News Oil 

Oil falls from two-month high as U.S.-China trade doubts dominate

“Cushing is the delivery point for WTI futures. [EIA/S] Elsewhere, traders are also keeping a keen eye on the impact on oil production at OPEC countries Iran and Iraq amid ongoing protests” writes Midwest Communications Inc for 95kqds.com. SINGAPORE (Reuters) – Oil prices were toppled from their highest in nearly two months on Friday by doubts over future demand for crude as uncertainty continues to shroud a potential U.S.-China trade deal, and along with it the health of the global economy.”The key factor for the demand outlook for oil is…

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Markets News Oil 

Oil settles at 2-month high, buoyed by talk of potential extension to OPEC output cuts

“OPEC and its allies, including Russia, are likely to agree to extend crude production cuts until mid-2020 when they meet next month, Reuters reported Thursday, citing OPEC sources” writes Deputy Markets Editor for marketwatch.com. In other energy trade, December gasoline RBZ19, +2.51%  rose 2.9% to $1.7044 a gallon, while December heating oil HOZ19, +2.71%  added 2.8% to $1.9447 a gallon. Source: marketwatch.com

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News Oil 

Oil dips on concerns of delay in US-China trade deal until next year

“U.S. President Donald Trump said he is inclined to raise tariffs on Chinese imports if a trade deal is not reached” reports cnbc.com. Oil prices retreated on Thursday after gaining more than 2% in the previous session on bullish U.S. crude inventory data, as a fresh spat over fueled concerns of a further delay in any U.S.-China trade deal.A smaller-than-expected build in weekly U.S. inventories, however, propelled oil prices higher on Wednesday.”The Sino-U.S. trade war is already taking its toll on the world economy, which in turn will weigh on…

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Futures News Oil 

Oil futures mark lowest settlement of the month so far

“Oil futures declined on Tuesday for a second consecutive session, marking the lowest settlement so far this month and sending U.S. prices below their 50-day moving average” writes Markets Commodities Reporter for marketwatch.com. Expectations for a fourth consecutive weekly rise in U.S. crude supplies and a report from Reuters that said major oil exporter Russia wasn’t likely to advocate for deeper cuts during a key meeting of major oil producers in December pressured prices for oil.In place presently is an agreement between OPEC and non-OPEC members for a combined cut…

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Markets News Oil 

Oil falls to lowest since Nov 1 on Russia talk. What’s next

“Russia isn’t inclined to cut production more deeply at the December 5 OPEC meeting and that means the market is likely to remain oversupplied in early-2020” reports forexlive.com. At the moment, however, all the moving averages are bunched up because oil has been around these levels for so long.That’s a decline of $1.95 or $3.4% in the worst one-day decline since Sept 30.I think the wells aren’t a rich as believed and there certainty isn’t the money in the debt market to chase after crude like there used to be. Source:…

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News Oil 

Oil gains as hopes build for OPEC supply curbs; new optimism on U.S.-China trade deal

“OPEC said demand for its crude would average 29.58 million barrels per day next year, 1.12 million bpd less than in 2019” writes Midwest Communications Inc for 95kqds.com. TOKYO (Reuters) – Oil prices rose on Friday as OPEC’s outlook for oil demand next year fueled hopes that the producer group and its associates will keep a lid on supply when they meet to discuss policy on output next month. Source: 95kqds.com

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News Oil 

Oil rises after OPEC’s Barkindo says US shale growth may slow in 2020

“U.S. oil output is expected to rise by 1 million bpd to 13.29 million bpd in 2020, the agency said” reports cnbc.com. While Barkindo’s comments supported oil prices, there is not a clear way for OPEC to forecast oil production outside the group, Howie Lee, an economist at Singapore’s OCBC bank said.Oil prices rose on Thursday after industry data showed a surprise drop in U.S. crude inventories while comments from an OPEC official about lower-than-expected U.S. shale production growth in 2020 also provided some support for oil.The EIA raised its…

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Markets News Oil Stocks 

Saudi Aramco stock could price at volatile time for the oil market

“Saudi Aramco intends to price its IPO on Dec. 5, the same day OPEC begins its regular two-day meeting in Vienna” writes Patti Domm for cnbc.com. Besides oil price risk, Aramco highlighted other risks for investors in its report of a sharp drop in profits, related to the attack on its facilities in September.Aramco said the company is worth $1.5 trillion at an oil price of $45; $1.76 trillion at $65, and $2.1 trillion at $75 per barrel, according to reports.”They run the risk at the same time of their…

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News Oil 

Oil drops on concern over U.S.-China trade talks progress, oversupply

“Oil prices are dampened by re-escalating trade uncertainties and a strengthening U.S. dollar,” said Margarat Yang, market analyst at CMC Markets in Singapore” writes Midwest Communications Inc for 95kqds.com. In the United States, energy companies last week reduced the number of oil rigs operating for a third week in a row.The so-called OPEC+ alliance, seeking to boost oil prices, has since January cut output by 1.2 million barrels per day until March 2020.TOKYO (Reuters) – Oil prices fell on Monday amid renewed doubts over the prospects of a trade deal…

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News Oil 

OPEC downgrades forecast for global oil demand growth over the medium-term and long-term

“India is thought to be the country with the fastest oil demand growth and the largest additional demand over the next two decades” writes Sam Meredith for cnbc.com. Over the long-term, global oil demand is projected to climb by about 12 million b/d, rising from 98.7 million b/d in 2018 to 110.6 million b/d in 2040.As a result, OPEC has lowered its outlook numbers for global oil demand growth, to 104.8 million barrels per day (b/d) by 2024, and 110.6 million b/d by 2040.The average growth will be about 1…

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