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Oil climbs nearly 5% on signs of increasing crude demand | Reuters

Oil climbs nearly 5% on signs of increasing crude demand | ReutersOil prices surged almost 5% on Wednesday, after a report from the International Energy Agency, followed by U.S. inventory data boosted optimism about returning demand after the coronavirus lockdowns last year crushed fuel consumption.Brent crude futures rose $2.91, or 4.6%, to settle at $66.58 a barrel. U.S. West Texas Intermediate (WTI) crude ended $2.97, or 4.9%, higher at $63.15 a barrel.U.S. crude inventories fell by 5.9 milli...
Tags: Travel, East Coast, EIA, Energy Information Administration, Reuters, International Energy Agency, Rupert Neil Bumfrey




Oil up on global economic recovery, but high U.S. gasoline stocks weigh | Reuters

Oil up on global economic recovery, but high U.S. gasoline stocks weigh | ReutersGlobal benchmark Brent crude inched higher on Wednesday on improving global economic outlook, but U.S. crude fell on rising gasoline inventories amid fears that new coronavirus outbreaks will weaken a global recovery in fuel demand.Brent crude futures were up 44 cents, or 0.7%, to $63.18 a barrel by 1:42 p.m. EDT (1742 GMT) while U.S. West Texas Intermediate crude fell 40 cents, or 0.7%, to $59.73.U.S. crude stocks ...
Tags: Travel, Energy Information Administration, Reuters, Rupert Neil Bumfrey, Mizuho Securities, Bob Yawger


Oil Slumps With U.S. Gasoline Supply Rising Most Since February - Bloomberg

Oil Slumps With U.S. Gasoline Supply Rising Most Since February - Bloomberg West Texas Intermediate for May delivery declined 83 cents to $58.50 a barrel at 12:29 p.m. in New York Brent for June settlement lost 74 cents to $62.00 a barrel Oil extended losses alongside a strengthening dollar while the biggest U.S. gasoline supply increase in two months offset a drop in crude inventories.Futures in New York furthered their decline to as much as 2% on Wednesday, in tandem with a rising ...
Tags: Travel, Europe, New York, Energy Information Administration, Tortoise, Rupert Neil Bumfrey, Brian Kessens


Oil ticks up on global economic outlook, plummeting U.S. fuel inventories | Reuters

Oil ticks up on global economic outlook, plummeting U.S. fuel inventories | ReutersOil prices rose on Wednesday on an upbeat forecast for global economic recovery and as U.S. gasoline inventories plummeted, but prices were limited due to a surge in crude oil inventories in the aftermath of last month’s Texas winter storm.Brent crude settled at $67.90 a barrel, gaining 38 cents, or 0.6%. U.S. West Texas Intermediate crude settled at $64.44 a barrel, rising 43 cents, or 0.7%.U.S. gasoline stocks d...
Tags: Travel, Texas, Energy Information Administration, Reuters, Rupert Neil Bumfrey, U S West Texas Intermediate, U S gasoline


Oil rises on economic outlook, falling U.S. fuel inventories | Reuters

Oil rises on economic outlook, falling U.S. fuel inventories | ReutersOil edged up on Wednesday, supported by an upbeat forecast for global economic recovery and OPEC+ oil output curbs as well as a sharp reduction in U.S. fuel inventories.Brent crude gained 42 cents, or 0.6%, at $67.94 a barrel by 10:47 a.m. EST (1547 GMT) and U.S. West Texas Intermediate crude rose 40 cents, or 0.6%, to $64.41 a barrel.U.S. gasoline stocks slumped by 11.9 million barrels last week and distillates, which include...
Tags: Travel, Opec, Chicago, Energy Information Administration, Reuters, Rupert Neil Bumfrey, Phil Flynn, Price Futures Group, ReutersOil


Oil Surges After Record U.S. Fuel Supply Drop From Deep Freeze - Oil Prices for Mar. 03, 2021: Brent Crude, WTI - Bloomberg

