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.

    Monday 26th June 2017 - Oil prices rose early on Monday on a weaker dollar, but increased U.S. drilling activity stoked worries that a global supply glut would persist despite efforts by some producers to curb output. Brent crude futures were up 24 cents, or 0.53 percent, at $45.78 per barrel at 0047 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 21 cents, or 0.49 percent, at $43.22 per barrel. The U.S. dollar index stayed low on Monday against a basket of currencies amid fading expectations for the Federal Reserve to hike interest rates again later this year. A weaker dollar also makes oil cheaper for countries using other currencies.

    Tuesday 27th June 2017 - Crude oil futures were largely unchanged in early Asian trade on Tuesday as the market took a breather following three days of gains with a supply glut keeping a lid on prices. U.S. West Texas Intermediate (WTI) crude futures were down 2 cents at $43.36 per barrel by 0019 GMT and Brent crude futures were flat at $45.83 per barrel. The market is up slightly so far this week, but Brent and U.S. crude oil have dropped for the past five weeks. The Organization of the Petroleum Exporting Countries (OPEC) and its partners have been trying to reduce a global crude glut with production cuts. OPEC states and 11 other exporters agreed in May to extend cuts of 1.8 million barrels per day (bpd) until March.

    Wednesday 28th June 2017 - Oil prices fell early on Wednesday after a report of rising U.S. fuel inventories underscored concerns that a three-year old crude glut is far from over. Brent crude futures were at $46.32 per barrel at 0012 GMT, down 33 cents, or 0.7 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 38 cents, or 0.9 percent, at $43.86 per barrel. Oil had recovered some ground over the past week after falling nearly 20 percent since mid-May, but a report by the American Petroleum Institute showed that U.S. crude inventories rose by 851,000 barrels in the week to June 23 to 509.5 million, compared with analysts' expectations for a decrease of 2.6 million barrels.

    Thursday 29th June 2017 - Crude oil futures rose for a sixth consecutive session on Thursday, as a decline in U.S. production underpinned the market that has been under pressure from a global supply glut. The benchmark Brent futures gained 8 cents, or 0.2 percent, to $47.39 a barrel.
    The U.S. Energy Information Administration (EIA) said crude stocks rose 118,000 barrels last week, while weekly production declined 100,000 barrels per day (bpd) to 9.3 million bpd. That was the biggest decline in weekly output since July 2016.

    Friday 30th June 2017 - Crude oil futures on Friday were on track for their biggest weekly gain since mid-May, ending five weeks of losses with prices underpinned by a decline in U.S. output. U.S. crude futures have added 4.6 percent this week, while benchmark Brent has gained 4.2 percent. That marks the biggest rise for both markets since the week ending May 19. U.S. crude was trading up 0.2 percent, or 8 cents, at $45.01 a barrel at 0024 GMT on Friday, with Brent climbing 0.2 percent, or 7 cents, to $47.49 a barrel. Crude prices hit a 10-month low last week in the face of a mounting supply glut, but data indicating a fall in U.S. production has bolstered markets this week.

  • Market Comments July

    Monday 3rd July 2017 - Oil prices rose for an eighth day on Monday, their longest rally in over five years after data pointed to moderating U.S. output, but analysts said news of rising OPEC production could temper gains. Brent crude futures LCOc1 were up 19 cents at $48.96 a barrel by 0842 GMT, having gained 5.2 percent last week in their first weekly gain in six weeks. The eight-day climb is the longest unbroken rally since February 2012. U.S. crude futures CLc1 rose 23 cents to $46.27 per barrel, following last week's 7-percent gain.

    Tuesday 4th July 2017 - Oil prices retreated in Asian trade on Tuesday, halting a run of eight straight days of gains on signs that a persistent rise in U.S. crude production is running out of steam. Brent crude futures LCOc1 had fallen 13 cents, or 0.3 percent, to $49.55 per barrel by 0705 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading down 9 cents, or 0.2 percent, at $46.98 a barrel. The falls came after both benchmarks recovered around 12 percent from their recent lows on June 21.

    Wednesday 5th July 2017 - Brent crude oil remained below $50 per barrel on Wednesday, weighed down by another rise in OPEC supplies despite a pledge to cut production, but geopolitical tensions in the Korean peninsula and the Middle East put a floor under prices. Brent crude futures LCOc1, the international benchmark for oil prices, were at $49.60 per barrel at 0651 GMT, little changed from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 6 cents at $47.02 per barrel. Despite the dips, both markets have recovered around 12 percent from recent lows on June 21, although crude prices seem locked below $50 per barrel.

    Thursday 6th July 2017 - Oil prices recovered some ground on Thursday on strong demand in the United States, but analysts cautioned that oversupply would continue to drag on markets after a steep fall in the previous session. Brent crude futures were trading up 34 cents, or 0.7 percent, at $48.13 per barrel by 0513 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 32 cents, or 0.7 percent, at $45.45 per barrel. The gains reflected firm fuel demand in the United States, where data from the American Petroleum Institute (API) on Wednesday showed that U.S. crude inventories fell by 5.8 million barrels in the week to June 30 to 503.7 million.

    Friday 7th of July 2017 - Oil prices fell by more than 1 percent on Friday, with U.S. crude futures dipping below $45 per barrel as news of a rise in U.S. production added to earlier reports that OPEC output was also on the rise. Brent crude futures, the international benchmark for oil prices, were trading down 61 cents, or 1.3 percent, at $47.50 per barrel by 0638 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $44.94 per barrel, down 58 cents, or 1.3 percent.

