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Oil gains with Wall Street, but rising U.S. fuel stocks weigh

NEW YORK (Reuters) - Oil prices edged higher on Wednesday, buoyed by a U.S. equity market rally and a supply cut agreement by OPEC+, but gains were limited by data showing growing U.S. refined product inventories and record crude production.
Tags: New York, Science, Opec, Reuters Oil


Oil steady on supply optimism but economic worries loom

LONDON (Reuters) - Oil prices steadied on Wednesday after climbing about 3 percent in the previous session on expectations that OPEC-led production cuts will tighten supply and that possible Chinese stimulus might help the global economy.
Tags: Science, London, Opec, Reuters Oil


Oil rises 2 percent on supply cuts but global slowdown looms

Oil prices rose around 2 percent on Tuesday amid production cuts by OPEC and Russia as well as signs of lower U.S. oil stocks, but grim Chinese economic data raised fears for global growth. U.S. crude was up $1.07 or 2.12 percent at $51.58. "OPEC-led cuts and declining U.S. rig counts have bolstered market sentiment in the new year," Singapore-based brokerage Phillip Futures said.
Tags: Science, Russia, Singapore, Opec, Phillip Futures


Oil prices dip on signs of economic slowdown, but OPEC-led cuts provide support

SYDNEY/SINGAPORE (Reuters) - Oil prices dipped on Wednesday on increasing signs of a global economic slowdown, although OPEC-led supply cuts helped support Brent crude above $60 per barrel.
Tags: Science, Opec, Sydney, SINGAPORE Reuters Oil


Oil prices rise on supply cuts, but global slowdown looms

Oil prices rose on Tuesday amid supply cuts by producer club OPEC and Russia, although a darkening economic outlook may soon weigh on growth in fuel demand. Brent crude oil futures were at $59.47 per barrel at 0950 GMT, up 48 cents, or 0.81 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $50.92 per barrel, also up 0.81 percent, or 41 cents.
Tags: Science, Russia, Opec, U S West Texas Intermediate WTI


Oil up 1 percent amid supply cuts, but China slowdown weighs on demand outlook

SINGAPORE (Reuters) - Oil prices rose by more than 1 percent on Tuesday amid supply cuts led by producer club OPEC and Russia, although a darkening economic outlook may soon weigh on growth in fuel demand.
Tags: Science, China, Russia, Singapore, Opec, Reuters Oil


Oil rises 1 percent on supply cuts, but gloomy economic outlook caps gains

SINGAPORE (Reuters) - Oil prices rose by 1 percent on Tuesday amid supply cuts by producer club OPEC and Russia, although analysts said much bigger gains were unlikely because of a darkening economic outlook capped gains.
Tags: Science, Russia, Singapore, Opec, Reuters Oil


Oil prices edge up on supply cuts, but weakening economic outlook caps gains

SINGAPORE (Reuters) - Oil prices inched up on Tuesday amid supply cuts by producer club OPEC and Russia, although the darkening economic outlook capped gains.
Tags: Science, Russia, Singapore, Opec, Reuters Oil


Saudi energy minister says oil market on 'right track'

Saudi Arabia's Energy Minister Khalid al-Falih said on Sunday the oil market is "on the right track" and will quickly return to balance, but oil producers are willing to do more if needed. "If we look beyond the noise of weekly data and speculators' herd-like behavior, I remain convinced that we're on the right track, and that the oil market will quickly return to balance," said Falih, addressing an oil conference in Abu Dhabi. "If we find that more needs to be done, we will do so in unison w...
Tags: Science, Saudi Arabia, Opec, Abu Dhabi, Khalid al Falih, Falih


OPEC is not the enemy of the U.S., UAE minister says

ABU DHABI (Reuters) - The Organization of Petroleum Exporting Countries is not the enemy of the United States, United Arab Emirates Energy Minister Souhail al-Mazrouei said on Saturday in Abu Dhabi.
Tags: Science, Opec, United States, Uae, United Arab Emirates Energy, Souhail al Mazrouei


OPEC is not the enemy of the US, UAE minister says

ABU DHABI (Reuters) - The Organization of Petroleum Exporting Countries is not the enemy of the United States, United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday in Abu Dhabi.
Tags: Science, Opec, United States, United Arab Emirates Energy, Suhail Al Mazrouei, US UAE


President Maduro to start new term as Venezuela isolation grows

Leaders from the ruling Socialist Party have disavowed criticism of Maduro's inauguration, which will keep him at the helm of the OPEC member until 2025, and called for rallies in his support. Opposition leaders, however, have portrayed the inauguration as the moment at which Maduro will be internationally branded a dictator following a widely boycotted 2018 election that many foreign governments described as a farce. "They've tried to turn a constitutional swearing-in ceremony into a world w...
Tags: Science, Opec, Venezuela, Maduro, Socialist Party


