Energy Market Report – Oil

  • Market Comments January

    Friday 20th January 2017 - Oil prices edged up for a second day on Friday, International benchmark Brent crude prices were up 68 cents at $54.84 a barrel at 0950 GMT. U.S. West Texas Intermediate (WTI) crude oil futures were trading up 63 cents at $52 a barrel.

    Monday 23rd January 2017 - Oil prices slip after 2 day gain as rising U.S. production weighs U.S. West Texas Intermediate (WTI) crude futures was down 7 cents to $53.15 a barrel by 0748 GMT Brent crude, the international benchmark for oil prices, was little changed. It was trading at $55.48 per barrel, down 1 cent from its previous close.

    Tuesday 24th January 2017 - Oil prices were steady on Tuesday as news of lower production by OPEC and other key exporters was balanced by reports of more drilling and higher output in the United States. Benchmark Brent crude LCOc1 was down 5 cents at $55.18 a barrel by 1150 GMT, while U.S. light crude CLc1 rose 5 cents to $52.80.

    Wednesday 25th January 2017 - Oil edged lower on Wednesday, snapping sessions of gains as an increase of U.S inventories weighed on the market, offsetting bullish momentum from production cuts announced by OPEC and other producers.

    Thursday 26th January 2017 - Oil prices rose on Thursday, driven up by a weakening dollar, but gains were capped by plentiful supplies and inventories despite an effort by OPEC and other producers to cut output and prop up the market.
    Brent crude futures (LCOc1), the international benchmark for oil prices, were trading at $55.59 per barrel at 0313 GMT, up 51 cents, or 0.93 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $53.22 a barrel, up 47 cents, or 0.89 percent.

    Friday 27th January 2017 - Oil prices firmed on Friday as rising crude output from the United States was offsetting efforts by OPEC and other producers to prop up the market by cutting supplies.

  • Market Comments February

    Thursday 2nd February 2017 - Oil prices fell on Thursday after official data showed U.S. crude and gasoline stockpiles rose sharply, although signs that OPEC and other producers are holding the line on output cuts are helping support prices.
    Brent crude futures fell 28 cents, or 0.5 percent, to $56.52 a barrel as of 0410 GMT after settling up $1.22 in the previous session.
    Front month futures for West Texas Intermediate were down 33 cents, or 0.6 percent, at $53.55 after climbing $1.07 at the day before.

    Friday 3rd February 2017 - Oil prices edged up on Friday on news that U.S. President Donald Trump could be set to impose new sanctions on multiple Iranian entities, raising geopolitical tensions between the two nations.
    Brent crude futures had risen 45 cents, or 0.8 percent, to $57.01 a barrel by 0750 GMT (02:50 a.m. ET), after settling down 24 cents at $56.56 in the previous session. Brent is set to gain 2.6 percent for the week.
    Front month U.S. West Texas Intermediate crude futures climbed 48 cents, or 0.9 percent, to $54.02 a barrel, after ending Thursday down 34 cents. For the week, the contract is up a little over 1 percent.

    Monday 6th February 2017 - Oil prices rose on Monday, with traders shifting money into crude futures as the dollar weakened, and as concerns rose that new U.S. sanctions against Iran could be extended to affect crude supplies. Crude oil for March delivery on the New York Mercantile Exchange tacked on 15 cents, or about 0.3%, to $53.98 a barrel by 4:20AM ET (09:20GMT). Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London added 8 cents, or around 0.1%, to $56.88 a barrel.

    Tuesday 7th February 2017 - Oil prices steadied on Tuesday as lower production by OPEC and other exporters balanced growing evidence of a revival in U.S. shale production and sluggish demand. Crude oil for March delivery on the New York Mercantile Exchange tacked on 5 cents, or about 0.1%, to $53.06 a barrel by 2:55AM ET (07:55GMT), after losing 82 cents, or 1.5%, a day earlier. Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London added 5 cents, or around 0.1%, to $55.77 a barrel. The global benchmark fell $1.09, or almost 2%, on Monday. Wednesday 8th February 2017 - Oil prices dropped on Wednesday to extend falls from the previous day, as a massive increase in U.S. fuel inventories and a slump in Chinese demand implied that global crude markets remain oversupplied despite OPEC-led efforts to cut output. International Brent crude futures LCOc1 were trading at 54.70 per barrel at 0758 GMT, down 35 cents, or 0.64 percent, from their previous close. Thursday 9th February 2017 - Oil prices rose on Thursday, boosted by an unexpected draw in U.S. gasoline inventories, although bloated crude supplies meant that fuel markets remain under pressure. Brent crude futures (LCOc1), the international benchmark for oil prices, were trading at $55.52 per barrel at 0758 GMT, up 40 cents, or 0.7 percent, from their last close.

    Wednesday 8th February 2017 - Oil prices dropped on Wednesday to extend falls from the previous day, as a massive increase in U.S. fuel inventories and a slump in Chinese demand implied that global crude markets remain oversupplied despite OPEC-led efforts to cut output.
    International Brent crude futures LCOc1 were trading at 54.70 per barrel at 0758 GMT, down 35 cents, or 0.64 percent, from their previous close.

    Thursday 9th February 2017 - Oil update 9th February - Oil prices rose on Thursday, boosted by an unexpected draw in U.S. gasoline inventories, although bloated crude supplies meant that fuel markets remain under pressure.
    Brent crude futures (LCOc1), the international benchmark for oil prices, were trading at $55.52 per barrel at 0758 GMT, up 40 cents, or 0.7 percent, from their last close.
    U.S. West Texas Intermediate (WTI) crude (CLc1) was up 39 cents, or 0.8 percent, at $52.73 a barrel.

    Friday 10th February 2017 - Oil prices edged up on Friday, supported by strong Chinese crude imports and OPEC-led production cuts, although ample U.S. fuel inventories still weighed on the market.
    Brent crude futures (LCOc1), the international benchmark for oil prices, were trading at $55.68 per barrel at 0807 GMT, up 5 cents from their previous close.
    U.S. West Texas Intermediate (WTI) crude futures (CLc1) were up 3 cents at $53.03 a barrel.

