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Oil falls on China's COVID-19 cases, high crude build | Reuters

Oil falls on China's COVID-19 cases, high crude build | Reuters Oil prices settled lower on Friday, weighed down by a build in U.S. crude inventories and worries that new pandemic restrictions in China will curb fuel demand in the world’s biggest oil importer.Brent crude futures fell 69 cents to settle at $55.41 a barrel, for a 0.4% change on the week.U.S. West Texas Intermediate (WTI) crude futures fell 86 cents, or 1.6%, settling at $52.27, nearly unchanged from the beginning of the week.Overa...
Tags: Travel, China, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil steadies after unexpected build in U.S. crude stockpiles | Reuters

Oil steadies after unexpected build in U.S. crude stockpiles | Reuters Oil prices steadied on Thursday after industry data showed a surprise increase in U.S. crude inventories that revived pandemic-related fuel demand concerns, while U.S. stimulus hopes buoyed prices.Brent crude futures rose 2 cents to settle at $56.10 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 18 cents to settle at $53.13 a barrel.Both benchmarks rose over the past two days on expectations of massive COVID-...
Tags: Travel, Joe Biden, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil dips after surprise rise in U.S. crude stocks; focus on Biden, stimulus | Reuters

Oil dips after surprise rise in U.S. crude stocks; focus on Biden, stimulus | Reuters Oil slipped on Thursday after industry data showed a surprise build in U.S. crude inventories that reignited pandemic-led demand concerns, but stimulus hopes in the United States capped the downturn in prices.U.S. West Texas Intermediate (WTI) crude futures dipped 19 cents, or 0.4%, to $53.12 a barrel at 0725 GMT, following two days of gains on expectations of massive COVID-19 relief spending under new U.S. Pre...
Tags: Travel, United States, Biden, Reuters, Reuters Oil, American Petroleum Institute, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, Joe Biden Brent


Oil rises on U.S. stimulus hopes, tighter market under Biden | Reuters

Oil rises on U.S. stimulus hopes, tighter market under Biden | Reuters Oil edged higher on Wednesday on expectations that U.S. President Joe Biden’s administration will deliver hefty pandemic-related economic stimulus that will lift fuel demand and enact policies that will tighten crude supply.Biden, who was inaugurated on Wednesday, immediately was set to take measures to curb the U.S. oil industry, including a plant to re-enter the Paris climate accord, cancelling a permit for the Keystone XL ...
Tags: Travel, New York, Joe Biden, Paris, Janet Yellen, Biden, Reuters, Reuters Oil, U S Treasury, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, John Kilduff, Again Capital LLC, Arctic Brent


Oil rise on hopes of U.S. stimulus, crude stocks drawdown | Reuters

Oil rise on hopes of U.S. stimulus, crude stocks drawdown | Reuters Oil prices rose on Wednesday, building on solid gains overnight, thanks to a combination of a weaker dollar and expectations the incoming U.S. administration will deliver massive stimulus spending that would lift fuel demand and draw down crude stocks.U.S. West Texas Intermediate (WTI) crude futures climbed 41 cents, or 0.77%, to $53.39 a barrel at 0750 GMT, building on a 1.2% rise on Tuesday.Brent crude futures rose 37 cents, o...
Tags: Travel, Joe Biden, Treasury, Janet Yellen, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil gains on stimulus optimism ahead of Biden inauguration | Reuters

Oil gains on stimulus optimism ahead of Biden inauguration | Reuters Oil prices climbed with U.S. stock markets on Tuesday ahead of Joe Biden’s inauguration as U.S. president on optimism that more government stimulus will eventually lift global economic growth.Brent futures for March delivery rose $1.15, or 2.1%, to settle at $55.90 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 62 cents, or 1.2%, to settle at $52.98. Front-month February WTI futures expire on Wednesday.Wall Stree...
Tags: Travel, Joe Biden, Janet Yellen, Biden, Yellen, Reuters, Reuters Oil, U S Treasury, Rupert Neil Bumfrey