Maduro to start new term as Venezuela isolation grows

Leaders from the ruling Socialist Party have disavowed criticism of Maduro's inauguration, which will keep him at the helm of the OPEC oil exporter until 2025, and called for rallies in his support. Opposition leaders, however, have portrayed the inauguration as the moment at which Maduro will be internationally branded a dictator following a widely boycotted 2018 election that many foreign governments described as a farce. "They've tried to turn a constitutional swearing-in ceremony into a w...
Tags: Science, Opec, Venezuela, Maduro, Socialist Party


Maduro faces next term in a hobbled, isolated Venezuela

Leaders from the ruling Socialist Party have disavowed criticism of Maduro's inauguration, which will keep him at the helm of the OPEC oil exporter until 2025, calling for rallies of support and promoting him on social media with Twitter hashtags such as #Iampresident. Opposition leaders, however, have portrayed Thursday's inauguration as the moment at which Maduro will be internationally branded a dictator following a widely boycotted 2018 election that governments around the world described a...
Tags: Science, Opec, Venezuela, Maduro, Socialist Party


Oil up more than 4 percent on U.S.-China trade talk hopes, OPEC cuts

NEW YORK (Reuters) - Oil prices jumped more than 4 percent on Wednesday as the extension of U.S.-China talks raised hopes of easing trade tensions between the two superpowers, while OPEC-led crude output cuts also provided support.
Tags: New York, Science, Opec, Reuters Oil, U S China


Oil rises more than 4 percent on U.S.-China trade talk hope, OPEC cuts

Oil prices jumped more than 4 percent on Wednesday as the extension of U.S.-China talks raised hopes of easing trade tensions between the two superpowers, while OPEC-led crude output cuts also provided support. U.S. West Texas Intermediate (WTI) crude futures rose $2.49 to $52.27 a barrel, a 5 percent gain, by 12:01 p.m. EST (1701 GMT), the first time this year that WTI has topped $50. Brent crude futures gained $2.55, or 4.3 percent, to $61.27 a barrel.
Tags: Science, Opec, U S West Texas Intermediate WTI, U S China


Oil rises more than 2 percent; lifted by OPEC cuts, steadying stock market

NEW YORK (Reuters) - Oil prices climbed more than 2 percent on Monday, rebounding further from 1-1/2-year lows reached in December, on support from OPEC production cuts and steadying equities markets.
Tags: New York, Science, Opec, Reuters Oil


Ecuador president demands probe into predecessor's oil projects

Ecuador's President Lenin Moreno on Thursday asked the country's prosecutor to probe $4.9 billion of oil-related infrastructure projects, alleging that the OPEC nation's money was looted during the decade-long tenure of his leftist predecessor. Moreno said there were massive cost overruns, operational failings and non-transparent bidding processes at the five projects built during Rafael Correa's presidency, including a $2.2 billion upgrade to the Esmeraldas refinery. "Nearly $5 billion of Ecu...
Tags: Science, Opec, Ecuador, Rafael Correa, Moreno, Lenín Moreno


Oil near flat, prices swing as demand worry vies with OPEC supply cuts

NEW YORK (Reuters) - Oil prices were near flat on Thursday in a session of volatile trade, pressured by concerns that slowing global economic growth could dent demand but drawing support from signs that Saudi Arabia is cutting crude output.
Tags: New York, Science, Saudi Arabia, Opec, Reuters Oil


OPEC oil output posts biggest drop since 2017 on Saudi move

OPEC oil supply fell in December by the largest amount in almost two years, a Reuters survey found, as top exporter Saudi Arabia made an early start to a supply-limiting accord while Iran and Libya posted involuntary declines. The survey suggests Saudi Arabia and some of its allies acted unilaterally to bolster the market as crude prices slid on the possibility of a new glut. A formal accord by OPEC and its allies to cut supply in 2019 took effect only on Tuesday.
Tags: Science, Saudi Arabia, Opec, Iran, Libya, Reuters


Oil falls toward $53 on economic worries, surging supply

Oil fell toward $53 a barrel on Wednesday, under pressure from rising output in major OPEC and non-OPEC producers and concerns about an economic slowdown that could weaken demand. Brent crude was 60 cents lower at $53.20 a barrel at 1422 GMT. "The omens are far from encouraging," said Stephen Brennock of oil broker PVM, citing rising non-OPEC supply and the likelihood of further increases in oil inventories.
Tags: Science, Opec, Stephen Brennock


Oil falls to $53 on economic worries, surging supply

Oil fell to around $53 a barrel on Wednesday, pressured by rising output in major OPEC and non-OPEC producers and concern about an economic slowdown that could weaken demand. Brent crude fell 70 cents to $53.10 a barrel at 0838 GMT. Oil fell in 2018 for the first year since 2015 after buyers fled the market in the fourth quarter over growing worries about excess supply and economic slowdown.
Tags: Science, Opec