    Monday 10th July 2017 - Oil prices recovered some losses on Monday after a 3 percent fall in the previous session, but markets remain under pressure from high drilling activity in the United States and ample supplies from producer club OPEC. Brent crude futures LCOc1, the international benchmark for oil prices, were at $47.08 per barrel at 0537 GMT, up 37 cents, or 0.8 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $44.60 per barrel, up 37 cents, or 0.8 percent. Traders said the higher prices were reflected opportunistic buying following Friday's steep fall, but added that overall market conditions remain weak.

    Tuesday 11th July 2017 - Oil edged up on Tuesday, lifted by a strong demand outlook for the coming weeks, but overall market conditions remain weak on the back of an ongoing fuel supply overhang, prompting several banks to cut their price forecasts. Brent crude futures were at $47.01 per barrel at 0545 GMT, up 13 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 10 cents, or 0.2 percent, at $44.50 per barrel.

    Wednesday 12th July 2017 - Oil prices on Wednesday extended gains from the previous day as the U.S. government cut its crude production outlook for next year and as fuel inventories plunged. Brent crude futures rose 65 cents, or 1.4 percent to $48.17 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI) crude futures were at $45.77 per barrel, up 73 cents, or 1.6 percent.

    Thursday 13th July 2017 - Oil dipped on Thursday on persistent worries about oversupply, but strong Chinese imports and signs that U.S. storage tanks are gradually being drained offered some support to prices. Brent crude futures LCOc1 were at $47.70 per barrel at 0657 GMT, down 4 cents from their last close. West Texas Intermediate (WTI) crude futures CLc1 were down 3 cents at $45.46 per barrel.

    Friday 14th July 2017 - Oil markets edged lower on Friday amid high fuel inventories and improving industry efficiency, but remained on track for a solid weekly gain, Brent crude futures LCOc1, the international benchmark for oil prices, were down 19 cents, or 0.4 percent, at $48.23 per barrel at 0709 GMT. They have risen about 3.5 percent so far this week. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $45.93 per barrel, down 15 cents, but heading for a 3.8-percent gain over the week.

    Monday 17th July 2017 - Oil prices rose on Monday, supported by a slowdown in the growth of rigs looking for crude in the United States and because of strong refinery demand from China. Brent crude futures were at $49.10 per barrel at 0454 GMT, up 18 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $46.70 per barrel, up 16 cents, or 0.3 percent.

    Tuesday 18th July 2017 - Oil markets were treading water on Tuesday, supported by firm demand but weighed down by ongoing high supplies from producer club OPEC and also the United States. Brent crude futures LCOc1, the international benchmark for oil prices, were at $48.39 per barrel at 0634 GMT, down 3 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 4 cents at $45.98 per barrel.

    Wednesday 19th July 2017 - Oil prices fell on Wednesday after a rise in U.S. crude inventories and ongoing high output from OPEC producers revived concerns of a fuel supply overhang. Brent crude futures LCOc1, the international benchmark for oil prices, were at $48.63 per barrel at 0656 GMT, down 21 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.20 per barrel, down 20 cents, or 0.4 percent.

    Thursday 20th July 2017 - Oil prices held steady on Thursday, hanging on to gains made the previous session when falling U.S. crude inventories lifted the market, as analysts offered mixed supply outlooks for the commodity ahead of a key OPEC meeting next week. Crude oil prices are still capped below the $50-per-barrel mark on concerns about high production from the Organization of the Petroleum Exporting Countries (OPEC) despite its pledge to cut output along with some other producers. Brent crude futures, the international benchmark for oil prices, were at $49.68 per barrel at 0650 GMT, just 2 cents down from their last settlement. U.S. West Texas Intermediate (WTI) crude futures were at $47.09 per barrel, 3 cents below their last close.

    Friday 21st July 2017 - Oil prices edged up on Friday ahead of a key meeting of major oil producing nations next week, but Brent held below the $50 per barrel level that was briefly breached for the first time in six weeks in the previous session. International benchmark Brent crude futures LCOc1 were up 10 cents, or 0.2 percent, at $49.40 per barrel at 0658 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 7 cents, or 0.2 percent at $46.99 per barrel.

    Monday 24th July 2017 - Six OPEC and non-OPEC ministers will meet today in St Petersburg to discuss the market outlook and compliance with output cuts. They may recommend a conditional cap on Nigerian and Libyan oil production, sources familiar with the talks said. The joint OPEC/non-OPEC ministerial committee could also discuss a deeper cut in production, but more studies are needed, according to one of the sources. Kuwait's oil minister, Essam al-Marzouq, said on Saturday that compliance was good with oil production cuts by OPEC and non-OPEC countries and that deeper cuts were possible. London Brent crude for September delivery was unchanged at $48.06 a barrel by 2228 GMT on Sunday. The contract settled down $1.24 or 2.5 percent on Friday after a consultancy forecast a rise in OPEC production for July despite the group's pledge to curb output.
    A rebalancing of the oil market is progressing more slowly than expected, but it will speed up in the second half of the year, OPEC Secretary General Mohammad Barkindo said on Sunday.
    Turkish President Tayyip Erdogan travelled to Saudi Arabia and Kuwait on Sunday, the Gulf states' official news agencies reported, as part of a diplomatic tour aimed at healing an Arab rift with Ankara's ally Qatar

