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Thread: OIL

  1. #231
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    Oil down 1% after surge on OPEC deal hopes.


    Oil Wednesday fell 1% after surging overnight on renewed hopes that a planned cut in output by OPEC will come to fruition.U.S. crude was down 64 cents, or 1.40%, at $45.17 at 07:00 ET, while Brent crude shed 1.24% to $46.37.


    OPEC members have stepped up diplomatic efforts to bring home the cut in output to 32.5-33 million barrels a day agreed in September.OPEC is due to hold a formal meeting in Vienna on November 30.


    The American Petroleum Institute (API) Tuesday reported an increase of 3.65 million barrels in U.S. crude inventories.

  2. #232
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    The Canadian government bonds slumped Tuesday following weakness in U.S. debt market. Also, doubts over OPEC ministerial gathering, in which oil producing countries are expected to strike an agreement on output cut, limited the growth in bond yields.
    The yield on the benchmark 10-year bond, which moves inversely to its price, rose 1-1/2 basis points to 1.54 percent and the yield on short-term 2-year bond bounced 1 basis point to 0.67 percent.
    The Canadian bonds have been closely following developments in oil markets because of their impact on inflation expectations, which are well below the Bank of Canadas target. Crude oil prices fell on worries that the OPEC will be able to cut production output cut during a meeting on Wednesday. The International benchmark Brent futures fell 2.68 percent to $47.88 and West Texas Intermediate (WTI) dipped 2.63 percent to $45.84.
    The Organization of the Petroleum Exporting Countries (OPEC) is meeting officially in Vienna on Wednesday to discuss a planned production cut in an effort to curb overproduction that has dogged markets and more than halved prices since 2014.
    With a high degree of uncertainty going into the last 24 hours before the meeting, oil price volatility is expected to be high. There remains disagreement among OPEC-members over which producers should cut by how much, and a plan for non-OPEC oil giant Russia to participate has so far also failed.
    Investors will remain keen to focus on the upcoming economic data, highlighted by Q3 GDP and November unemployment change.
    Lastly, Canadian stocks may struggle to recover its winning track Tuesday morning amid sluggish commodities.

  3. #233
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    Crude oil prices are extending the upbeat mood during the second half of the week, sending the barrel of WTI gyrating around the $50.00 mark.
    Prices for the American benchmark of the sweet light crude oil have briefly tested the psychological $50.00 mark following the deal at the OPEC meeting on Wednesday, where members of the cartel have agreed to cut the oil output by 1.2 mdpd in January and running for six months. In addition, non-OPEC members should trim the output by 600K bpd.
    WTI thus climbed to fresh 2-month tops just above the $50.00 mark in the wake of the agreement, advancing around $8 since November lows near the $42.00 hurdle.
    Looking ahead, there are plans for OPEC and non-OPEC countries to meet at at some point in the next weeks.
    Supporting the upside, the greenback remains on the defensive so far today, bolstering the demand for the USD-denominated assets.

  4. #234
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    Oil extends losses on doubts about impact of OPEC deal




    Oil Wednesday extended losses as investors questioned the potential impact of OPEC's output cut on a persistent supply overhang.U.S. crude fell 29 cents, or 0.57%, to $50.64. Brent crude lost 0.63% to $53.59.


    OPEC last week agreed to cut output by 1.2 million barrels a day to 32.5 million.However, both OPEC and Russia posted record output in November.


    OPEC and non-OPEC producers are due to meet this weekend to discuss a proposed cut of 600,000 barrels a day by the latter.


    The International Energy Agency said Tuesday said if the cuts are implemented they should speed up the rebalancing of the market next year.

  5. #235
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    Oil is lower after Jump in U.S crude Stocks

    Oil was lower Thursday after an unexpected rise in U.S. crude stocks.

    Brent crude shed 29 cents, or 0.63%, to $54.17 at 08:00 ET. U.S. crude lost 29 cents, or 0.55%, to $52.20.

    Official Energy Information Administration weekly figures Wednesday showed a rise in U.S. crude inventories of 2.256 million barrels.
    Crude stockpiles were forecast to have fallen by 2.515 million barrels.

    OPEC has agreed to cut output by 1.2 million barrels a day and non-OPEC producers by 558,000 barrels.

    Libya is aiming to add 270,000 barrels a day to its production after reopening pipelines to major fields.

    The dollar index was lower. A weaker dollar boosts demand for oil.



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  6. #236
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    Oil dips but set for biggest yearly gain since 2009.


