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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News Oil 

Americans value a free gas fill-up over a cash giveaway — but that’s no comfort to risk-averse investors

“Still, gas is subject to the whims of prices for crude oil, from which it is derived, and spikes in prices can become burdensome for consumers and investors” writes Markets Commodities Reporter for marketwatch.com. Regular unleaded gasoline prices on Friday morning averaged $2.302 a gallon at the pump — about 10% below the year-ago level, according to GasBuddy.MPC, +1.48% And, looking at the bigger picture for gasoline prices, they may end up being a bit cheaper at the retail level this year than last.Volatile prices make gasoline a particularly risky…

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Gasoline prices began to rise this week, the federal government reported Wednesday, as U.S. Gulf of Mexico refineries continued to be disproportionately affected by crude oil supplies from Venezuela lagging in response to U.S. sanctions.

“Oil prices went up on Tuesday by over a dollar on the heels of sanctions, even as EIA reported that oil inventories remained high” reports washingtonexaminer.com. Gasoline prices began to rise this week, the federal government reported Wednesday, as U.S. Gulf of Mexico refineries continued to be disproportionately affected by crude oil supplies from Venezuela lagging in response to U.S. sanctions.Still, the main driver of fuel costs is crude oil prices, she added.Hannah Breul, EIA’s lead petroleum analyst, told the Washington Examiner that fuel prices always rise a little in…

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Futures News Oil 

Oil Up Nearly 2% on Saudi and OPEC Cuts

“U.S. West Texas Intermediate (WTI) crude oil futures rose 69 cents, or 1.3 percent, to settle at $53.10 a barrel” writes Min Read for reuters.com. Oil prices edged up slightly post-settlement after data from the American Petroleum Institute (API), an industry group, showed U.S. crude oil stockpiles had unexpectedly fallen.Brent crude futures gained 91 cents, or 1.5 percent, to settle at $62.42 a barrel.OPEC said on Tuesday it had reduced oil production almost 800,000 bpd in January to 30.81 million bpd under its voluntary global supply pact. Source: reuters.com

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News Oil 

Oil prices hold gains after EIA reports a bigger-than-expected rise in U.S. crude supplies

“The Energy Information Administration reported Wednesday that domestic crude supplies rose by 3.6 million barrels for the week ended Feb. 8” writes Markets Commodities Reporter for marketwatch.com. March West Texas Intermediate crude CLH9, +1.96% was up $1.26, or 2.4%, at $54.36 a barrel on the New York Mercantile Exchange.Gasoline stockpiles edged up by 400,000 barrels last week, while distillate stockpiles were up 1.2 million barrels, according to the EIA. The S&P Global Platts survey had shown expectations for a supply rise of 800,000 barrels for gasoline, but distillates were expected…

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News Oil Stocks 

Oil and gas stocks in broad rally; crude prices jump on reports of supply cuts

“Shares of oil and gas companies were broadly higher Wednesday, as reports of supply cuts and optimism on U.S.-China trade talks helped fuel a rally in crude oil prices” writes Reporter Editor for marketwatch.com. The energy ETF has hiked up 13.5% year to date, while the S&P 500 SPX, +0.48% has rallied 10.1%.Meanwhile, crude oil futures CLH9, +1.75% ran up 2.3%.The energy sector was the best performing of the S&P 500’s 11 key sectors, with the SPDR Energy Select Sector ETF XLE, +1.69% climbing 1.7% with all 30 equity components…

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News Oil 

Oil prices gain on Saudi production-cut pledge, hope for U.S.-China trade pact

“The further gains for crude come after a monthly U.S. Energy Information Administration report released Tuesday revealed higher U.S. crude production forecasts for 2019 and 2020” writes Sarah Mcfarlane for marketwatch.com. Eastern Time to show a rise of 2.7 million barrels in crude stockpiles for the week ended Feb. 8, according to an S&P Global Platts survey.U.S. benchmark March West Texas Intermediate crude oil CLH9, +0.64% added 63 cents, or 1.3%, to trade at $53.72 a barrel on the New York Mercantile Exchange.April Brent crude LCOJ9, +0.93% the international benchmark,…

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Futures News Oil 

Oil prices surge by more than 2.5% as OPEC report shows big output drop

“The Organization of the Petroleum Exporting Countries said its crude output fell by 797,000 barrels a day in January, month on month, to average 30.81 million barrels a day” writes Christopher Alessi for marketwatch.com. U.S. crude futures rallied early Tuesday in New York after a closely followed monthly OPEC report showed that members of the cartel substantially reduced production in January.Earlier in the session, crude futures had already been buoyant, trading off a two-week low as optimism over tariff negotiations between Beijing and Washington officials helped to buttress prices. Source: marketwatch.com

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News Oil 

USDCAD moves higher with lower oil

“So far, sellers are leaning against the higher level (helped a little by oil coming off)” reports forexlive.com. The USDCAD is trading back near the highs for the day and near a swing high from Friday’s trade as well.The price of crude oil is lower by close to -2.0% and that is helping to weaken the CAD.  However, there is a little rebound as I type. Source: forexlive.com

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