    Tuesday 25th July 2017 - - Oil prices extended gains todayy after OPEC moved to cap Nigerian oil output and Saudi Arabia pledged to limit exports next month to help rein in global oversupply. London Brent crude for September delivery was up 7 cents at $48.67 a barrel by 0039 GMT after settling up 54 cents or 1.1 percent on Monday.
    U.S. West Texas Intermediate (WTI) crude futures were up 10 cents at $46.44. OPEC member Nigeria had been exempt from the cartel's deal with non-OPEC producers led by Russia to cut oil output by a combined 1.8 million barrels per day (bpd) from January 2017 to March 2018. OPEC agreed on Monday that Nigeria would join the pact by capping or even cutting its output from 1.8 million bpd, once it stabilises at that level from 1.7 million bpd recently. Oil was also supported by comments from Saudi Energy Minister Khalid al-Falih, who said his country would limit crude oil exports at 6.6 million barrels per day in August, almost 1 million bpd below levels a year ago. Russian Energy Minister Alexander Novak told reporters on Monday that an additional 200,000 barrels per day of oil could be removed from the market if compliance with a global deal to cut output was 100 percent. U.S. commercial crude oil inventories likely fell by 3 million barrels last week, a preliminary Reuters poll showed on Monday ahead of the data by the Industry group the American Petroleum Institute later in the day.

    Wednesday 26th July 2017 - Oil prices firmed today to hold near eight-week highs hit in the previous session, on expectations of a drawdown in U.S. stocks and as a rise in shale oil production shows signs of slowing. Brent crude futures rose 32 cents, or 0.6 percent, to $50.52 a barrel by 0142 GMT, after rallying more than 3 percent on Tuesday.
    U.S. crude stocks fell sharply last week as refineries boosted output, while gasoline inventories increased and distillate stocks decreased, data from industry group the American Petroleum Institute showed on Tuesday.

    Thursday 27th July 2017 - Oil prices were sitting just below eight-week highs today, buoyed by hopes that a steeper-than-expected decline in U.S. crude oil inventories will reduce global oversupply. Brent crude futures LCOc1 were down 9 cents, or 0.1 percent, at $50.88 a barrel at 0655 GMT, after rising about 1.5 percent in the previous session.

    Friday 28th July 2017 - Oil prices rose to an eight-week high on Thursday, as a rally in U.S. gasoline futures spurred further gains this week that came after key OPEC members pledged to reduce exports and the U.S. government reported a sharp decline in crude inventories. Benchmark Brent LCOc1 futures rose 52 cents, or 1 percent, to settle at $51.49 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 gained 29 cents, or 0.6 percent, to settle at $49.04.
    That was the highest settlement for both contracts since May 30, putting them into technically oversold territory near their 200-day moving averages, which traders called a point of technical resistance. "Current bullish momentum is being driven by an array of supportive items that include a supportive outcome to last Monday's OPEC meeting" and continued declines in U.S. inventories, Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note.

    Monday 31st July 2017 - Oil rose on Monday, putting July on track to become the strongest month this year, as news of a producers' technical meeting next week added to bullish sentiment driven by the threat of U.S. sanctions against OPEC member Venezuela. Oil traders also eyed the bullish impact from a production outage following a fire at Europe's largest refinery and further signs that the U.S. market is tightening after heavy inventory falls and slower new oil rig additions last week. "The sentiment in the oil market became very bullish after OPEC said it will meet with partners in Abu Dhabi next week to discuss compliance," said Frank Schallenberger, head of commodity research at LBBW.

  • Market Comments August

    Tuesday 1st August 2017 - Oil slipped from a two-month high near $53 a barrel on Tuesday as ample global supplies countered strong demand and forecasts of another drop in U.S. crude inventories. U.S. inventory reports due on Tuesday and Wednesday are expected to show crude stocks fell by 2.9 million barrels last week, the fifth straight week of declines. [EIA/S] But OPEC production rose in July, a Reuters survey found, despite a deal to cut output. Brent crude LCOc1, the international benchmark, was down 26 cents at $52.46 a barrel at 1303 GMT. The contract traded intraday at $52.93, the highest since May 25. U.S. crude CLc1 was down 28 cents at $49.89. "At the current OPEC production level, the oil market is likely to show a supply deficit of only around 500,000 barrels per day in the second half of the year," Carsten Fritsch of Commerzbank said. "In other words, OPEC will not achieve its goal of completely eliminating the oversupply by year's end."

    Wednesday 2nd August 2017 - Oil fell on Wednesday, with rising U.S. fuel inventories pulling U.S. crude back below $50 per barrel, while ongoing high supplies from producer club OPEC weighed on international prices. U.S. West Texas Intermediate (WTI) crude futures were at $48.85 per barrel at 0046 GMT, down 31 cents, or 0.6 percent, from their last settlement. That came after the contract opened above $50 for the first time since May 25 on Tuesday. Brent crude futures, the international benchmark for oil prices, were trading down 30 cents, or 0.6 percent, at $51.48 per barrel.