    Monday 13th February 2017 - Oil prices were stable on Monday on signs that OPEC-led production cuts were reducing global overproduction, although bloated inventories and rising output elsewhere were weighing on markets.
    Brent crude futures were trading at $56.72 per barrel at 0752 GMT, up 2 cents from their previous close.
    West Texas Intermediate (WTI) crude futures were down 2 cents at $53.84 a barrel.

    Tuesday 14th February 2017 - Oil rose on Tuesday, supported by an OPEC-led effort to cut output, but rising production elsewhere kept prices within the narrow range that has contained them so far this year.
    Brent crude futures, the international benchmark for oil prices, were trading at $55.76 per barrel at 0112 GMT, up 17 cents from their last close.

    Wednesday 15th February 2017 - Oil prices were lower during European morning hours on Wednesday, after data overnight showed a massive build-up in U.S. crude supplies. Crude oil for March delivery on the New York Mercantile Exchange shed 39 cents, or around 0.7%, to $52.82 a barrel by 3:15AM ET (08:15GMT), after gaining 27 cents, or 0.5%, on Tuesday. Elsewhere, Brent oil for April delivery on the ICE Futures Exchange in London dipped 35 cents, or about 0.6%, to $56.63 a barrel. The global benchmark rose 38 cents, or nearly 0.7%, a day earlier.

    Thursday 16th February 2017 - Oil prices swung between small gains and losses in a familiar trading range during European morning hours on Thursday, as market players continued to weigh the prospect of production cuts by major crude-producing nations against a rise in U.S. supplies.
    Brent crude futures were trading at $55.69 per barrel at 0751 GMT, down 6 cents from their last close.
    U.S. West Texas Intermediate (WTI) crude futures dropped 10 cents to $53.01 per barrel.

    Friday 17th February 2017 - Oil slipped on Friday, pressured by growing global stocks, while expectations that an oil output cut by producers might eventually balance the market helped to underpin prices. Brent crude futures LCOc1 were trading at $55.57 per barrel at 0945 GMT, 8 cents below their last close.

    Monday 20th February 2017 - Oil prices rose on Monday but the gains were limited as investors gauged whether an increase in U.S. drilling rigs and record stockpiles would undermine efforts by producers to cut output and bring the market into balance. Brent futures (LCOc1) were up 23 cents at $56.04 a barrel at 0750 GMT, while U.S. West Texas Intermediate crude (CLc1) was up 19 cents at $53.59. Both contracts earlier fell slightly in quiet trading.

    Tuesday 21st February 2017 - Oil prices edged higher during European morning hours on Tuesday, climbing towards the strongest levels since early January amid ongoing signs of compliance with a global pact to cut production. Crude CLc1 was up 34 cents, or 0.6 percent, at $53.74 a barrel at 0733 GMT after rising about 0.5 percent in a shortened session on Monday due to a U.S. national holiday. Brent futures LCOc1 were up 14 cents at $56.32 a barrel, after gaining 0.7 percent on Monday.

    Wednesday 22nd February 2017 - Oil prices rose on Monday, but gains were minimal as investors gauged whether an increase in U.S. drilling and record stockpiles would undermine efforts by producers to cut output and bring the market into balance. Brent futures were up 1 cent at $55.82 a barrel at 0050 GMT, while U.S. West Texas Intermediate crude rose 3 cents to $53.43 a barrel.

    Thursday 23rd February 2017 - Oil prices rose on Thursday after U.S. data showed a surprise decline in inventories, suggesting that a global glut may be ending after moves by OPEC to cut production. Benchmark Brent crude oil LCOc1 was up 70 cents a barrel at $56.54 by 1025 GMT, recovering from a drop of 82 cents on Wednesday. U.S. light crude CLc1 was 70 cents higher at $54.29 a barrel.

    Friday 24th February 2017 - Oil prices fell on Friday after U.S. crude inventories rose for a seventh week, showing the market is still struggling to ease oversupply despite many producers' efforts to rein in output. Benchmark Brent crude oil LCOc1 was down 48 cents at $56.10 a barrel at 0908 GMT, while U.S. West Texas Intermediate CLc1 traded at $54.06 a barrel, down 39 cents.

    Monday 27th February 2017 - Oil prices rose on Monday, with the market set to rise for five of seven sessions as a global supply glut appears to ease, but rising U.S. production limited gains. Brent crude oil LCOc1 climbed 0.8 percent to $56.44 per barrel by 0740 GMT, while U.S. West Texas Intermediate CLc1 added 0.7 percent to $54.35 a barrel.

    Tuesday 28th February 2017 - Oil prices were little changed during European morning hours on Tuesday, as market players continued to weigh the prospect of production cuts by major crude-producing nations against a rise in U.S. drilling. The benchmark Brent crude oil added 0.2 percent to $56.03 a barrel by 0736 GMT, while West Texas Intermediate crude oil was little changed at $54.06 a barrel

  • Market Comments March

    Wednesday 1st March 2017 - Crude oil lost more ground on Wednesday with rising U.S. oil output adding pressure on the market, although OPEC production cuts continued to offer support. Investors in the oil market are awaiting weekly inventories data from the U.S. Energy Information Administration due at 1530 GMT on Wednesday. West Texas Intermediate crude futures lost 15 cents, or 0.3 percent, to $53.86 a barrel by 0723 GMT, and Brent crude gave up 13 cents, or 0.2 percent, to $56.38.

    Thursday 2nd March 2017 - U.S. oil prices edged lower during European morning hours on Thursday, as concerns over swelling stockpiles offset optimism that OPEC and its allies have been following through on their commitment to cut production. U.S. West Texas Intermediate (WTI) futures slipped 12 cents, or 0.2 percent, to $53.71 a barrel by 0752 GMT. Benchmark Brent crude futures gave up 3 cents to $56.33.

    Friday 3rd March 2017 - Oil markets rose on Friday as the dollar edged away from a multi-week high, but prices are being held in check by unchanged Russian output for February, a sign of its weak compliance on a global deal to cut supplies. Benchmark Brent crude futures were up 21 cents, or 0.4 percent, at $55.29 a barrel, as of 0755 GMT. It closed down $1.28, or 2.3 percent, in the previous session, and dropped almost 3 percent on the week. WTI futures gained 16 cents, or 0.3 percent, to $52.77 a barrel after dropping on Thursday to its lowest since Feb. 9. The U.S. benchmark finished in negative territory the past three sessions.