Oil prices slip, set for first annual drop since 2015

Oil prices slipped 1 percent on the final day of the year, en route for their first annual drop in three years as fears of a slowing global economy and emerging supply glut outweighed impending production cuts from OPEC nations. For the year, U.S. crude has lost more than 25 percent, while Brent is off by more than 21 percent. A tweet by U.S. President Donald Trump claiming progress on a possible U.S.-China trade deal pushed crude prices up more than 2 percent in early trading on Monday.
Tags: Science, China, Opec, Donald Trump


Oil surges 8 percent after steep slide; growth fears still weigh

Oil surged on Wednesday, posting its strongest daily gain in more than two years in a partial rebound from steep losses that pushed crude benchmarks to lows not seen since 2017. Both U.S. and Brent crude rose about 8 percent, their largest one-day increase since Nov. 30, 2016, when OPEC signed a landmark agreement to cut production. "The market is still really concerned about demand," said Bernadette Johnson, vice president in market intelligence at DrillingInfo in Denver.
Tags: Science, Opec, Drillinginfo, Bernadette Johnson


Russia's energy minister sees oil prices stabilizing in first-half 2019

Russian Energy Minister Alexander Novak said on Tuesday that oil prices, which fell by more than a third this quarter, would become more stable in the first half of 2019. The Organization of the Petroleum Exporting Countries (OPEC) and other large oil producers led by Russia agreed earlier this month to cut their combined crude output by 1.2 million barrels per day from January in order to stem the fall in oil prices. "I think that during the first half, due to joint efforts, which were confir...
Tags: Science, Russia, Opec, Novak, Petroleum Exporting Countries OPEC, Rossiya, Alexander Novak


Venezuela navy confronts Exxon oil ship in Guyana border dispute

GEORGETOWN/CARACAS (Reuters) - Venezuela's navy "intercepted" a ship exploring for oil on behalf of Exxon Mobil Corp in Guyanese waters over the weekend, neighboring Guyana's foreign ministry said in a statement, while Venezuela said the incident occurred within its territory. The latest incident in a century-old border dispute comes after a series of offshore oil discoveries have given Guyana the potential to become one of Latin America's largest producers. In OPEC member Venezuela, by contr...
Tags: Science, Opec, Venezuela, Latin America, Guyana, Exxon, Exxon Mobil Corp, GEORGETOWN CARACAS Reuters Venezuela


Political stumbles, savvy activists knock Canada's oil sector to its knees

WINNIPEG, Manitoba/VANCOUVER (Reuters) - A decade ago, Canada's oil sector was growing so fast it was predicted to become a global energy superpower, but a series of political missteps and formidable environmental activism has created a dysfunctional system requiring OPEC-style government intervention to move its oil to market. Canada produces 4.9 million barrels per day (bpd), more than any country other than the United States, Saudi Arabia and Russia, but the world's fourth largest producer h...
Tags: Science, Russia, Opec, Canada, Alberta, Winnipeg, United States Saudi Arabia, Manitoba VANCOUVER Reuters


Oil prices resume fall, shed last session's gains

BEIJING/SINGAPORE (Reuters) - Oil prices fell on Thursday to erase most of their gains from the day before, resuming declines seen earlier in the week amid worries about oversupply and the outlook for the global economy. Investors quickly moved their attention to deteriorating fundamentals in the oil markets including more signs of slowing economic growth next year, record production and the lack of confidence with OPEC's pledge to curb production," said Xi Jiarui, chief oil analyst at consulta...
Tags: Science, Opec, Reuters Oil, JLC, BEIJING SINGAPORE, Xi Jiarui


Oil prices resume drop, shed most of last session's gains

BEIJING/SINGAPORE (Reuters) - Oil prices fell on Thursday to erase most of their gains from the day before, resuming declines seen earlier in the week amid worries about oversupply and the outlook for the global economy. Investors quickly moved their attention to deteriorating fundamentals in the oil markets including more signs of slowing economic growth next year, record production and the lack of confidence with OPEC's pledge to curb production," said Xi Jiarui, chief oil analyst at consulta...
Tags: Science, Opec, Reuters Oil, JLC, BEIJING SINGAPORE, Xi Jiarui


Oil prices resume fall, shed most of their gains from last session

BEIJING/SINGAPORE (Reuters) - Oil prices fell on Thursday to erase most of their gains from the day before, resuming declines seen earlier in the week amid worries about oversupply and the outlook for the global economy. Investors quickly moved their attention to deteriorating fundamentals in the oil markets including more signs of slowing economic growth next year, record production and the lack of confidence with OPEC's pledge to curb production," said Xi Jiarui, chief oil analyst at consulta...
Tags: Science, Opec, Reuters Oil, JLC, BEIJING SINGAPORE, Xi Jiarui



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