    Thursday 3rd August 2017 - Oil dipped on Thursday as a rally that has pushed up prices by almost 10 percent since early last week lost momentum despite renewed signs of a gradually tightening U.S. market. Strong demand in the United States provided prices with support, traders said, but ongoing high supplies from OPEC producers were restricting further gains. Brent crude futures, the international benchmark for oil prices, were trading down 17 cents, or 0.3 percent, at $52.19 per barrel at 0147 GMT. U.S. crude prices held below $50 per barrel despite record gasoline demand of 9.84 million barrels per day (bpd) last week and a fall in commercial crude inventories in the week to July 28 of 1.5 million barrels to 481.9 million barrels C-STK-T-EIA, according to the U.S. Energy Information Administration (EIA).
    That's below levels seen this time last year, an indication of a tightening U.S. market. The high OPEC supplies come despite a pledge by the group, supported by other producers including Russia, to restrict output by 1.8 million bpd between January this year and March 2018 in order to tighten the market.

    Friday 4th August 2017 - Oil markets were little changed on Friday, with U.S. crude remaining below $50 per barrel, restrained by rising output from the United States as well as producer club OPEC. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.95 per barrel at 0707 GMT, down 8 cents, or 0.1 percent, from their last close and set to drop 1.5 percent for the week. Brent crude futures LCOc1, the international benchmark for oil prices, were at $51.92 a barrel, down 9 cents, or 0.2 percent, from their last close and set to drop 1 percent for the week. Traders said prices were pressured by rising output, although strong demand prevented bigger drops. "Developments this week have seen some pessimism return to markets," National Australia Bank said in its August outlook. "We forecast Brent to trade at around $53 per barrel in Q4 2017," it said.

    Monday 7th August 2017 - Oil prices fell as much as 2 percent on Monday on selling triggered by a rebound in production from Libya's largest oil field, along with worries about higher output from OPEC and the United States. Output at Libya's Sharara field was returning to normal after a brief disruption by armed protesters in the coastal city of Zawiya, the National Oil Corporation (NOC) said. The field has boosted Libya's oil production, which climbed to more than 1 million bpd in late June. Global benchmark Brent crude futures LCOc1 were down 26 cents, or 0.5 percent, at $52.16 a barrel at 2:05 p.m. EDT (1805 GMT) after trading as low as $51.37 a barrel

    Tuesday 8th August 2017 - Oil prices slipped further in Asian trading on Tuesday following a recovery in output at Libya's largest oil field and as doubts about OPEC-led production cuts continue to weigh on the market. Global benchmark Brent crude futures LCOc1 were down 23 cents, or 0.4 percent, at $52.14 a barrel at 0244 GMT after dipping 0.1 percent in the previous session. U.S. crude futures CLc1 were down 18 cents, or 0.4 percent, at $49.21 a barrel, having fallen 0.4 percent on Monday.

    Wednesday 9th August 2017 - Crude futures fell for a third day on Wednesday despite a bigger than expected drop in U.S. oil inventories reported by an industry group, with doubts lingering over OPEC's ability to restrain supply as promised. Benchmark Brent crude was down 27 cents, or 0.5 percent, at $51.87 a barrel at 0233 GMT. In the previous session, it settled down 0.4 percent. U.S. West Texas Intermediate (WTI) crude was down 21 cents, or 0.4 percent, at $48.96 a barrel, after falling 0.4 percent on Tuesday.

    Thursday 10th August 2017 - Oil futures rose on Thursday after official figures showing U.S. crude inventories fell more than expected, but the market is clearly settling into a range amid quiet trading, analysts said. Brent crude, the global benchmark, was up 18 cents, or 0.3 percent, at $52.88 at around 0617 GMT, after falling slightly earlier. It closed up 1.1 percent on Wednesday, snapping two days of declines. U.S. West Texas Intermediate (WTI) crude was up 16 cents, or 0.3 percent, at $49.72, after declining earlier. The contract gained 0.8 percent in the previous session.

    Friday 11th August 2017 - Oil prices fell nearly 1 percent on Friday to hit two-week lows, dragged lower by persistent oversupply worries despite a bigger-than-expected drawdown in U.S. crude inventories. Investors were also keeping a close eye on the broad market impact of tensions between the United States and North Korea. Brent crude, the global benchmark, was at $51.42 a barrel at 0524 GMT, down 48 cents, or 0.92 percent from its last close. That was the lowest since July 27. U.S. West Texas Intermediate (WTI) crude was down 44 cents, or 0.91 percent, at $48.15 per barrel, reaching the lowest since July 26.

    Monday 14th August 2017 - Oil prices dipped on Monday as a slowdown in Chinese refining activity growth cast doubts over its crude demand outlook, while rising U.S. shale output suggested supplies would likely remain high. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.92 per barrel at 0652 GMT, down 18 cents, or 0.4 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.70 a barrel, down 12 cents, or 0.3 percent.

    Tuesday 15th August 2017 - Oil prices steadied on Tuesday after sharp falls the session before to the lowest in about three weeks as a stronger U.S. dollar and a drop in Chinese refining runs hit the market. Global benchmark Brent crude futures LCOc1 were up 3 cents, or 0.1 percent, at $50.76 at 0551 GMT. That was just above the contract's 100-day moving average, briefly breached in the previous session. U.S. West Texas Intermediate crude futures CLc1 were down 1 cent at $47.58 a barrel.

    Wednesday 16th August 2017 - Oil prices edged up on Wednesday, lifted by declining U.S. crude inventories, although markets were still restrained by general oversupply. Market focus was turning to the release of official U.S. Energy Information Administration data later on Wednesday for a further update on inventories. Brent crude futures LCOc1 were at $51.06 per barrel at 0651 GMT, up 23 cents, or 0.45 percent, from their last close. Traders said that reports of a dip in Libyan output to between 130,000 and 150,000 barrels per day (bpd), down from 280,000 bpd, had supported Brent. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.71 a barrel, up 16 cents, or 0.3 percent.

