Futures GBP Markets News Oil 

Asian share markets cautious, pound stumbles on Brexit drama

“Oil futures fell as lingering economic growth concerns and excess supplies of crude prompted speculators to trim their long positions” writes Midwest Communications Inc for 95kqds.com. Financial markets have been whipsawed over this period as a steady increase in tit-for-tat tariffs have slowed global trade and raised the risk of recession for some countries.The Brexit maelstrom, worries over slowing global growth and international trade frictions have kept investors on edge over recent months.TOKYO (Reuters) – Asian stocks were steady in a cautious start to the week on Monday, while the…

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API data reportedly show a more than 10 million-barrel weekly rise in U.S. crude supply

“They also forecast supply declines of nearly 1.8 million barrels for gasoline and 2.6 million barrels for distillates” writes Markets Commodities Reporter for marketwatch.com. The EIA data are expected to show crude inventories up by 4 million barrels last week, according to analysts polled by S&P Global Platts.The American Petroleum Institute reported late Wednesday that U.S. crude supplies rose by 10.5 million barrels for the week ended Oct. 11, according to sources. November West Texas Intermediate crude CLX19, +0.47% was at $53.06 a barrel in electronic trading, down from the…

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Futures News Oil 

Oil moves up after 2-session decline, but worries over demand prospects persist

“They also forecast supply declines of nearly 1.8 million barrels for gasoline and 2.6 million barrels for distillates” writes Saefong William Watts for marketwatch.com. Meanwhile, the EIA on Tuesday also forecast U.S. shale oil production to rise 58,000 barrels a day in November to a record 8.971 million barrels a day.Weekly U.S. petroleum supply data is delayed by a day this week because of Monday’s Columbus Day federal holiday.The EIA data are expected to show crude inventories up by 4 million barrels last week, according to analysts polled by S&P…

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GBP News Oil 

Oil prices edge up as OPEC hints at deeper output cuts

“While a broader trade deal seems unlikely in the immediate future, the risks for the U.S.-China trade war have been fading.”” reports cnbc.com. Global benchmark Brent crude oil futures had risen 21 cents to $58.95 by 0310 GMT, up about 0.3% from the previous day’s close.Concerns of a global economic slowdown due to a lingering trade war between the United States and China and swelling U.S. inventories also pressured prices.But gains were limited due to lingering concerns of a global economic slowdown. The U.S.-China trade war will cut 2019 global…

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Markets News Oil 

Oil prices fall nearly 2% on China data, trade war jitters

“The oil market saw sharp losses as the first steps taken by the U.S. and China were seen with caution,” global oil strategist at BNP Paribas in London Harry Tchilinguirian told the Reuters Global Oil Forum” reports cnbc.com. The U.S.-China trade dispute also continued to cast a shadow on the global economy.Oil prices fell further on Tuesday, after heavy losses in the previous session following two days of weak Chinese data and as investors continued to fret over prospects for a U.S.-China trade deal despite signs of a truce last…

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Oil steady amid military action in Syria, rising crude inventories

“The low-demand environment more than offset a surge in crude oil exports to just over 3.4 million barrels per day.”” reports cnbc.com. U.S. crude oil production rose to a fresh record of 12.6 million barrels per day last week.”The report was mixed, as super-low refinery operating rate undercut domestic crude oil demand,” said John Kilduff, partner at Again Capital LLC in New York.Crude inventories grew more than expected last week, rising by 2.9 million barrels, compared with analysts’ expectations for an increase of 1.4 million barrels, the Energy Information Administration…

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Futures News Oil 

Oil lower as traders await U.S.-China trade talks

“Oil futures gave up early gains to turn lower Tuesday as traders kept tabs on developments ahead of U.S.-China trade talks due later this week, which could shape expectations around demand for crude” writes Deputy Markets Editor for marketwatch.com. The move, ahead of high-level discussions between U.S. and Chinese officials on Thursday and Friday, dampened enthusiasm over prospects for a breakthrough in the long-running trade dispute, weighing on stock-index futures.Early Tuesday, Bloomberg reported that the Trump administration was moving ahead with discussions around possible restrictions on capital flows into China,…

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Oil prices on ebb tide as gloom gathers over global economy

“Buzzard is the main contributor to the Forties crude stream, the largest of the five North Sea oil grades that underpin Brent crude futures” writes Midwest Communications Inc for 95kqds.com. “Any oil production disruption would occur at a time when Saudi Arabia has lost a significant part of its energy system redundancies (spare capacity),” he said.On the supply side, a faster-than-expected resumption in Saudi Arabia’s production after a Sept. 14 attack on key production facilities also exerted downward pressure on oil prices, although the Middle East remained tense.”While Saudi oil…

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Futures News Oil 

Oil climbs but still set for big weekly loss over demand worries

“Brent crude oil futures rose 28 cents, or 0.5%, to $57.99 a barrel by 0450 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.6%, to $52.74” reports cnbc.com. Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, also said on Thursday the world’s top crude oil exporter has fully restored oil output after attacks on its facilities last month knocked out more than 5% of global oil supply.Weak U.S. services sector and jobs growth data on Thursday added to worries about global oil demand and exacerbated…

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Futures Markets News Oil 

Oil extends losses as economic data, growing inventories drag

“Brent crude oil futures fell 17 cents, or 0.3%, to $57.52 a barrel by 0052 GMT, after tumbling 2% in the previous session” reports cnbc.com. “Crude oil prices fell as rising inventories added to the weakening economic backdrop,” said ANZ Bank in a note on Thursday.Oil futures extended losses on Thursday as weak economic data weighed on the outlook for fuel demand which was made worse by a larger than expected rise in U.S. crude inventories.U.S. West Texas Intermediate (WTI) crude futures fell 9 cents, or 0.2%, to $52.55 a…

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