Markets News Oil 

Oil market edgy on US crude build, trade deal angst

“U.S. crude exports fell nearly 1 million barrels last week to 2.4 million barrels per day” reports cnbc.com. U.S. crude oil stockpiles rose 7.9 million barrels last week as refiners cut output and exports fell, beating analysts’ expectations for an increase of 1.5 million barrels, the Energy Information Administration (EIA) said on Wednesday.Oil prices trod water on Thursday after losses in the previous session, as traders were cautious amid concerns over a potential delay in sealing a long-awaited interim U.S.-China trade deal and a huge increase of U.S. crude stockpiles.Expectations…

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News Oil Stocks 

Asia stocks stymied by trade talk frustration

“Japan’s Nikkei dithered either side of flat in quiet trade, having touched a 13-month top on Wednesday” writes Midwest Communications Inc for 95kqds.com. Among various suggestions was to sign a deal after a scheduled NATO meeting in early December.MSCI’s broadest index of Asia-Pacific shares outside Japan eased a slight 0.1%, just off a six-month high hit earlier in the week.South Korean stocks were up 0.1% after hitting their highest since May. Source: 95kqds.com

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Futures News Oil 

Oil futures slip as API report shows a big build in U.S. crude supplies

“S&P showed forecasts for supply declines of 2.4 million barrels for gasoline and 1 million barrels for distillates, which include heating oil” writes Mark Decambre for marketwatch.com. Oil futures edged lower Wednesday after a report pointed to a bigger-than-expected inventory build in the U.S., while investors watched for a further inventory update to affirm signs of rising supplies.Late Tuesday, the American Petroleum Institute showed that U.S. crude supplies rose by roughly 4.3 million barrels for the week ended Nov. 1, according to sources. Source: marketwatch.com

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Markets News Oil 

Oil slips on huge US crude build, hopes for US-China trade talks check losses

“Investors will continue to take cues from U.S.-China trade talks,” ANZ Research said in a note” reports cnbc.com. OPEC and its partners, including Russia, previously agreed to cut oil production by 1.2 million barrels per day (bpd) until March 2020.U.S. crude inventories rose by 4.3 million barrels in the week ended Nov. 1 to 440.5 million barrels, according to data from the American Petroleum Institute (API) released on Tuesday.However, hopes for a breakthrough on trade in talks between the United States and China, the world’s two biggest oil consumers, remained…

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News Oil 

Oil edges lower amid doubts over OPEC cuts

“Oil prices slipped on Tuesday amid doubts over whether OPEC and other countries will continue to restrain output, edging lower after two days of gains on U.S. economic data and hopes for a Washington-Beijing trade deal” reports cnbc.com. Improved U.S. jobs growth numbers in October and the upward revisions of the two previous months is helping support oil prices, analysts said.Markets have been eyeing a possible extension, or even a deepening, early next year of OPEC’s current production curbs, which have been supporting oil prices.The Organization of the Petroleum Exporting…

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News Oil 

Oil rises toward 6-week highs as China trade progress, Aramco IPO fuel optimism

“WTI finished the week with a 0.8% weekly decline, despite a powerful jump on Friday for the U.S. oil contract and its global counterpart” writes Mark Decambre for marketwatch.com. READ: Here’s what investors need to know about the long-awaited Saudi Aramco IPO On top of that, U.S. Commerce Secretary Wilbur Ross said on Bloomberg TV on Sunday that the U.S.-China trade deal was making progress and could be cemented soon.Saudi Arabia formally began an initial public offering on Sunday of a portion of Saudi Aramco after years of delays, with…

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News Oil 

Country blames devastating oil spill on Greek-flagged tanker

“A Greek-flagged ship carrying Venezuelan crude was the source of an oil spill which has tarred thousands of kilometers of coastline over the past two months, Brazilian investigators have announced” writes Reuters In Bras for theguardian.com. Police said the tanker appears to have spilled the crude about 700km (420 miles) off Brazil’s coast between 28 and 29 July, bound for Singapore with oil loaded at Venezuela’s San José terminal. Source: theguardian.com

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News Oil 

Oil prices end at 1-week low as EIA shows nearly 6 million-barrel weekly rise in U.S. supplies

“The S&P Global Platts survey showed expectations for supply decreases of 2.5 million barrels for gasoline and 2.4 million barrels for distillates” writes Saefong William Watts for marketwatch.com. Crude supplies were forecast to increase by 2.5 million barrels, according to analysts polled by S&P Global Platts.The EIA on Wednesday reported that U.S. crude supplies rose by 5.7 million barrels for the week ended Oct. 25.Analysts polled by S&P Global Platts forecast a weekly U.S. supply rise of 85 billion cubic feet.The American Petroleum Institute released its data to media on…

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News Oil Stocks 

Oil prices drop as trade worries overshadow fall in stocks

“In the United States, gasoline stocks dropped by 4.7 million barrels, compared with analyst expectations for a drop of 2.2 million barrels, and distillate stocks were down by 1.6 million barrels, versus an expected fall of 2.35 million barrels” reports cnbc.com. Oil prices fell on Wednesday as a possible delay in resolving the U.S.-China trade war overshadowed a drop in U.S. crude inventories.”Fading optimism over a U.S.-China phase-one deal further weighed on oil prices as trade risks are set to rise,” she said. Still, crude stocks at the Cushing, Oklahoma,…

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News Oil 

BP’s third-quarter net profit tumbles 41% on weaker oil prices, weather impacts

“So, therefore, we start to generate more surplus cash (and) that surplus cash will help us pay down the debt,” he added” writes Sam Meredith for cnbc.com. Energy giant BP reported a 41% fall in third-quarter net profits on Tuesday, citing lower upstream earnings, weaker oil prices and maintenance and weather impacts.BP posted third-quarter underlying replacement cost profit, used as a proxy for net profit, of $2.3 billion, versus $2 billion, according to data from Refinitiv. Brent crude prices have fallen almost 20% since an April peak, while WTI prices…

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