    Thursday 17th August 2017 - Oil prices edged up on Thursday, but the market continued to be weighed down by high production, especially in the United States. Brent crude futures LCOc1 were at $50.36 per barrel at 0657 GMT, up 9 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.80 a barrel, up just 2 cents.

    Friday 18th August 2017 - Oil prices were largely steady on Friday, torn between a broad-based selloff across markets and signs that crude supplies are gradually tightening. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.12 per barrel at 0711 GMT, up 9 cents from their last close but still set for a weekly drop of some 2 percent. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.17 a barrel, up 8 cent but also on track to fall over the week, down over 3 percent.

    Monday 21st August 2017 - Oil dipped on Monday, weighed down by rising U.S. output although a 13 percent fall in U.S. crude inventories since March indicated a gradually tightening market. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $52.64 per barrel at 0639 GMT, down 8 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.47 a barrel, down 4 cents, or 0.1 percent.

    Tuesday 22nd August 2017 - Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States. Brent crude futures, the international benchmark for oil prices, were at $51.91 per barrel at 0607 GMT, up 25 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $47.60 a barrel, up 23 cents, or 0.5 percent.

    Wednesday 23rd August 2017 - Oil prices fell on Wednesday, weighed down by concerns of oversupply as Libyan output improves and as U.S. gasoline inventories rose despite the peak summer driving season. Brent crude futures LCOc1, the international benchmark for oil prices, were at $51.75 per barrel at 0415 GMT, down 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.72 a barrel, down 11 cents, or 0.2 percent.

    Thursday 24th August 2017 - Oil was steady on Thursday, holding gains from the previous session after another fall in U.S. crude inventories indicated a tighter market, and as a tropical storm was heading for oil producing facilities in the Gulf of Mexico. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $52.58 per barrel at 0438 GMT, up 1 cent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.37 a barrel, down 4 cents.

    Friday 25th August 2017 - Oil prices rose on Friday as the U.S. petroleum industry prepared for potential output disruptions as Hurricane Harvey headed for the heart of the nation’s oil industry in the Gulf of Mexico. The storm has rapidly intensified since Thursday, spinning into potentially the biggest hurricane to hit the U.S. mainland in 12 years and taking aim between Houston and Corpus Christi on the coast of Texas. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.76 a barrel at 0534 GMT, up 33 cents, or 0.7 percent, from their last settlement. International Brent crude futures LCOc1 were at $52.42 per barrel, up 38 cents, or 0.7 percent, from their last close.

    Tuesday 29th August 2017 - Flooding from tropical storm Harvey caused ongoing large-scale U.S. refinery outages on Tuesday, while crude prices rose on the back of supply disruptions in Colombia and Libya. Refinery shutdowns from the storm helped push U.S. gasoline prices to $1.7799 per gallon on Monday, the most since 2015, although they receded slightly to $1.7374 per gallon by 0532 GMT on Tuesday. U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.5 percent, to $46.80 a barrel, after falling more than 2 percent in the previous session. International Brent crude futures were up 21 cents, or 0.4 percent, at $52.10 per barrel

    Wednesday 30th August 2017 - Oil prices slid on Wednesday but gasoline spiked to its highest since mid-2015 as flooding and storm damage in the wake of Hurricane Harvey knocked out almost a quarter of U.S. refineries, crimping demand for crude but raising fears of fuel shortages. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.31 per barrel at 0522 GMT (1.22 a.m. ET), down 13 cents from their last close. Brent crude futures LCOc1 were down 21 cents, at $51.79 a barrel.

    Thursday 31st August 2017 - Gasoline prices in the United States hit $2 a gallon for the first time since 2015 on Thursday as flooding from storm Harvey knocked out almost a quarter of U.S. refineries, while crude prices remained weak as demand dropped following the outages. At least 4.4 million barrels per day (bpd) of refining capacity was offline, based on company reports and Reuters estimates. U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $46 per barrel at 0708 GMT, slightly above last day’s settlement, when prices fell by 0.8 percent intraday. International Brent crude LCOc1 was at $50.74 a barrel, down 12 cents from the previous day, when the contract fell by more than 2 percent.

  • Market Comments September

    Friday 1st September 2017 - Crude futures fell on Friday, partly reversing sharp gains from the previous session, amid ongoing turmoil in the oil industry following Hurricane Harvey with nearly a quarter of U.S. refining capacity offline. U.S. West Texas Intermediate (WTI) Clc1 was down 35 cents, or 0.7 percent, at $46.88 barrel at 0641 GMT. The contract rebounded 2.8 percent on Thursday but is still heading for a weekly decline of 2.0 percent. The new Brent LCOc1 contract for November delivery was down 21 cents, or 0.4 percent, at $52.65 barrel. The contract for October delivery, which ended trading on Thursday, closed up $1.52, or 2.99 percent, at $52.38 a barrel.

    Monday 4th September 2017 - Oil prices fell on Monday after a powerful North Korean nuclear test explosion triggered a flight of investors away from crude markets and into gold futures, which are seen as a safe haven. Brent crude futures LCOc1, the international benchmark for oil prices, had fallen by almost 1 percent from their last close, or 41 cents, to $52.34 per barrel by 0655 GMT. U.S. West Texas Intermediate (WTI) Clc1 crude futures were more stable, at $47.30 barrel, close to their last settlement.

