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Thread: OIL

  1. #201
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    Crude falls to 3-week lows

    U.S. crude slumped to 3-week lows on Wednesday after the Energy Information Administration defied expectations with a lower than expected stockpile draw last week.

    On the New York Mercantile Exchange, WTI crude for July delivery traded between $47.57 and $48.72 a barrel before closing at $47.92, down 0.58 or 1.18% on the session. On the Intercontinental Exchange (ICE), brent crude for August delivery wavered between $48.68 and $49.80 a barrel, before settling at $48.89, down 0.92 or 1.85% on the day.

  2. #202
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    Oil price jump 2% fading Brexit fears

    Oil prices rose more than 2% in North American trade on Monday, as fears that Britain would vote to leave the European Union abated, aiding a recovery in investor risk appetite.

    On the ICE Futures Exchange in London, Brent oil for August delivery jumped to a daily high of $50.40 a barrel, the most since June 13. It last stood at $50.12 by 13:35GMT, or 9:35AM ET, up 95 cents, or 1.93%.

    Concerns over a possible Brexit subsided after a series of weekend polls showed the campaign to keep Britain in the EU had regained momentum ahead of Thursday's highly-anticipated referendum.

    Last week, momentum appeared to be building for the campaign to leave the bloc, sending risk-sensitive assets sharply lower.

    A vote by Britain to leave the European Union may tip Europe back into recession, putting more pressure on the global economy and undermining future oil demand prospects.

    A broadly weaker U.S. dollar lent further support to the commodity, as dollar-priced oil futures become cheaper to investors holding other currencies when the greenback declines.

    The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.7% at 93.64, the lowest level since June 9.

    Elsewhere, crude oil for August delivery on the New York Mercantile Exchange tacked on 91 cents, or 1.87%, to trade at $49.47 a barrel after hitting an intraday peak of $49.77, a level not seen since June 10.

    Gains were limited on signs of a potential recovery in domestic drilling activity. Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. 337, the third straight weekly rise.

    The renewed gain in U.S. drilling activity fueled speculation that domestic production could be on the verge of rebounding in the weeks ahead, underlining worries over a supply glut.




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  3. #203
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    Brent crude closes above $50

    Crude rose sharply amid easing concerns of a potential U.K. departure from the European Union, as brent futures closed above $50 a barrel for the first time in five sessions.On the New York Mercantile Exchange, WTI crude for August delivery traded between $48.78 and $49.99 a barrel before closing at $49.91, up 1.35 or 2.78% on the session. On the Intercontinental Exchange (ICE), brent crude for August delivery wavered between $49.37 and $50.67 a barrel, before settling at $50.60, up 1.43 or 2.91% on the day. Crude futures closed near session-highs following a late rally.At Monday's close, the spread between international and U.S. benchmarks of crude stood at 0.69. The front month contract for U.S. crude rolled over to August on Sunday.

  4. #204
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    Crude nears 6-week lows

    U.S.crude slid to near six week lows, as a broadly stronger dollar weighed on global oil prices while the shockwaves of last week's historic Brexit referendum continued to be felt worldwide.

    On the New York Mercantile Exchange, WTI crude for August delivery traded between $45.88 and $47.96 a barrel before closing at $46.41, down 1.23 or 2.58% on the session. On the Intercontinental Exchange (ICE), brent crude for September delivery wavered between $47.31 and $49.48 a barrel, before settling at $47.85, down 1.24 or 2.43% on the day. Crude have slumped by approximately 8% since last Friday's shocking decision by U.K. voters to approve a departure from the European Union.

    Despite the considerable two-day sell-off, U.S. crude futures are still up by more than 65% from their level in mid-February when they slid to a 13-year low at $26.05 a barrel.

  5. #205
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    Oil regains after Brexit sell-off.

    Oil prices extended hefty overnight gains in North American trade on Tuesday, rising for the first three in time sessions as investors scooped up beaten down assets after Britain's vote to exit the European Union stunned financial markets.

    Oil prices lost more than 7% over the past two sessions, while global equities suffered the largest two-day rout ever, as a wave of selling wiped around $3 trillion from markets.


  6. #206
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    Crude fell 4% on global slowdown worries


    Crude fell sharply on Tuesday, suffering its worst one-day decline in a month, as investors responded to reports of an unexpected build at the Cushing Oil Hub in Oklahoma, reigniting longstanding concerns related to the global supply glut on global energy markets.