    Oil traded slightly lower on Friday, but was still on track for its biggest annual gain since 2009, after OPEC and other major producers agreed to cut output to reduce a global supply overhang that has depressed prices for two years.


    A two-rig rise in the oil rig count in the United States, the ninth weekly increase in a row, as reported by oilfield services provider Baker Hughes Inc (N:BHI), added to bearish sentiments.


    But the total count of 525 for the week, the last for the year, was still below last year's level by 11 rigs.


    U.S. benchmark West Texas Intermediate (WTI) (CLc1) crude futures were down 18 cents. Or 0.3 percent, at $53.59 a barrel, while Brent (LCOc1) fell 24 cents, or 0.4 percent, to $56.61.


    Brent has risen about 50 percent this year and WTI has climbed around 43 percent, the largest annual gains since 2009, when Brent and WTI rose 78 percent and 71 percent respectively.

  7. #237
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    Crude Price Jump in Asia after American Petroleum Institute Figures

    Crude prices jumped on Thursday in Asia as the American Petroleum Institute (API) reported a larger-than-expected drop in stocks.

    On the New York Mercantile Exchange, crude oil for February delivery jumped 2.01 percent to $53.83 a barrel, while global benchmark Brent crude was up 1.89% to $56.52 a barrel on London's Intercontinental Exchange.

    API said crude oil inventories last week dropped 7.4 million barrels, compared to a 1.7 million barrels decline seen.

    The estimates followed last week’s build of 4.20 million barrels that was the fifth draw in the last seven weeks. More closely-watched official figures from the U.S. Department of Energy are due on Thursday.

    Gasoline supplies rose 4.3 million barrels, while distillate stocks jumped 5.2 million barrels and supplies at Cushing, Oklahoma rose by 500,000 barrels.



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  8. #238
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    Energy Department to start oil sell off

    Analysts say the U.S. Department of Energy may start to sell off some of its strategic petroleum reserve (SPR) this month, as it initiates a multi-year process to shrink the American stockpile of oil.

    The U.S. Congress has authorized DOE to sell off $375.4 million worth of oil in its recent budget resolution, and the DOE said that such a sale could be held as early January 20.

    The price of crude oil today was $52.34, down 3.06%.

    Analysts say the government's motivation to sell its crude oil is rather simple: to finance maintenance for the SPR.

    The reserves are located in salt caverns in Louisiana and Texas, which were established decades ago in the wake of the Arab Oil Embargo in 1973.

    The SPR can hold more than 700 million barrels of oil at one time, and is the largest strategic stockpile in the world.

    The SPR holds 90 days’ worth of oil supplies, which could be released in the event of a global outage.



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    Mirza
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  9. #239
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    Crude prices down on output cut uncertainties.


    Oil turned lower on Friday, amid doubts over the extent of the production cuts promised by major crude producers and as downbeat Chinese trade data weighed.U.S. crude futures for February delivery were down 0.96% at $52.48 a barrel, after hitting a three-day high of $53.50 on Thursday.


    On the ICE Futures Exchange in London, the March Brent contract declined 0.89% to trade at $55.50 a barrel.Oil prices were boosted on Thursday after Saudi Energy Minister Khalid al-Falih said the kingdom reduced output to less than 10 million barrels a day, going beyond its obligations under a deal between OPEC and other producers.The comments came after Kuwaiti Oil Minister Essam Al-Marzouq said his country cut output by 133,000 barrels a day to 2.7 million barrels.The optimism was short-lived however, as traders began to worry on Friday whether or not other oil producers will end up reducing their output levels as much as expected.


    January 1 marked the official start of the deal agreed by OPEC and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day.If carried out as planned, the deal should reduce global supply by about 2%.

  10. #240
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    Crude oil prices are slightly in the red at the beginning of the week, with the WTI around the $52.20 area per barrel.
    Prices for the WTI are retreating for the second consecutive session so far today, testing lows near the key $52.00 mark following a string rebound in the demand in the demand for the greenback.
    Risk-off sentiment has picked up extra pace today in response to heightened risks on the likeliness of a Brexit scenario, all in light of the speech by UK’s PM Theresa May on Tuesday.
    Somewhat alleviating upside pressure, Saudi Minister said the current deal to limit the oil output is unlikely to extend beyond six months.
    On another direction, WTI speculative net longs have decreased to 4-week lows during the week ended on January 10, as per the latest CFTC report.

 

 
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