Column: Oil price forecasts fall in the wake of the pandemic | Reuters

Column: Oil price forecasts fall in the wake of the pandemic | Reuters Oil prices are expected to remain lower even once the coronavirus pandemic is over and the economy recovers.Before a perfect storm hit the industry in 2020, medium-term price expectations had been firmly anchored around $65-70 per barrel, based on the average annual price of Brent crude.While prices cycled higher and lower in the short term, there was a strong and resilient consensus they would return to this level over a fiv...
Tags: Travel, Reuters, Reuters Oil, Rupert Neil Bumfrey


Oil prices rise as investors look to higher demand seen in second half | Reuters

Oil prices rise as investors look to higher demand seen in second half | Reuters Oil prices climbed on Tuesday as optimism that government stimulus will eventually lift global economic growth and oil demand trumped concerns that renewed COVID-19 pandemic lockdowns globally are cooling fuel consumption.Brent crude futures for March rose 72 cents to $55.47 a barrel by 1152 GMT after slipping 35 cents in the previous session.“The perception that any retracement will be quick as confidence in econom...
Tags: Travel, Reuters, Reuters Oil, Rupert Neil Bumfrey, PVM


Oil prices rise as optimism over economy outweighs fuel demand concerns | Reuters

Oil prices rise as optimism over economy outweighs fuel demand concerns | Reuters Oil prices climbed on Tuesday as optimism that government stimulus will buoy global economic growth and oil demand trumped concerns that renewed COVID-19 pandemic lockdowns globally could cool fuel consumption. Brent crude futures for March gained 55 cents, or 1%, to $55.30 a barrel by 0737 GMT after slipping 35 cents in the previous session.U.S. West Texas Intermediate crude was at $52.52 a barrel, up 16 cents, or...
Tags: Travel, China, Reuters, Reuters Oil, Rupert Neil Bumfrey


Oil slips on coronavirus fears, strong dollar | Reuters

Oil slips on coronavirus fears, strong dollar | Reuters Oil prices fell slightly on Monday as a stronger dollar, fears over soaring COVID-19 cases around the world and the slow pace of vaccination against the coronavirus outweighed a better-than-expected quarterly rebound for China’s economy.Brent crude was down 23 cents, or 0.4%, at $54.87 per barrel at 1720 GMT, and West Texas Intermediate U.S. crude fell 19 cents, or 0.4%, to $52.17.“Corona-induced economic fears, a stronger U.S. dollar and m...
Tags: Travel, Saudi Arabia, China, Reuters, Reuters Oil, West Texas, Corona, Commerzbank, Rupert Neil Bumfrey, Eugen Weinberg, COVID


Oil falls on coronavirus fears, strong dollar | Reuters

Oil falls on coronavirus fears, strong dollar | Reuters Oil prices fell on Monday as a stronger dollar, fears over soaring COVID-19 cases around the world and the slow pace of vaccination against the virus outweighed a better-than-expected quarterly rebound for China’s economy. Brent crude was down 24 cents, or 0.4%, at $54.86 per barrel at 1308 GMT, and West Texas Intermediate U.S. crude fell 10 cents, or 0.2%, to $52.26.“Corona-induced economic fears, a stronger U.S. dollar and more pessimisti...
Tags: Travel, Saudi Arabia, China, Reuters, Reuters Oil, West Texas, Corona, Commerzbank, Rupert Neil Bumfrey, Eugen Weinberg, COVID


Oil's supply-led rally peters out as virus cases surge | Reuters

Oil's supply-led rally peters out as virus cases surge | Reuters Oil prices on Monday fell further from 11-month highs touched last week, ending a rally that started at end-October on production cuts and strong Chinese demand, with the market’s outlook questioned as coronavirus infections rise.Brent crude fell 20 cents, or 0.4%, to $54.90 a barrel by 0737 GMT, after dropping 2.3% on Friday. U.S. oil was down by 13 cents, or 0.3%, at $52.23 a barrel, having declined 2.3% in the previous trading s...
Tags: Travel, Saudi Arabia, Reuters, Reuters Oil, RSI, Rupert Neil Bumfrey, OANDA, Jeffrey Halley