    Monday 6th March 2017 - Oil prices fell in Asian trade on Monday, wiping out some of the gains of the previous session amid worries lower growth targets in China could cut oil demand and ongoing concern over Russia’s compliance with a global deal to cut oil output. But worries over escalating violence in the Middle East put a floor under prices. Brent crude futures LCOc1 dropped 47 cents, or 0.8 percent, to $55.43 a barrel as of 0749 GMT after settling 1.5 percent higher in the previous session. U.S. West Texas Intermediate (WTI) crude futures CLc1 fell 47 cents, or 0.9 percent, to $52.86 a barrel after closing the previous session up 1.4 percent.

    Tuesday 7th March 2017 - Oil prices were little changed during European morning hours on Tuesday, holding in a familiar trading range as market players continued to weigh the prospect of production cuts by major crude-producing nations against a rise in U.S. drilling. Brent crude LCOc1 was down 9 cents, or 0.1 percent, at $55.92 a barrel as of 0745 GMT, with a firmer dollar, unchanged against a basket of other currencies .DXY, putting some pressure on dollar denominated oil prices. U.S. West Texas Intermediate crude CLc1 eased 6 cents, or 0.1 percent to $53.14 a barrel.

    Wednesday 8th March 2017 - Oil futures fell in Asian trade on Wednesday after industry data pointed to a potential ninth straight week of inventory builds, renewing concerns about an oversupply of oil despite output curbs by OPEC and non-OPEC members. As of 0740 GMT, brent futures were down 23 cents, or 0.4 percent, at $55.69, after settling down 0.2 percent in the previous session.

    Thursday 9th March 2017 - Buoyed by strong compliance with touted international production cuts, oil prices climbed on Thursday after sharp losses Wednesday afternoon. Oil prices had plunged 5 per cent to their lowest levels in 2017 on Wednesday, Reuters News agency reports, as U.S. crude inventories surged to a new record high. United States’ West Texas Intermediate crude CLc1 ended Wednesday session at $50.28 per barrel, down $2.86, or 5.38 per cent after falling to its lowest level since Dec. 15. International Brent crude futures LCOc1 were up 50 cents, or 0.94 percent, at $53.61 per barrel at 0744 GMT. They ended the last session down 5 percent at $53.11 a barrel, hit by a record build up in U.S. inventories.

    Friday 10th March 2017 - Crude prices inched up on Friday after dropping to their lowest in more than three months the session before, pressured by concerns that a global supply glut is proving stubbornly persistent. On the New York Mercantile Exchange crude futures rose 0.63% to $49.59 a barrel. On London's Intercontinental Exchange, global benchmark Brent for May delivery rose 0.50% at $52.45 a barrel.

    Monday 13th March 2017 - Oil prices dropped to their lowest in three months on Monday despite OPEC efforts to curb crude output, dragged down as U.S. drillers kept adding rigs. Brent crude LCOc1 was down 11 cents, or 0.21 percent, at $51.26 per barrel by 0755 GMT, its lowest since Nov. 30. It closed the previous session down 1.6 percent at $51.37.

    Tuesday 14th March 2017 - Crude oil prices hovered near three-month lows on Tuesday in early Asian trading as investors await key reports and data that may shed light on a supply overhang in the global market. Brent crude futures were down 1 cent at $51.34 a barrel, having settled down 2 cents on Monday after dipping to as low as $50.85

    Wednesday 15th March 2017 - Oil prices rebounded from three-month lows on Wednesday after industry data showed a surprise drawdown in U.S. crude stockpiles and as Goldman Sachs put a positive spin on OPEC's compliance with output cuts. Brent futures were up 71 cents, or 1.4 percent, at $51.63, after settling down 43 cents at $50.92 on Tuesday, their lowest finish since November.

    Thursday 16th March 2017 - Oil Prices surged on Wednesday after a slew of market reports and official data offered some hope that a near three-year global glut in oil is coming to an end, albeit more slowly than many have anticipated. U.S. West Texas Intermediate (WTI) crude was up 39 cents, or 0.8 percent, at $49.25 a barrel by 0734 GMT, having surged 2.4 percent in the previous session while posting its first increase in eight days. Brent futures climbed 47 cents, or 0.9 percent, to $52.28. They had their first increase in seven days on Wednesday, gaining 1.7 percent.

    Friday 17th March 2017 - Oil prices dipped on Friday as the market looked for clues on how effectively OPEC production cuts are working to absorb a global supply overhang. Brent crude was down 10 cents, or 0.19 percent, at $51.64 per barrel, as of 0745 GMT. U.S. West Texas Intermediate crude (WTI) edged down 3 cents, or 0.06 percent, at $48.72 a barrel.

    Monday 20th March 2017 - Oil prices fell on Monday, with already-bloated markets pressured by rising US drilling activity and steady supplies from Organisation of petroleum exporting countries (Opec) countries despite touted production cuts. As of 0800 GMT, prices for benchmark Brent crude futures were down 34 cents, or 0.66 percent, at $51.42 per barrel. U.S. West Texas Intermediate (WTI) crude futures slipped 48 cents, or 0.98 percent, to $48.30 a barrel.

    Tuesday 21st March 2017 - Oil prices in Tuesday’s session soared up, as there is heavy speculation in the market that OPEC-led production cut may extend, while sturdy demand may erode a global fuel supply overhang. Prices for front-month Brent crude futures, the international benchmark for oil, were at $51.97 per barrel at 0746 GMT, up 35 cents, or 0.68 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 28 cents, or 0.58 percent, at $48.50 a barrel.

    Wednesday 22nd March 2017 - Oil prices dipped on Wednesday as rising crude stocks in the United States underscored an ongoing global fuel supply overhang despite an OPEC-led effort to cut output. At 0803 GMT, prices for front-month Brent crude futures, the international benchmark for oil, were at $50.66 per barrel, down 30 cents or 0.59 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 28 cents, or 0.6 percent, at $47.96 a barrel.

    Thursday 23rd March 2017 - Crude futures rebounded Thursday after data showed U.S. gasoline and distillates stocks declined in the latest reporting week, signalling that refiners have returned from maintenance and crude demand in the U.S. is set to rise. Brent crude futures, the international benchmark for oil, were at $50.82 per barrel at 0807 GMT, up 18 cents, or 0.4 percent, from their last close. That came after Brent briefly dipped below $50 a barrel on Wednesday for the first time since November. U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.4 percent, at $48.23 a barrel, after testing support at $47 overnight.