    Tuesday 5th September 2017 - U.S. oil prices rose on Tuesday as the gradual restart of refineries in the Gulf of Mexico that were shut by Hurricane Harvey raised demand for crude, their main feedstock. The return of many U.S. refineries also ended a spike in gasoline prices, as initial fears of a serious supply crunch faded. In international markets, Brent crude futures dipped 3 cents to $52.31 a barrel as traders were cautious on oil - seen as a riskier asset - and instead preferred gold, an investor safe-haven, following North Korea’s most powerful nuclear test to date.

    Wednesday 6th September 2017 - Oil market trading was cautious on Wednesday, with crude demand and shipments subdued due to refinery closures following Storm Harvey and the arrival of an even bigger hurricane in the Caribbean. Although many refineries, pipelines and ports that were knocked out by Harvey 10 days ago are now restarting, analysts said it would take weeks before the U.S. petroleum industry is back to capacity. Focus was also being drawn to massive Category 5 storm Hurricane Irma, which is barrelling towards the Caribbean and Florida and could knock out other refineries. U.S. West Texas Intermediate (WTI) crude futures were at $48.69 barrel at 0709 GMT, little changed from their last settlement. In international oil markets, Brent crude futures dipped 8 cents to $53.20 a barrel.

    Thursday 7th September 2017 - Oil prices dipped on Thursday over fears that Hurricane Irma in the Caribbean could interrupt crude shipments in and out of the United States, and as Libyan output began to recover from disruptions. However, prices received some support from rising demand in the United States, where Gulf Coast refineries are restarting in the wake of Hurricane Harvey that hit the region less than two weeks ago. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 18 cents, or 0.4 percent, at $48.98 barrel at 0687 GMT, but were still close to their highest in more than three weeks, reached in the previous session. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, dipped 21 cents, or 0.4 percent, to $53.99 a barrel, remaining near May highs marked the day before.

    Friday 8th September 2017 - Oil markets were mixed on Friday, with Brent crude supported by expectations that Saudi Arabia could cut its October supplies, while U.S. crude was weighed down by refinery outages due to damage from Hurricane Harvey, which dented demand. Focus was shifting to three other hurricanes that are currently tearing through the Caribbean and Gulf of Mexico. Brent crude futures LCOc1 were up 8 cents at $54.57 a barrel at 0735 GMT, with the benchmark for international oil prices earlier marking its highest since April at $54.79 a barrel. Saudi Arabia will cut crude oil allocations to its customers worldwide in October by 350,000 barrels per day (bpd), an industry source familiar with Saudi oil policy told Reuters on Thursday. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.98 barrel, 11 cents below their last settlement.

    Monday 11th September - Oil prices edged up on Monday after the Saudi oil minister discussed possibly extending a pact to cut global oil supplies beyond March 2018 with his Venezuelan and Kazakh counterparts. News of the talks on Sunday helped offset downward pressure on oil prices amid worries that energy demand would be hit hard by Hurricane Irma and its aftermath. The hurricane knocked out power to nearly 4 million homes and businesses in Florida on Sunday. It is forecast to weaken to a tropical storm over northern Florida or southern Georgia later on Monday. U.S. crude for October delivery CLc1 was up 41 cents, or 0.9 percent, at $47.89 a barrel by 0648 GMT, having tumbled 3.3 percent on Friday. London Brent crude for November delivery LCOc1 was up 30 cents, or 0.6 percent, at $54.08, having settled down 1.3 percent.

    Tuesday 12th September 2017 - Oil prices edged down on Tuesday, as traders weighed up the dampening effect on demand of Hurricane Irma versus refinery restarts in the wake of Hurricane Harvey that should lead to more crude oil processing. International benchmark Brent crude LCOc1 was down 14 cents, or 0.3 percent, at $53.70 per barrel by 0530 GMT from the previous close. U.S. West Texas Intermediate (WTI) crude CLc1 was down 12 cents, or 0.3 percent, at $47.95 a barrel.

    Wednesday 13th September 2017 - Oil prices were mixed on Wednesday, dampened by reports of rising U.S. crude stockpiles but retaining some of the gains made in the previous session after OPEC said it expected higher demand for its crude next year. U.S. West Texas Intermediate (WTI) CLc1 was unchanged at $48.23 a barrel at around 0359 GMT after rising earlier in the day. The contract rose 0.3 percent on Tuesday. International benchmark Brent crude LCOc1 was down 13 cents, or 0.2 percent, at $54.14 a barrel, having settled up 0.8 percent in the previous session.

    Thursday 14th September 2017 - Oil prices eased on Thursday, but held on to most of their gains in the previous session when the market was buoyed by a forecast for firmer global oil demand by the International Energy Agency. London Brent crude for November delivery was down 13 cents, or 0.2 percent, at $55.03 a barrel by 0247 GMT, after rising 1.6 percent on Wednesday.

    Friday 15th September 2017 - The Organization of the Petroleum Exporting Countries this week forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its deal with non-OPEC states to cut output is helping tackle a glut.

    Monday 18th September 2017 - Oil prices rose on Monday, as several U.S rigs drilling for new production fell and refineries continued to restart after the devastation caused by Hurricane Harvey. U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 10 cents, or 0.2 percent, at $49.99 by 0653 GMT after earlier pushing above the $50 per barrel mark towards the more than three-month high of $50.50 reached on the 14th of September.

