets. “We continue to believe that ongoing macro and oil demand concerns are overdone,” Goldman analysts said in a research…

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News Oil 

Vanguard just lured a BCG partner as its head of strategy, and it highlights one of the hottest new hiring areas at trillion-dollar asset managers

“Vanguard just tapped a partner at a powerhouse consulting firm to head up strategy for the asset management firm” writes Meghan Morris for businessinsider.com. Vanguard in January tapped consulting firm BCG’s former head of asset and wealth management as its new chief strategy officer.The asset management industry is facing increased pressures, as volatile markets pushed billions of capital out in the last few months and demand for lower fees continued to eat into revenue.”We see increasing interest in building out or strengthening strategy teams, starting with a head of strategy…

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News Oil 

U.S. oil climbs on tightening supplies; Brent oil edges lower

“Crude-oil futures on Tuesday saw mixed trade, with international benchmark Brent crude edging lower, while the U.S. benchmark rose amid reports of falling Saudi Arabian exports” writes Sarah Mcfarlane for marketwatch.com. The data confirmed comments from the Kingdom’s oil minister who said earlier this month that the country would further cut output.Trade talks between the U.S. and China were also being watched for further signs that could boost crude prices.West Texas Intermediate crude oil CLH9, +0.94%  gained 49 cents, or 0.9%, at $56.49 a barrel, while April Brent LCOJ9, -0.24%…

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Markets News Oil 

Oil Prices Near Three-Month High

“So far into 2019, oil prices have gained around 25 percent” reports etfdailynews.com. On Friday afternoon, oil prices reached their highest in three months and the highest so far this year, with Brent Crude exceeding $65 a barrel for the first time since November 2018.This bullish signal combined with renewed optimism coming from both the United States and China that they had made some progress in last week’s trade talks. Source: etfdailynews.com

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Markets News Oil 

Here’s how Apple’s shocking sales warning could be foreshadowing trouble in the oil market

“Apple’s big reveal yesterday that China’s economic slowdown will dampen revenues shows one reason why oil prices face headwinds despite OPEC’s move to dial back production” writes Ben Geman for businessinsider.com. What’s next: The Energy Information Administration will release its latest data on domestic oil stockpiles late this morning.Why it matters: The tech giant’s warning points to economic clouds that could also affect other sectors — including oil, which is already under pressure from rising U.S. supplies.The big question: One thing to watch is whether the OPEC efforts can overcome…

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News Oil 

JP Morgan: If OPEC doesn’t maintain its cuts, oil could stay lower for longer

“If the Organization of the Petroleum Exporting Countries (OPEC) does not follow through with its commitment to reduce oil production throughout this year, Brent crude prices could struggle to rise, according to J.P. Morgan’s head of Asia Pacific oil and gas” writes Essam Al-sudani for cnbc.com. In an early December meeting, OPEC and non-OPEC countries agreed to take about 1.2 million barrels a day off the oil market — initially for six months — starting January, amid a persistent imbalance between global oil supply and demand.”Well, J.P. Morgan said prior…

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Markets News Oil 

Brent crude rises but set for first yearly drop since 2015

“It was the bailout of Iran that really pricked the bubble that was the crude oil market,” said Sukrit Vijayakar, director of energy consultancy Trifecta” reports businessinsider.com. Brent crude, seen as a global benchmark for oil prices, rose by almost a third between January and October, to a high of $86.74 per barrel.U.S. West Texas Intermediate (WTI) crude futures were at $45.99 a barrel, up 66 cents, or 1.4 percent, from their last close.Brent crude futures was up 83 cents at $54.05 a barrel by 0932 GMT, after rising by…

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News Oil 

Oil prices rebound a day after another big pullback; supply data ahead

“Oil prices were rebounding on Friday, even amid signals of another big build in U.S. crude stockpiles, with official supply data due later” writes Markets Reporter for marketwatch.com. The global benchmark, February Brent crude LCOG9, +1.99%  , rose around $1, or 2%, to $53.71 a barrel.Late Thursday, the American Petroleum Institute reportedly said crude oil saw an inventory build of 6.9 million barrels for the week ending Dec. 21, which was above estimates for a build of 2.869 million.West Texas Intermediate crude for February delivery CLG9, +2.33%  rose $1.13, or…

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Markets News Oil 

Oil Rises to $51 After Steep Slide; Growth Fears Weigh

“Brent crude LCOc1, the global benchmark, rose $3.12, or 6.2 percent, to $53.59 a barrel” writes Min Read for reuters.com. OPEC and its allies including Russia decided earlier this month to cut production in 2019, unwinding a June decision to pump more oil.The head of Russian oil company Rosneft (ROSN.MM), Igor Sechin, predicted an oil price of $50 to $53 in 2019, far short of the four-year high of $86 for Brent crude reached earlier this year.Both U.S. and Brent crude were more than 6 percent higher on Wednesday, but…

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News Oil 

US crude oil drops 3% towards $44 a barrel

“Investors have flocked to perceived safe-haven assets such as gold and government debt, at the expense of crude oil and stocks” reports etfdailynews.com. Brent crude futureswere down $3.11, or 5.8 percent, at $50.71 a barrel by 1:28 p.m.The boom in shale output has made the United States the world’s largest oil producer, overtaking Saudi Arabia and Russia.The macroeconomic picture and its impact on oil demand continue to pressure prices. Source: etfdailynews.com

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