    Friday 24th March 2017 - Crude prices gained in Asia on Friday with sentiment cautious ahead of a weekend meeting of OPEC and non-OPEC producers to review compliance with an output cut agreement and as the U.S. reports rig count data. Benchmark Brent crude futures LCOc1 were at $50.69 per barrel at 0756 GMT, up 13 cents or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 18 cents, or 0.4 percent, at $47.88 a barrel. Brent was heading for a weekly fall of about 2.1 percent, while WTI was off about 1.9 percent.

    Monday 27th March 2017 - Oil fell further towards $50 a barrel on Monday, pressured by uncertainty over whether an OPEC-led production cut will be extended beyond June in an effort to counter a glut of crude. A committee of ministers from OPEC and outside producers agreed on Sunday to look at prolonging the deal, stopping short of an earlier draft statement that said the committee recommended keeping the measure in place. International benchmark Brent crude LCOc1 was down 34 cents at $50.46 by 0822 GMT, after falling as low as $50.26. U.S. crude CLc1 was down 44 cents at $47.53.

    Tuesday 28th March 2017 - Oil prices rose on Tuesday, supported by a weaker dollar, but crude continued to be weighed down by surging U.S. production and uncertainty over whether an OPEC-led supply cut is big enough to rebalance the market. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, had gained 18 cents from their last close to $50.93 per barrel by 0652 GMT. In the United States, West Texas Intermediate (WTI) crude futures CLc1 were up 20 cents at $47.93 a barrel. Traders said crude futures were receiving some support from a weak dollar.

    Wednesday 29th March 2017 - Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC-led output reduction will be extended into the second half of the year. Front-month Brent crude futures LCOc1, the international benchmark for oil, rose 29 cents, or 0.6 percent, to $51.62 per barrel by 0653 GMT. In the United States, West Texas Intermediate (WTI) crude futures CLc1 were up 34 cents, or 0.7 percent, at $48.71 a barrel.

    Thursday 30th March 2017 - Oil prices rose on Thursday, extending two days of increases as supply disruptions in Libya lifted the market, although bloated U.S. crude inventories curbed gains. Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at $52.53 per barrel at 0659 GMT, up 11 cents from their last close. In the United States, West Texas Intermediate (WTI) crude futures CLc1 rose 17 cents to $49.67 a barrel. The increases extended two days of gains which supported Brent well above $50 a barrel and lifted WTI within sight of that level.

    Friday 31st March 2017 - Oil analysts have grown more pessimistic that OPEC's supply cut will be enough to offset the increase in U.S. production and do not believe prices will reach $60 a barrel until early next year, according to a Reuters poll on Friday. Brent crude is expected to average $57.07 per barrel in 2017, slightly lower than last month's forecast of $57.52, the poll of 32 economists and analysts showed

  • Market Comments April

    Monday 3rd April 2017 - Oil prices wavered between small gains and losses in European trading on Monday after reaching the strongest level in almost four weeks amid optimism that OPEC will extend its production-cut deal beyond June. Brent oil for June delivery on the ICE Futures Exchange in London held firm at $53.52 a barrel by 4:10AM ET (08:10GMT). The global benchmark hit $53.77 on Friday, the most since March 9

    Tuesday 4th April 2017 - Oil prices dipped in Tuesday’s session as oil market witnessed a rebound in Libyan production, which has squeezed the oil market, further aggravated by rising count in U.S. rigs, indicating potential for increased supply. At 0141 GMT, international Brent crude futures were trading weaker by 3 cents at $53.09 per barrel from previous session.

    Wednesday 5th April 2017 - Oil climbed to a near one-month high on Wednesday on signs of a gradual tightening in global oil inventories and on concerns about a supply outage at a field in the United Kingdom's North Sea that feeds into an international benchmark price. Brent crude futures, the international benchmark for oil, were at $54.52 per barrel at 0658 GMT, up 35 cents, or 0.65 percent, from their last close.

    Thursday 6th April 2017 - Oil prices edged lower during European morning hours on Thursday, extending a pullback from the prior session's four-week high amid concern over rising production and swelling stockpiles in the U.S. The U.S. West Texas Intermediate crude May contract shed 15 cents, or around 0.3%, to $51.01 a barrel by 3:55AM ET (07:55GMT). It settled higher for the second session in a row on Wednesday after hitting its strongest since March 8 at $51.88. Elsewhere, Brent oil for June delivery on the ICE Futures Exchange in London slipped 8 cents to $54.28 a barrel. The global benchmark touched its highest since March 8 at $55.09 in the prior session.

    Friday 7th April 2017 - Oil futures surged more than 2 percent to a one-month high on Friday after the United States launched dozens of cruise missiles at an airbase in Syria, with prices later dropping back as there seemed no immediate threat to supplies. U.S President Donald Trump said he had ordered missile strikes against a Syrian airfield from which a deadly chemical weapons attack was launched earlier this week, declaring he acted in America's "national security interest" against Syrian President Bashar al-Assad. After tepid trading before the attack, Brent crude futures LCOc1 jumped to $56.08 per barrel, in what traders called a knee-jerk reaction, before easing to $55.62 per barrel at 0704 GMT, still up 1.3 percent from their last close.

    Monday 10th April 2017 - Crude prices gave up some of the early gains in Asia on Monday with tensions on the Korean peninsula in focus along with the fallout from a missile strike by U.S. forces last week on a Syrian airbase that drew a sharp rebuke from major oil producers Iran and Russia. On the ICE Futures Exchange in London, Brent oil for June delivery rose 0.14% to $55.32 a barrel. Elsewhere, the U.S. West Texas Intermediate crude May contract rose 0.25% to $52.37 a barrel.

    Tuesday 11th April 2017 - Oil futures have paused in Asian trading after further gains overnight, driven by production outages in Libya and Canada. Benchmark U.S. and U.K. crude futures have risen for five-straight sessions, based on New York settlement levels, the longest such run since mid-August, and fallen just once the past two weeks. The international benchmark for oil prices, Brent crude futures LCOc1, were down 20 cents, or 0.36 percent, from its previous close at $55.78 per barrel at 0702 GMT. Earlier, Brent had climbed to its highest since March 7 at $56.16 a barrel. U.S. West Texas Intermediate (WTI) CLc1 gave up 15 cents, or 0.3 percent, to $52.93 a barrel, after having touched a five-week high of $53.23 a barrel.