    Tuesday 19th September 2017 - Oil markets remained stable on Tuesday, OPEC producers Saudi Arabia and Iraq suggested a decrease in supplies as to improve efforts to tighten the market and keep prices steady. Due to fears that another strong hurricane hitting the Caribbean could knock out refineries and disrupt shipping to and from the United States prices were capped by rising U.S. shale output. Brent crude futures were at $55.50 per barrel at 0653 GMT, up 2 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $50.01 per barrel, up 10 cents.

    Wednesday 20th September 2017 - Oil prices increased on Wednesday after Iraq’s oil minister said OPEC and other crude producers were considering to extend or even deepen a supply cut to curb a global oversupply, while a report showed a smaller-than-expected increase in U.S. inventories. U.S. West Texas Intermediate (WTI) crude futures were up 33 cents, or 0.6 percent, at $49.78 a barrel at 0644 GMT. Brent crude futures climbed 22 cents, or 0.4 percent, to $55.37.

    Thursday 21st September 2017 - Oil prices slipped on Thursday, giving up some recent gains before a meeting of oil producers that could extend production limits aimed at clearing a glut in supplies that has depressed the market for more than three years. Brent crude oil LCOc1 was down 35 cents at $55.94 a barrel by 1355 GMT. U.S. light crude was 40 cents lower at $50.29.

    Friday 22nd September 2017 - Oil prices edged higher on Friday as the market waited to see if major oil producers would extend supply cuts past March. International benchmark Brent crude futures LCOc1 were at $56.51 a barrel at 0644 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 12 cents, or 0.24 percent, at $50.67 per barrel.

    Monday 25th September 2017 - Oil prices were under pressure from a strong dollar, but kept their gains from the previous session as producers meeting in Vienna said the market was on its way towards rebalancing. Brent crude for November delivery LCOc1 was down 8 cents at $56.78 a barrel by 0614 GMT. U.S. crude for November delivery CLc1 was down 15 cents at $50.51.

    Tuesday 26th September 2017 - Oil prices took a break on Tuesday after Brent crude rose to a 26-month high, maintained by Turkey’s threat to cut crude flows from Iraq’s Kurdistan region to the outside world. London Brent crude for November delivery LCOc1 was up 1 cent at $59.03 a barrel by 0621 GMT after settling 3.8 percent on Monday. Earlier it rose to $59.49, the highest since July 10, 2015. U.S. crude for November delivery CLc1 was down 10 cents at $52.12, after hitting $52.43, a five-month high.

    Wednesday 27th September 2017 - Oil prices rose on Wednesday, after U.S. oil inventories suddenly declined as refiners raised output and amid threats from Turkey to cut crude exports from Iraq. Brent crude for November delivery LCOc1 was up 29 cents at $58.73 a barrel, as of 0603 GMT. It settled down 1 percent on Tuesday, after earlier hitting $59.49, its highest since July 2015. U.S. crude for November delivery CLc1 rose 34 cents, or 0.7 percent, to $52.22 a barrel, having settled down 0.7 percent in the previous session after hitting a five-month high of $52.43.

    Thursday 28th September 2017 - Oil prices fell on Thursday, U.S. West Texas Intermediate crude (WTI) CLc1 dipped 22 cents, or 0.4 percent, to $51.92 a barrel by 0646 GMT after rising 26 cents in the previous session to just below a five-month high. Brent LCOc1 was down 41 cents, or 0.7 percent, at $57.49 a barrel, slipping further away from Tuesday’s more than two-year high of $59.49 following a near 1 percent fall in the previous session.

    Friday 29th September 2017 - Oil prices were varied on Friday, but both Brent and U.S. crude were set to rack up another weekly gain as investors bet that efforts to cut a global glut are working and that the demand outlook is prosperous. U.S. crude CLc1 was down 8 cents at $51.48 a barrel at 0641 GMT, after earlier rising slightly. Still, the contract is heading for a fourth consecutively weekly gain and is on track for a 9 percent advance this month. Brent LCOc1 rose 1 cent to $57.42 a barrel, heading for a fifth weekly climb and a nearly 10 percent gain for September.

  • Market Comments October

    Monday 2nd October 2017 - Oil prices fell on Monday, after a survey pointed to a small increase in OPEC production in September. U.S. crude was down 14 cents, or 0.3 percent, at $51.53 a barrel at 0637 GMT. The U.S. benchmark on Friday posted its strongest quarterly gain since the second quarter of 2016 and the longest streak of weekly gains since January. Global benchmark Brent crude for December delivery was down 23 cents, or 0.4 percent, at $56.56 a barrel. On Friday, Brent for November delivery closed 13 cents higher at $57.54 a barrel, notching up a third-quarter gain of around 20 percent, the biggest gain in five quarters. It was the biggest third-quarter increase since 2004.

    Tuesday 3rd October 2017 - Oil prices fell on Tuesday, declining for a second day and draining more strength from a third-quarter rally, amongst signs that a global excess in crude may not be clearing as quickly as some had hoped. U.S. crude CLc1 was down 15 cents, or 0.3 percent, at $50.43 a barrel by 0649 GMT. Brent crude LCOc1, the global benchmark, was down 26 cents, or 0.5 percent, at $55.86 a barrel.