    On the New York Mercantile Exchange, WTI crude for August delivery traded between $46.34 and $48.74 a barrel before closing at $46.66, down $2.33 or 4.76% on the session. On the Intercontinental Exchange (ICE), brent crude for September delivery wavered between $47.55 and $50.05 a barrel, before settling at $47.97, down $2.13 or 4.25% on the day. Both the international and U.S. benchmarks of crude tumbled to levels from late last month when oil futures slid more than 4% on June 24, following the surprising results of a U.K. referendum that could pave the way for a British departure from the European Union

  7. #207
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    OIL market continue to face headwind in short term

    Headwinds continue to smash the oil markets in short term ranging from the heightened levels of inventory, market positioning and worries that the consequences from the Brexit vote might lead to rise in uncertainty in financial markets, noted JP Morgan. A significant rise in risk aversion is hardly ever positive for the oil price.

    This, along with the renewed uptick in the JP Morgan Economic Research assessment for recession risk, shows that short-term dynamics are expected to be volatile as was seen in the mid-week price action, when oil prices rivalled their post-Brexit decline of around 7 percent, after the release of US weekly data, added JP Morgan.

    Therefore, the oil market continues to be slightly short of being called tight. Levels of inventory continue to be at a higher level. Moreover, the total US commercial inventories rise to a new record. Diesel inventories continue to be more than the five-year range. But, even if gasoline inventories are widely flat week on week, builds continue apace in the other oil categories, added JP Morgan.


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  8. #208
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    Oil prices slide over rising supplay in crude


    Oil prices fell more than 1 percent after rising stockpiles of crude and refined fuel intensified fears of another major glut building.Market intelligence firm Genscape reported that the Cushing, Oklahoma delivery hub for U.S. crude futures saw a supply build of 26,460 barrels in the week to July 15, traders who saw the data said.
    Brent crude (LCOc1) was down 84 cents, or 1.8 percent, at $46.77 a barrel by 12:41 p.m. EDT (1641 GMT). It fell more than $1 earlier to an intraday low of $46.50.
    U.S. West Texas Intermediate (WTI) crude (CLc1) slid by 82 cents, or 1.8 percent, to $45.13 a barrel, after a session low of $44.86.

  9. #209
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    Oil prices fall on oversupply concerns.


    Oil prices eased in early Asian trade as concerns over a crude and fuel oil glut outweighed an expected cut in U.S. shale production and a likely further draw in U.S. crude stocks.


    Crude prices fell more than 1 percent in the previous session after concerns about potential supply disruptions eased in the wake of Friday's attempted coup in Turkey.


    U.S. crude, known as West Texas Intermediate (WTI), slipped 13 cents to $45.11 a barrel as of 0021 GMT after settling down 71 cents, or about 1.6 percent, in the previous session.


    Brent crude fell 9 cents to $46.87 a barrel after finishing the previous session down 65 cents, or 1.4 percent.


    "Oil prices fell as concerns over supply disruptions in Turkey subsided. Crude continued to flow through Turkey unhindered after the failed coup, according to the country’s Energy Minister," ANZ said in a note on Tuesday.


    "Weaker energy prices will continue to weigh on the wider complex in coming days. However, the impact of supply disruptions in several markets is still expected limit the downside," the note added.


    Fuel inventories in the United States, Europe and Asia are brimming despite the height of peak summer driving season, leading traders to store diesel on tankers at sea amid wilting demand growth and tapering crude production.

  10. #210
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    Oil drops to fresh 11-week low,WTI below $44 on U.S. drilling outlook.


    Oil prices extended overnight losses in North American trade on Monday, falling to a fresh 11-week low amid ongoing concerns over a global supply glut.


    On Friday, New York-traded oil fell 56 cents, or 1.25%, amid signs of an ongoing recovery in U.S. drilling activity.


    Oilfield services provider Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. last week increased by 14 to 371, the fourth straight weekly rise and the seventh increase in eight weeks.


    The renewed gain in U.S. drilling activity fueled speculation that domestic production could be on the verge of rebounding in the weeks ahead, underlining worries over a supply glut.


    The U.S. benchmark lost $1.93, or 3.83%, last week, after weekly supply data showed a surprising increase in gasoline inventories.


    Despite being in the midst of the peak summer-driving season in the U.S., gasoline stocks are well above the upper limit of the average range, according to the EIA.


    The report also showed that total U.S. crude oil inventories fell by 2.3 million barrels last week. But at 519.5 million barrels, stockpiles are at historically high levels for this time of year, the EIA said.

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