    Wednesday 12th April 2017 - Oil prices rose on Wednesday, putting crude futures on track for their longest streak of gains since August 2016, as Saudi Arabia was reported to be lobbying OPEC and other producers to extend a production cut beyond the first half of 2017. Brent crude futures were up 20 cents, or 0.36 percent, at their highest since early March at $56.43 per barrel at 0656 GMT (02:56 a.m. EDT). If Wednesday's rise holds, it would mark the seventh straight daily increase. That would beat a six-day bull-run from August 2016, although the price jump then was 17.5 percent versus a 6-percent rise in the current rally. U.S. West Texas Intermediate (WTI) crude futures were up 18 cents, or 0.34 percent, at $53.58 a barrel, also their highest since early March.

    Thursday 13th April 2017 - Crude oil futures were largely unchanged on Thursday, with the market torn between rising U.S. production and the output cuts being made by OPEC and other producers. Benchmark Brent crude futures were flat at $55.86 a barrel by 0657. The market had climbed to a one-month high of $56.65 on Wednesday before losing ground. U.S. West Texas Intermediate crude futures were down 6 cents at $53.05 a barrel. They touched their highest since March 7 at $53.76 barrel in the previous session.

    Tuesday 18th April 2017 - Crude settled lower on Monday, despite bullish Chinese economic data, as investors weighed the impact of a ramp-up in U.S. oil production against OPEC efforts to drain the global glut in supply. On the New York Mercantile Exchange crude futures for May delivery fell by 53 cents to settle at $52.65 a barrel, while on London's Intercontinental Exchange, Brent lost 44 cents to trade at $55.45 a barrel.

    Wednesday 19th April 2017 - Oil steadied on Wednesday after OPEC said it was committed to eroding a global supply overhang that has dogged markets since 2014, but with U.S. output and inventories rising, analysts said prices looked vulnerable. The oil price got an early lift from comments by the secretary-general of the Organization of the Petroleum Exporting Countries, who said the group was committed to restoring market stability by bringing global inventories down to the industry's five-year average. But an investor shift out of equities and commodities and into perceived safe-havens such as U.S. Treasuries offset some of this boost. Brent crude futures LCOc1 were up 5 cents at $54.94 a barrel at 0908 GMT, while U.S. West Texas Intermediate (WTI) futures CLc1 were up 3 cents at $52.44 a barrel.

    Thursday 20th April 2017 - Oil prices regained some ground on Thursday after steep losses the previous day, as Kuwait said it expected an OPEC-led effort to cut supplies would be extended beyond the middle of the year. Brent crude futures LCOc1 were at $53.34 per barrel at 0715 GMT, up 41 cents, or 0.77 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 32 cents, or 0.63 percent, to $50.76 a barrel.

    Friday 21st April 2017 - Oil prices edged lower on Friday, on course for the biggest weekly drop in a month, over doubts that an OPEC-led production cut will restore balance to an oversupplied market. Front-month Brent futures LCOc1 were at $52.87 a barrel at 0820 GMT (4:20 a.m. ET), down 12 cents from their last close and set for a 5.4 percent weekly drop, the most since the week of March 10. Front-month U.S. crude futures CLc1, which rolled over on Friday, were at $50.61 a barrel, down 10 cents and on course for a 4.8 percent weekly decline, also the most since March 10.

    Monday 24th April 2017 - Oil prices recovered some lost ground on Monday after big losses last week, driven by expectations that OPEC will extend output cuts till the end of 2017, although a relentless rise in U.S. drilling capped gains. Brent crude futures LCOc1 rose 54 cents by 0920 GMT to $52.50 per barrel. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 added 49 cents to reach $50.11 a barrel

    Tuesday 25th April 2017 - Oil prices inched up on Monday but markets remain under pressure following six consecutive sessions of losses as traders lose confidence that pledged output cuts by major producers will rein in oversupply in a world awash with fuel. U.S. West Texas Intermediate (WTI) crude oil futures added 21 cents, or 0.4 percent, by 0123 GMT, but remained below the $50 mark pierced late last week, at $49.44 a barrel. Brent crude futures rose 23 cents, or 0.5 percent, to $51.83 per barrel.

    Wednesday 26th April 2017 - Oil prices edged lower on Wednesday as ample global supplies and data showing a rise in U.S. crude inventories cast doubt on OPEC's ability to tighten the market with output cuts. Brent crude LCOc1, the international benchmark for oil prices, eased 26 cents to $51.84 (40.45 pounds) per barrel at 1054 GMT. Brent is now around 8.5 percent below its April peak. U.S. West Texas Intermediate (WTI) CLc1 was trading down 24 cents at $49.32 per barrel, heading for its eighth fall in nine sessions.

    Thursday 27th April 2017 - Oil prices dipped on Thursday, weighed down by a general sentiment of globally bloated markets, though traders said that prices seemed to have found support around current levels. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $49.37 per barrel at 0644 GMT, down 25 cents, or 0.5 percent from their last close. WTI has lost around 8.5 percent in value from its April peak. Brent crude futures LCOc1, the international benchmark for oil prices, were at $51.63 per barrel, down 19 cents, or 0.37 percent. Brent is almost 9 percent below its April peak.

    Friday 28th April 2017 - Oil prices rebounded on Friday after dropping to a one-month low the previous day, prompting investors to buy at cheaper levels ahead of a May OPEC meeting at which producers could extend output cuts. Gains were also helped by a weaker dollar and signs that non-OPEC member Russia was fully compliant with output limits agreed among major producers late last year. Benchmark Brent crude LCOc1 futures were trading up 33 cents at $51.77 a barrel by 0844 GMT. U.S. light crude CLc1 fetched $49.41 a barrel, up 44 cents.

  • Market Comments May

    Tuesday 2nd May 2017 - Oil prices steadied on Tuesday as rising production in several countries balanced expectations that major exporters would extend output cuts into the second half of the year. Benchmark Brent crude oil was unchanged at $51.52 a barrel by 0745GMT. The futures contract hit a one-month low of $50.45 last week after the restart of two key Libyan oilfields.