Oil drops over 2% on China lockdowns, U.S. stimulus concerns | Reuters

Oil drops over 2% on China lockdowns, U.S. stimulus concerns | Reuters Oil prices fell more than 2% on Friday, with both contracts posting a loss on the week as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer.Brent fell $1.32, or 2.3%, to settle at $55.10 a barrel. U.S. West Texas Intermediate crude settled down $1.21, or 2.3%, at $52.36 a barrel.Both benchmarks, which hit their highest i...
Tags: Travel, China, Reuters, Reuters Oil, Rupert Neil Bumfrey


Oil slips as China lockdown, U.S. unemployment data temper gains | Reuters

Oil slips as China lockdown, U.S. unemployment data temper gains | Reuters Oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronaries outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and U.S. plans for a large stimulus package.Brent was down 86 cents, or 1.5%, at $55.56 by 1227 GMT, after gaining 0.6% on Thursday. U.S. West Texas Intermediate crude was down 58 cents, or 1.1%, at $52.99 a barrel, having risen more than 1...
Tags: Travel, China, Reuters, Reuters Oil, U S, Rupert Neil Bumfrey


Oil drops as Chinese lockdowns, U.S. unemployment data drains rally | Reuters

Oil drops as Chinese lockdowns, U.S. unemployment data drains rally | Reuters Oil prices fell on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and U.S. plans for a large stimulus package.Brent was down 71 cents, or 1.2%, at $55.71 by 0758 GMT, after gaining 0.6% on Thursday. U.S. West Texas Intermediate crude was 46 cents, or 0.9%, lower at $53.11 a barrel, having risen more t...
Tags: Travel, Reuters, Reuters Oil, U S, Rupert Neil Bumfrey


Oil prices climb on Chinese data, dollar weakness | Reuters

Oil prices climb on Chinese data, dollar weakness | Reuters Oil prices edged higher on Thursday, boosted by a weak dollar and bullish signals from Chinese import data but pressured by renewed worries about global oil demand due to surging coronavirus cases in Europe and new lockdowns in China.Brent crude oil futures rose 36 cents, or 0.6%, to settle at $56.42 a barrel. U.S. West Texas Intermediate (WTI) ended 66 cents, or 1.3%, higher at $53.57.The U.S. dollar index slumped after U.S Federal Res...
Tags: Travel, Europe, China, Joe Biden, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Jerome Powell, U S Federal Reserve Chair, Rupert Neil Bumfrey


Oil prices edge up on strong China data, U.S. crude oil draw | Reuters

Oil prices edge up on strong China data, U.S. crude oil draw | Reuters Oil prices edged higher on Thursday after a drawdown in U.S. crude stocks for a fifth straight week and robust data from China showing a surge in imports, though mounting coronavirus cases globally capped gains.Brent crude oil futures gained 13 cents, or 0.2%, to $56.19 a barrel by 0744 GMT, while U.S. West Texas Intermediate (WTI) increased 20 cents, or 0.4%, to $53.11 a barrel.China’s total crude oil imports rose 7.3% in 20...
Tags: Travel, China, Reuters, Reuters Oil, ANZ Bank, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil ends lower, retreating from recent gains as COVID cases rise | Reuters

Oil ends lower, retreating from recent gains as COVID cases rise | Reuters Oil prices fell on Wednesday, pulling back from recent gains, on concerns that rising global COVID-19 will hamper global fuel demand.The market did find some support from weekly inventory figures that showed a drop in crude inventories and rising refinery production.Brent crude prices settled at $56.06 a barrel, down 52 cents, or 0.9%. U.S. West Texas Intermediate (WTI) settled at $52.91 a barrel, falling 30 cents, or 0.6...
Tags: Travel, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil steadies as U.S. inventory fall tempers demand woes | Reuters

