Oil held its biggest gain in almost two weeks on optimism a more conciliatory approach on trade from the U.S. will help revive growth, but was still headed for a weekly drop amid persistent demand concerns.
Oil was steady after the biggest weekly drop since July as an easing of geopolitical tension in the Middle East turned attention back to a flood of new supply set to hit the market this year.
Russia offered yet another explanation for why its oil production may exceed its OPEC+ target for November, months after promising to improve the country’s lax implementation of output cuts.
U.S. gasoline prices rose a sixth day and crude traded near $47 a barrel as traders assessed the risk to refineries and supply before a second hit on Texas from Tropical Storm Harvey.
The effects of Storm Harvey could be felt in the US for a long time to come, but it won't be noticed by the North Sea oil and gas industry.
Oil is back down again this week following the year’s biggest rally as investor focus shifted to rising output from the US and OPEC, away from a seasonal increase in American fuel demand.
US oil traded near $49 a barrel as investors await U.S. data following a report inventory unexpectedly expanded last week.
Oil in New York briefly rose above $50 for the first time since May after OPEC said the group and its partners will meet next week to discuss why some nations are falling behind on their pledge to cut production.
As pessimism over oil dissipates and investors flirt with $50 a barrel again, short-sellers are getting out of the way.
Oil headed for its biggest weekly gain in a month as sliding U.S. inventories and signs of stronger demand raise speculation a supply glut in the world’s biggest consumer may ease.
Brent crude could potentially drop to $40 a barrel or below in the first quarter of 2018 without deeper output curbs by OPEC, according to an oil analyst at industry consultant JBC Energy GmbH.
Oil extended gains from the highest close in seven weeks as industry data showed US crude stockpiles plunged, easing a glut.
Oil’s bear market may finally be taking its toll on the shale boom.
Oil rose as Saudi Arabia said it would make deep cuts to its crude exports in August and encourage better compliance with supply reductions from other producers.
Oil edged toward its second weekly increase as OPEC and its allies prepare to review their plan to clear a global glut that hasn’t worked as they hoped.
Oil was steady amid mixed signals on U.S. crude inventories, with industry data showing supplies increased last week while government statistics were expected to indicate a decline.
Oil bulls grappling with Opec’s weakened resolve to curb output are also having to worry about waning demand in the world’s biggest buyer of overseas crude.
Oil traded near $46 a barrel after snapping a five-day gain on concern output in the US and Opec member Libya is growing just as demand shows signs of improvement.
Ecuador has said it is not complying with Opec output reductions due to its financial problems, according to a news report.
Oil held gains above $46 a barrel as optimism that demand will help shrink supplies outweighed an increase in US rigs drilling for crude.
Oil sceptics are letting a little sunshine in.
Oil is set to rise this week, 2017 demand is seen growing more than previously expected, and US stockpiles are declining. Prices are still less than $1 higher than when OPEC pledged to curb output late last year.
OPEC’s first assessment of world oil markets in 2018 showed that, despite cutting output, the group is still pumping too much crude.
Oil fell in New York, erasing earlier gains, after Saudi Arabia’s production last month was said to have risen above the cap it agreed on with fellow OPEC members.
Now is the time to maximize the impact of OPEC’s oil production cuts, yet the market is still waiting for the group’s biggest member to show it’s doing “ whatever it takes” to eliminate the global oversupply.