    Wednesday 3rd May 2017 - Oil prices rebounded from near 2017 lows on Wednesday after preliminary data showed a much higher-than-expected fall in U.S. crude stocks, reviving bullish sentiment about easing oversupply. Benchmark Brent crude LCOc1 was up 37 cents at $50.83 a barrel at 0815 GMT. On Tuesday the futures had settled at their lowest since Nov. 30, when the Organization of the Petroleum Exporting Countries decided to cut oil supply. U.S. West Texas Intermediate (WTI) crude CLc1 traded at $47.96 a barrel, up 30 cents. WTI had slid 2.4 percent on Tuesday on concerns about falling OPEC compliance with its production-curbing deal.

    Thursday 4th May 2017 - Crude oil lost ground on Thursday, falling for a third out of four sessions and trading near its lowest since late March after data showed a lower than expected decline in U.S. inventories. U.S. crude stockpiles fell less than expected last week, while gasoline inventories grew as demand remained weak, the Energy Information Administration said on Wednesday, keeping concerns about global supply on a simmer. The benchmark Brent crude oil LCOc1 fell 24 cents, or 0.5 percent, to $50.55 a barrel by 0635 GMT and U.S. West Texas Intermediate (WTI) crude CLc1 lost 26 cents, or 0.5 percent, to $47.56 a barrel.

    Friday 5th May 2017 - Oil prices trimmed losses on Friday, having fallen more than 3 percent at one stage, the day after skidding to five-month lows as mounting concerns about global oversupply wiped out price gains since OPEC sealed a landmark accord to cut output. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $44.92 per barrel at 0716 GMT, down 60 cents or 1.3 percent, after a more than 4 percent drop the previous session. Brent crude futures, the international benchmark for oil prices, were at $47.88 per barrel, down 50 cents or 1 percent from their last close. Prices fell to as low as $46.64, the lowest since Nov. 30. Brent tumbled back below $50 in the previous session. At their intraday lows, Brent and WTI were heading for their largest two-day percentage loss since February 2016.

    Monday 8th May 2017 - Oil prices rose on Monday on a growing conviction that an OPEC-led production cut initially scheduled to end in June would be extended to cover all of 2017, although a relentless increase in U.S. drilling activity is seen capping gains. The rise came after steep falls last week on the back of ongoing high supplies from countries that aren't participating in the cuts, including the United States where output is soaring C-OUT-T-EIA. Traders said the victory of Emmanuel Macron in the French presidential elections against far-right Marine Le Pen also supported oil prices as it raised hopes of a more stable European economy. "The market viewed the fall as overdone," ANZ bank said on Monday. Brent crude futures, the international benchmark for oil prices, were at $49.85 per barrel at 0020 GMT on Monday, up 75 cents, or 1.5 percent, from their last close.

    Tuesday 9th May 2017 - Oil prices gave up earlier gains on Tuesday, as concerns over slowing demand and a relentless rise in U.S. crude output undermined the impact of hopes that OPEC-led production cuts could be extended. Brent crude futures, the international benchmark for oil prices, were at $49.33 per barrel at 0651 GMT on Tuesday, down from a high of $49.60 earlier in the day and near their last close.

    Wednesday 10th May 2017 - Oil futures rose on Wednesday after Reuters reported Saudi Arabia would cut supplies to the region as OPEC tries to counter rising U.S. output that is threatening to derail its attempts to end a sustained global crude glut. Oil was also supported by a larger than expected fall in U.S. crude inventories last week, down 5.8 million barrels compared with analysts' expectations for a 1.8 million barrels decline, according to industry group the American Petroleum Institute. Global benchmark Brent futures LCOc1 were up 19 cents, or 0.4 percent, at $48.92 a barrel at 0612 GMT. They fell 1.2 percent on Tuesday.

    Thursday 11th May 2017 - Oil prices rose on Thursday, with global benchmark Brent crude trading comfortably above $50 a barrel after a fall in U.S. inventories and a bigger-than-expected cut in Saudi supplies to Asia helped tightened the market. Brent LCOc1 was 30 cents higher at $50.52 a barrel by 0715 GMT. U.S. light crude oil CLc1 was up 35 cents at $47.68.

    Friday 12th May 2017 - Oil prices rose on Friday as traders expected OPEC-led production cuts to extend beyond the middle of this year, and as U.S. crude inventories fell to their lowest levels since February. International Brent crude futures LCOc1 were at $50.96 per barrel at 0646 GMT on Friday, up 19 cents, or 0.37 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.01 per barrel, up 18 cents, or 0.38 percent.

    Monday 15th May 2017 - Oil prices jumped 2 percent on Monday after the energy ministers of the world's two biggest producers Saudi Arabia and Russia jointly said that a crude production cut would be extended from the middle of this year until March 2018. Brent crude was at $51.88 per barrel at 0655 GMT, up $1.04, or 2.1 percent, from its last close at a level last seen in early May. U.S. West Texas Intermediate (WTI) crude was at $48.85 per barrel, up $1.01, or 2.1 percent.

    Tuesday 16th May 2017 - Oil prices rose on Tuesday, extending gains after a joint announcement by top producers Saudi Arabia and Russia to push for an extension of supply cuts until the end of March 2018 gained traction. As of 0653 GMT, Brent crude futures were at $52.08 per barrel, up 26 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $49.10 a barrel, up 25 cents, or 0.5 percent.

    Wednesday 17th May 2017 - Oil prices fell on Wednesday after data showed an increase in U.S. crude inventories, stoking concerns that markets remain oversupplied despite efforts by top producers Saudi Arabia and Russia to extend output cuts. Brent crude was down 20 cents, or 0.4 percent, from the last close at $51.45 per barrel at 0647 GMT. U.S. West Texas Intermediate (WTI) crude was at $48.39, down 27 cents, or 0.6 percent.

    Thursday 18th May 2017 - Oil prices dipped on Thursday, weighed down by plentiful supply despite ongoing efforts led by OPEC to tighten the market by cutting production. Brent crude was down 11 cents, or 0.2 percent, from its last close at $52.10 per barrel at 0644 GMT. U.S. West Texas Intermediate (WTI) crude was down 9 cents, or 0.2 percent, at $48.99.