Oil steadies as U.S. inventory fall tempers demand woes | Reuters Oil prices were broadly steady on Wednesday as rising global COVID-19 cases took the shine off an earlier rally spurred by a bigger-than-expected drop in U.S. crude inventories.Brent crude prices were up 11 cents, or 0.2%, at $56.69 a barrel by 1311 GMT. Prices rose as far as $57.42 a barrel earlier in the session, the highest since Feb. 24.The next milestone for Brent prices is a rise above $60, a level not seen since late Januar...
Tags: Travel, Brent, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil prices rally further after crude stocks fall more than expected | Reuters

Oil prices rally further after crude stocks fall more than expected | Reuters Oil prices were higher on Wednesday, with U.S. crude gaining for the seventh straight day, after industry data showed a bigger than expected drop in inventories and investors shrugged off rising new deaths and infections in the pandemic.U.S. West Texas Intermediate (WTI) was up 34 cents, or 0.6%, at $53.55 a barrel by 0805 GMT after gaining nearly 2% on Tuesday. Brent crude was up 36 cents, or 0.6%, at $$56.94, having ...
Tags: Travel, Europe, China, United States, Reuters, Reuters Oil, Rupert Neil Bumfrey


Oil settles up, near $57 on tight supply expectations | Reuters

Oil settles up, near $57 on tight supply expectations | Reuters Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia’s plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.Brent crude settled up 92 cents, or 1.7%, at $56.58 a barrel by after touching its highest level since last February at $56.75. U.S. West Texas Intermediate (WTI) gained 96 cents, or 1.8%, to $53.28.Saudi Arabia plans to cut output by an ex...
Tags: Travel, Saudi Arabia, Opec, Reuters, Reuters Oil, Rupert Neil Bumfrey


Oil rises above $56 as tighter supply offsets virus concern | Reuters

Oil rises above $56 as tighter supply offsets virus concern | Reuters Oil rose above $56 a barrel on Tuesday and stayed close to an 11-month high, as tighter supply and expectations of a drop in U.S. inventories offset concerns over climbing coronavirus cases globally.Saudi Arabia has said it will cut output by an extra 1 million barrels per day (bpd) in February and March to stop inventories from building up. The latest U.S. oil supply reports are expected to show crude stocks fell for a fifth ...
Tags: Travel, Saudi Arabia, China, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, AXi, Stephen Innes


Brent crude falls on renewed lockdowns, stronger dollar | Reuters

Brent crude falls on renewed lockdowns, stronger dollar | Reuters Oil prices steadied on Monday after strong gains last week, as tough coronavirus lockdowns around the world renewed concerns about global fuel demand, while a stronger U.S. dollar also weighed on prices.Brent fell 33 cents to settle at $55.66 a barrel, after bouncing off the session low of $54.99. U.S. West Texas Intermediate (WTI) rose a cent to settle at $52.25 a barrel.“The renewed concerns about demand due to very high numbers...
Tags: Travel, Brent, Reuters, Reuters Oil, Commerzbank, Rupert Neil Bumfrey, Eugen Weinberg


Oil near 11-month highs on #Saudi output cut pledge, equities rally | Reuters

Oil near 11-month highs on Saudi output cut pledge, equities rally | Reuters Oil prices held near 11-month highs on Friday and were on track for a strong weekly gain as Saudi Arabia’s pledge to cut output continued to buoy market sentiment.Brent crude climbed 13 cents, or 0.2%, to $54.51 a barrel by 0531 GMT. It touched $54.90 on Thursday, the highest since February.U.S. West Texas Intermediate (WTI) gained 14 cents, or 0.3%, to $50.97. The contract closed up 0.4% on Thursday after also hitting ...
Tags: Travel, Saudi Arabia, Reuters, Reuters Oil, Rupert Neil Bumfrey