    Wednesday 4th October 2017 - Oil prices reduced on Wednesday, brought down by caution that a rally that lasted for most of the third quarter would not extend through the last three months of the year. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $50.16 per barrel at 0648 GMT, down 26 cents, or 0.5 percent. Brent crude futures LCOc1 were down 22 cents, or 0.4 percent, at $55.78 a barrel.

    Thursday 5th October 2017 - Oil prices were steady on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record U.S. exports and the return of supply from a Libyan oilfield dragged on the market. Brent crude futures LCOc1, the international benchmark for oil prices, were at $55.83 per barrel at 0538 GMT, up 3 cents from their previous close. U.S West Texas Intermediate (WTI) crude futures CLc1 remained weaker than Brent, trading at $49.95 per barrel, down 3 cents from their last close.

    Friday 6th October 2017 - Oil markets were restrained on Friday as traders observed a tropical storm heading for the Gulf of Mexico and as China remained closed for a week-long public holiday. But the outlook of extended oil production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia helped support prices. U.S. West Texas Intermediate (WTI) crude CLc1 was trading at $50.63 per barrel at 0650 GMT, down 16 cents from its last close. Brent crude LCOc1 was down 12 cents at $56.88 a barrel.

    Monday 9th October 2017 - Oil prices steadied on Monday, after a 2 percent slip on Friday, as the number of rigs drilling for new oil in the United States dipped and on expectations that Saudi Arabia would continue to restrain its output to support the market. U.S. West Texas Intermediate (WTI) crude futures were trading at $49.38 per barrel at 0702 GMT, up 9 cents from their last close. Brent crude futures were flat from their last close, at $55.62 a barrel.

    Tuesday 10th October 2017 - Oil prices rose about 2 percent on Tuesday, supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply. Brent crude LCOc1 settled up 82 cents, or 1.5 percent, at $56.61 a barrel while U.S. crude rose $1.34, or 2.7 percent, to settle at $50.92.

    Wednesday 11th October 2017 - Oil prices crept up on Wednesday, rising for a third day on signs that markets are gradually tightening after years of oversupply, although the outlook for 2018 remained less certain. Brent crude futures were trading at $56.75 per barrel at 0649 GMT, up 14 cents, or 0.25 percent, from their last close. Brent also rose 2 percent the previous day. U.S. West Texas Intermediate (WTI) crude futures were at $51.09 a barrel, up 17 cents, or 0.33 percent, from their last settlement. Prices rose 2 percent the day before to back above $50 a barrel.

    Thursday 12th October 2017 - Oil prices eased on Thursday as U.S. fuel inventories rose despite efforts by OPEC to cut production and tighten the market. U.S. West Texas Intermediate (WTI) crude futures were trading at $50.98 per barrel at 0647 GMT, down 32 cents, or 0.6 percent, from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $56.58, down 36 cents, or 0.6 percent, from the previous close.

    Friday 13th October 2017 - Oil prices increased on Friday as both U.S. crude production and inventories weakened, indicating a tighter market. With the Organization of the Petroleum Exporting Countries (OPEC) leading a production cut, experts said that global oil markets were now broadly stable after years of oversupply. U.S. West Texas Intermediate (WTI) crude CLc1 was at $51.01 per barrel at 0647 GMT, up 41 cents, or 0.8 percent, from its last settlement. Brent LCOc1 was at $56.58, up 33 cents, or 0.6 percent.

    Monday 16th October 2017 - Oil prices increased on Monday on concerns over potential renewed U.S. sanctions against Iran as well as conflict in Iraq, while an explosion at a U.S. oil rig and reduced exploration activity supported prices there. International Brent crude futures LCOc1 were at $57.82 at 0645 GMT, up 65 cents, or 1.1 percent, from the previous close. Prices were being pushed up by worries over renewed U.S. sanctions against Iran.

    Tuesday 17th October 2017 - Oil prices stabilised on Tuesday, holding on to advances made as fighting between Iraqi and Kurdish forces threatened supplies from northern Iraq while political tension rose between the United States and Iran. After months of range-bound trading during which OPEC-led supply cuts supported crude values but rising U.S. output capped markets, prices have moved up significantly this month. Brent crude oil LCOc1 was 5 cents higher at $57.87 a barrel by 0730 GMT, up almost a third from its mid-year levels. U.S. West Texas Intermediate (WTI) crude CLc1 was unchanged at $51.87.

    Wednesday 18th October 2017 - Oil prices increased on Wednesday, raised by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies. Brent crude futures LCOc1, the international benchmark for oil prices, were at $58.16 at 0643 GMT, up 28 cents, or 0.5 percent from their last close - and almost a third above mid-year levels. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.03 per barrel, up 15 cents, or 0.3 percent, and almost a quarter above mid-June levels.

    Thursday 19th October 2017 - Oil prices stabilised on Thursday, holding on to most current gains, supported by OPEC-led supply cuts, tension in the Middle East and lower U.S. production. Brent crude was down 20 cents at $57.95 a barrel by 0745 GMT, still around 30 percent above mid-year levels. U.S. light crude was 20 cents lower at $51.84, almost 25 percent higher than its lows in June.

    Friday 20th October 2017 - Oil prices increased on Friday, supported by signs of constriction on supply and demand fundamentals, although a warning about excessive China economic optimism still weighed on markets. Brent crude futures LCOc1, the international benchmark for oil prices, were at $57.45 at 0639 GMT, up 22 cents, or 0.4 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.54 per barrel, up 25 cents, or 0.5 percent.

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