    Friday 19th May 2017 - Oil futures rose on Friday to the highest in nearly a month on growing optimism that big producing countries will extend output cuts to curb a persistent glut in crude, with key benchmarks heading for a second week of gains. Brent crude LCOc1 was up 28 cents, or 0.5 percent, at $52.79 at 0630 GMT. The contract earlier rose to the highest since April 21 and is on track for a nearly 4 percent climb this week, its second week of gains. U.S. crude oil CLc1 was up 29 cents, or 0.6 percent, at $49.64 a barrel, highest since April 26. The contract is also heading for a weekly increase of almost 4 percent.

    Monday 22nd May 2017 - Oil rose on Monday, pushed by reports that an OPEC-led supply cut may not just be extended into 2018 but might be deepened to tighten the market and prop up prices. Brent crude futures were up 32 cents, or 0.6 percent, from their last close at $53.93 per barrel at 0643 GMT. U.S. West Texas Intermediate (WTI) crude futures were back above $50 per barrel, trading up 29 cents, or 0.6 percent, at $50.62.

    Tuesday 23rd May 2017 - Oil prices fell on Tuesday after U.S. President Donald Trump proposed the sale of half the country's strategic oil reserves, even as producer club OPEC and its allies cut output to tighten the market. Brent crude futures LCOc1 were trading down 43 cents, or 0.8 percent, at $53.44 per barrel at 0643 GMT. U.S. West Texas Intermediate (WTI) futures CLc1 were at $50.71, down 42 cents, or 0.8 percent.

    Wednesday 24th May 2017 - Oil prices rose on Wednesday, supported by growing confidence that OPEC and other big producers would agree to keep output restricted for the rest of 2017 and into the first quarter of next year. Benchmark Brent crude oil LCOc1 was up 40 cents a barrel at $54.55 by 0810 GMT. U.S. light crude oil CLc1 was 35 cents higher at $51.82.

    Thursday 25th May 2017 - Oil prices rose on Thursday ahead of an OPEC meeting expected to extend production cuts into 2018 in an attempt to drain a global glut that has depressed markets for almost three years. Brent crude oil was up 40 cents at $54.36 a barrel by 0730 GMT. U.S. light crude was 40 cents higher at $51.76. Both benchmarks have climbed more than 15 percent from May lows on expectations of an extension.

    Friday 26th May 2017 - Oil prices edged up on Friday but markets remained on the back foot after tumbling in the previous session when OPEC and allied producers extended output cuts but disappointed investors betting on longer or larger curbs. At Thursday's meeting in Vienna, the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018. The initial agreement would have expired in June this year. Crude oil plunged 5 percent following the announcement, only inching up a touch on Friday. Gaining back some of those losses, Brent crude futures were at $51.83 per barrel at 0708 GMT, up 0.37 cents, or 0.7 percent, from their last close.

    Tuesday 30th May 2017 - U.S. West Texas Intermediate (WTI) crude futures climbed above $50 per barrel early on Tuesday, before dipping back to $49.78 by 0655 GMT, down 2 cents from their last close. Brent crude futures were at $52.09 per barrel, down 22 cents, or 0.3 percent. The main factor for Brent is whether a decision led by the Organization of the Petroleum Exporting Countries (OPEC) to extend a pledge to cut production by around 1.8 million barrels per day (bpd) until the end of the first quarter of 2018 will significantly tighten the market to end years of oversupply.

    Wednesday 31st May 2017 - Oil prices fell by one percent on Wednesday, as rising output from Libya added to concerns about increasing U.S. production that is undermining OPEC-led production cuts aimed at tightening the market. Brent crude futures, the international benchmark for oil prices, were at $51.30 per barrel at 0657 GMT, down 54 cents, or 1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $49.15 per barrel, down 51 cents, or 1 percent, from their last settlement.

  • Market Comments June

    Thursday 1st June 2017 - Oil futures rose on Thursday from a three-week low touched the previous session, buoyed by expectations the United States could pull out of a global climate accord and by a report that showed U.S. crude stockpiles had fallen more than expected. Brent crude futures for July were up 39 cents, or 0.8 percent, at $51.15 a barrel by 0552 GMT, after trading higher earlier. U.S. West Texas Intermediate crude futures were up 40 cents, or 0.8 percent, $48.72 a barrel.

    Friday 2nd June 2017 - Oil prices tumbled below $50 on Friday amid worries that U.S. President Donald Trump's decision to abandon a global climate pact could spark more crude drilling in the United States, stoking a persistent glut in global supply. Global benchmark Brent crude futures LCOc1 was down 1.7 percent, or 80 cents, at $49.75 a barrel, as of 0725 GMT. U.S. West Texas Intermediate crude CLc1 futures dropped 87 cents, or 1.81 percent, to $47.46 per barrel.

    Monday 5th June 2017 - Oil markets rose around 1 percent on Monday, pushed up by tensions in the Middle East where top crude exporter Saudi Arabia and other Arab states cut off ties with Qatar. Saudi Arabia as well as the United Arab Emirates, Egypt, and Bahrain severed ties with top liquefied natural gas (LNG) and condensate shipper Qatar on Monday, accusing it of supporting extremism and undermining regional stability. With a production capacity of about 600,000 barrels per day, Qatar's crude oil output, one of OPEC's smallest, is dwarfed by the near 10 million bpd churned out by the cartels de-facto leader, Saudi Arabia. Still, Brent crude oil futures had risen 48 cents, or 1 percent, to $50.43 per barrel by 0713 GMT. U.S. West Texas Intermediate futures were at $48.14 a barrel, up 48 cents, or 1 percent.

    Tuesday 6th June 2017 - Oil prices bounced around low levels in choppy trading on Tuesday, with Brent crude holding below $50 over concerns that a political rift between Qatar and several Arab states would undermine efforts by OPEC to tighten the market. Persistent gains in U.S. production also dragged on benchmark crude prices, traders said. Brent crude was trading at $49.53 per barrel at 0658 GMT, up 6 cents, or 0.1 percent from its last close. However, that is still down around 8 percent from the open of futures trading on May 25, when an OPEC-led policy to cut oil output was extended into the first quarter of 2018. U.S. West Texas Intermediate (WTI) crude was at $47.45, up 5 cents, or 0.1 percent. That is down about 7 percent from the May 25 open.