Oil touches fresh 11-month highs, shrugging off unrest in Washington | Reuters

Oil touches fresh 11-month highs, shrugging off unrest in Washington | Reuters Oil prices rose on Thursday, shrugging off surprising political unrest in the United States, as markets remain focused on Saudi Arabia’s pledge to cut oil output by more than expected.Brent crude rose 28 cents to $54.58 a barrel by 11:35 a.m. EST (1635 GMT) after touching $54.90, a fresh high not seen since before the first COVID-19 lockdowns in the West.U.S. West Texas Intermediate (WTI) was up 30 cents to $50.93, af...
Tags: Travel, Congress, Washington, Saudi Arabia, United States, Donald Trump, Reuters, Reuters Oil, U S Capitol, Rupert Neil Bumfrey


Oil gains with supply constraints in focus after Saudi cuts | Reuters

Oil gains with supply constraints in focus after Saudi cuts | Reuters Oil prices rose almost 1% on Thursday after a fall in U.S. stockpiles added further support following the unilateral decision by Saudi Arabia, the world’s biggest exporter, to cut output over the next two months.It was not immediately clear how the storming of the U.S. Capitol by supporters of President Donald Trump would impact oil markets, although some analysts believe President-elect Joe Biden’s administration will clamp d...
Tags: Travel, Saudi Arabia, Russia, Opec, Joe Biden, Donald Trump, Reuters, Reuters Oil, Organization of the Petroleum Exporting Countries, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil rises to 10-month high after #Saudi output cut, U.S. inventory draw | Reuters

Oil rises to 10-month high after Saudi output cut, U.S. inventory draw | Reuters Oil prices rose to their highest levels since February on Wednesday after Saudi Arabia announced a big voluntary production cut and on a steep fall in U.S. crude inventories.Futures contracts pared gains in thin post-settlement trade after protesters stormed the U.S. Capitol building in an attempt to thwart the certification of Donald Trump’s loss in November’s U.S. presidential election.Brent crude settled up 70 ce...
Tags: Travel, Washington, Saudi Arabia, Donald Trump, Reuters, Reuters Oil, U S Capitol, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil extends gains after surprise #Saudi output cut and U.S. crude draw | Reuters

Oil extends gains after surprise Saudi output cut and U.S. crude draw | Reuters Oil prices extended gains on Wednesday, rising to their highest since late February, after Saudi Arabia announced a big voluntary production cut, and as U.S. crude inventories declined in the latest week.Brent crude was up 88 cents, or 1.7%, to $54.48 a barrel at 11:24 a.m. EST (1524 GMT). Earlier in the session, it hit a high of $54.63 a barrel, a level not seen since Feb. 26, 2020.U.S. West Texas Intermediate (WTI)...
Tags: Travel, Saudi Arabia, Energy Information Administration, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil rises to 11-month high after #SaudiArabia pledges unilateral output cut | Reuters

Oil rises to 11-month high after Saudi Arabia pledges unilateral output cut | Reuters Oil prices rose on Wednesday to their highest since February 2020 after Saudi Arabia agreed to reduce output more than expected in a meeting with allied producers, while industry figures showed U.S. crude stockpiles were down last week.Brent crude rose as much as 0.9% to $54.09 a barrel, the highest since Feb. 26, 2020. It was at $53.82 a barrel at 0757 GMT after jumping 4.9% on Tuesday.U.S. West Texas Intermed...
Tags: Travel, Saudi Arabia, Opec, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil prices jump 5% on OPEC+ output talks, Iran tension | Reuters

Oil prices jump 5% on OPEC+ output talks, Iran tension | Reuters Oil prices climbed nearly 5% on Tuesday after news that Saudi Arabia will make voluntary cuts to its oil output, while international political tension simmered over Iran’s seizure of a South Korean vessel.Brent crude futures rose $2.51, or 4.9%, to settle at $53.60 a barrel. U.S. West Texas Intermediate crude ended $2.31, or 4.9%, higher at $49.93 a barrel.Saudi Arabia will make additional, voluntary oil output cuts of 1 million ba...
Tags: Travel, Saudi Arabia, Opec, Iran, Reuters, Reuters Oil, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey, Bjornar Tonhaugen Rystad Energy



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