    Wednesday 7th June 2017 - Oil prices dipped on Wednesday, with Brent crude futures falling below $50 per barrel, as fuel markets remained oversupplied, although tension in the Middle East and falling U.S. inventories lent some support. Brent crude futures were at $49.95 per barrel at 0710 GMT, down 17 cents, or 0.3 percent, from their last close. Brent is almost 8 percent below its open on May 25, when OPEC and other producers agreed to extend oil output cuts through to the first quarter of 2018. U.S. West Texas Intermediate (WTI) crude futures were at $48.02 per barrel, also down 17 cents, or 0.3 percent, from the previous close, and more than 6 percent below their May 25 open.

    Thursday 8th June 2017 - Crude futures edged up in early Asian trading on Thursday following heavy losses in the previous session after official data showed that U.S. inventories rose for the first time in 10 weeks, reawakening concerns of a supply glut. U.S. crude futures CLc1 were up 26 cents, or 0.6 percent, at $45.98 a barrel at 0651 GMT. On Wednesday, they closed down 5.1 percent, or $2.47 a barrel, at their lowest settlement since May 4. Brent crude prices LCOc1 rose 34 cents, or 0.7 percent, to $48.40 a barrel, after falling 4.1 percent in the previous session, also to the lowest since May 4.

    Friday 9th June 2017 - Oil prices dipped on Friday following steep falls earlier this week, pressured by evidence of an ongoing fuel glut despite efforts led by OPEC to tighten the market by holding back production. Brent crude LCOc1 was at $47.75 per barrel at 0647 GMT, down 11 cents from its last close. It puts Brent around 12 percent below its opening level on May 25, when an OPEC-led pledge to cut production was extended into 2018. U.S. West Texas Intermediate (WTI) crude CLc1 was at $45.54, down 10 cents from the last close, and some 11 percent below May 25.

    Monday 12th June 2017 - Oil prices rose on Monday as futures traders bet the market may have bottomed after recent falls, even as physical markets remain bloated, especially from a relentless rise in U.S. drilling. Brent crude futures LCOc1 were at $48.29 per barrel at 0651 GMT, up 14 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $45.95 per barrel, up 12 cents, or 0.3 percent.

    Tuesday 13th June 2017 - Oil prices edged up on Tuesday, lifted by statements that Saudi Arabia was making significant supply cuts, although rising U.S. output meant that markets remain well supplied. Brent crude futures were at $48.51 per barrel at 0649 GMT, up 22 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.28 per barrel, up 20 cents, or 0.4 percent.

    Wednesday 14th June 2017 - Brent crude futures were trading at $47.67 per barrel at 0039 GMT, down 19 cents, or 0.4 percent, from their last close. That puts Brent 12 percent below its opening level on May 25, when an OPEC-led policy to cut oil output was extended to cover the first quarter of 2018. Traders said the price slump was a result of ongoing oversupply despite the pledge led by the Organization of the Petroleum Exporting Countries (OPEC) to cut almost 1.8 million barrels per day (bpd) of production until the first quarter of 2018.

    Thursday 15th June 2017 - Brent crude oil fell 30 cents to $46.70 a barrel, its weakest since May 5 and just above six-month lows, before recovering a little ground to trade around $46.80 by 0755 GMT. U.S. light crude was down 30 cents at $44.43, also a six-week low. Both crude oil benchmarks have lost all the gains made at the end of last year after the Organization of the Petroleum Exporting Countries agreed with other big producers to cut output in an effort to prop up prices.

    Friday 16th June 2017 - Brent crude futures LCOc1 were up 42 cents at $47.34 per barrel by 0755 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $44.74 per barrel, up 28 cents. "The market took a breather yesterday and is trying to recover somewhat this morning. It is by no means bullish," said Tamas Varga, analyst at brokerage PVM Oil Associates. Both benchmarks remained roughly 13 percent below where they stood in late May, when producers led by the Organization of the Petroleum Exporting Countries (OPEC) extended a pledge to cut production by 1.8 million barrels per day (bpd) by an extra nine months until the end of the first quarter of 2018. Rising U.S. oil output has undermined the impact of OPEC-led cuts. Data from the U.S. Energy Information Administration (EIA) this week showing growing gasoline stocks and shaky demand, despite the peak summer driving season, sent prices tumbling.

    Monday 19th June 2017 - Signs of faltering demand stoked weak sentiment, prompting price levels comparable to when the output cuts were first announced late last year. Brent crude futures were down 11 cents, or 0.23 percent, at $47.26 per barrel at 0035 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 11 cents, or 0.25 percent, at $44.63 per barrel. Traders said that the main factor driving the low prices was a steady rise in U.S. production undermining the OPEC-led effort to tighten the market.

    Tuesday 20th June 2017 - Oil prices steadied just above seven-month lows on Tuesday after news of increases in supply, a trend which has undermined attempts by OPEC and other producers to support the market through reduced output. Benchmark Brent LCOc1 was up 15 cents at $47.06 by 0820 GMT. On Monday, it fell 46 cents, or 1 percent, to settle at $46.91 a barrel.

    Wednesday 21st June 2017 - Oil prices held around multi-month lows in early Asian trading on Wednesday as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output. Brent was down 6 cents at $45.96 barrel at 0035 GMT. The global benchmark ended down 89 cents, or 1.9 percent, on Tuesday at its lowest settlement since November. U.S. crude futures for August were trading down 3 cents at $43.48. The July contract, which expired on Tuesday, settled down than 2 percent at its lowest since September.

    Thursday 22nd June 2017 - Oil slid back toward multi-month lows on Thursday, after a brief recovery early in the session, as traders warily eyed a glut of physical supply that has persisted despite OPEC-led efforts to balance the market. Brent crude futures were down 15 cents at $44.67 a barrel at 0850 GMT, after spending much of the Asian trading day in positive territory. They fell 2.6 percent in the previous session to their lowest since November.

    Friday 23rd June 2017 - Oil edged up on Friday, recovering slightly from steep falls earlier in the week, but is set for the worst performing first-half in two decades despite ongoing production cuts. Brent crude futures were at $45.31 per barrel at 0222 GMT, up 9 cents, or 0.2 percent, from their last close.
    U.S. West Texas Intermediate (WTI) crude futures were up 10 cents, or 0.2 percent, at $42.84 per barrel. Oil prices have fallen about 20 percent this year despite an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production by 1.8 million barrels per day (bpd) that has been in place since January.

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