Oil Surges After Record U.S. Fuel Supply Drop From Deep Freeze Oil Prices for Mar. 03, 2021: Brent Crude, WTI - Bloomberg Oil jumped the most in more than a week after a U.S. government report showed a record drop in domestic fuel inventories from the aftermath of a deep freeze that shuttered refineries in several states.Crude futures in New York climbed 2.6% on Wednesday, snapping a three-day streak of losses. U.S. gasoline inventories tumbled last week by the most since 1990 after a pol...
Tags: Travel, New York, Opec, Energy Information Administration, Tortoise, U S Gulf Coast, Rupert Neil Bumfrey, Matt Sallee, Bloomberg Oil, Brent Crude WTI Bloomberg


Oil hovers near 13-month highs as storm hits U.S. output, Fed assures rates staying low | Reuters

Oil hovers near 13-month highs as storm hits U.S. output, Fed assures rates staying low | Reuters Oil prices extended gains for a fourth session on Thursday to reach the highest levels in more than 13 months, underpinned by an assurance that U.S. interest rates will stay low, and a sharp drop in U.S. crude output last week due to the storm in Texas.Brent crude futures for April gained 37 cents, 0.6%, to $67.41 a barrel by 0718 GMT, while U.S. West Texas Intermediate crude for April was at $63.54...
Tags: Travel, Texas, Energy Information Administration, Fed, Reuters, Reuters Oil, U S Federal Reserve, Rupert Neil Bumfrey, Texas Brent


Global stocks rise as Fed Chair Jerome Powell confirms interest rates will remain low for longer

AP Photo/Richard Drew Global stocks gained Thursday after Jerome Powell struck a reassuring tone for central-bank policy.The Fed chairman said it could take more than three years before inflation reached the Fed's target of 2%.Yield on the 10-year US Treasury note rose to 1.4%, its highest in a year.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.Global stocks rose Thursday after Federal Reserve Chairman Jerome Powell wrapped up his two-day congressional testimony ...
Tags: Asia, Hong Kong, Japan, UK, Texas, China, Germany, Global, US, Trends, Shanghai, Deutsche Bank, US Treasury, Pfizer, Brent Crude, Federal Reserve


Oil rises after data shows slump in U.S. output amid Texas freeze | Reuters

Oil rises after data shows slump in U.S. output amid Texas freeze | Reuters Oil prices climbed on Wednesday to fresh 13-month highs after U.S. government data showed a drop in crude output after a deep freeze disrupted production last week.U.S. crude oil production dropped last week by more than 10%, or 1 million barrels per day, during the rare winter storm in Texas, equaling the largest weekly fall ever, the Energy Information Administration said. Refinery crude inputs dropped to the lowest si...
Tags: Travel, Texas, Chicago, Houston, EIA, Energy Information Administration, Reuters, Reuters Oil, Rupert Neil Bumfrey, Phil Flynn


What you need to know in markets this week: the future of Ethereum, what's next for oil, and inflation is on the rise

Ethereum's price soared by more than 25% this week. Yu Chun Christopher Wong/S3studio/Getty Images CME Group will launch Ethereum futures this week and the price is at a record high. The three major forecasters will publish their assessment of the outlook for oil demand in 2021. Inflation is picking up — should investors be worried? Analysts say "no." Visit the Business section of Insider for more stories. The army of Reddit day traders appears to be moving on, having pumped up everyth...
Tags: UK, Mexico, China, Softbank, US, Trends, Tesla, Opec, Bitcoin, Reddit, Ubs, Treasury, IEA, Brent, Wti, Federal Reserve


What you need to know on the markets this week: the future of Ethereum, what's next for oil, and inflation is on the rise

Ethereum's price soared by more than 25% this week. Yu Chun Christopher Wong/S3studio/Getty Images CME Group will launch Ethereum futures this week and the price is at a record high. The three major forecasters will publish their assessment of the outlook for oil demand in 2021. Inflation is picking up — should investors be worried? Analysts say "no." Visit the Business section of Insider for more stories. The army of Reddit day traders appears to be moving on, having pumped up everyth...
Tags: UK, Mexico, China, Softbank, US, Trends, Tesla, Opec, Bitcoin, Reddit, Ubs, Treasury, IEA, Brent, Wti, Federal Reserve


Oil up above $56 on lower U.S. stockpiles, drop in new Chinese COVID-19 cases | Reuters

Oil up above $56 on lower U.S. stockpiles, drop in new Chinese COVID-19 cases | Reuters Oil rose above $56 a barrel on Wednesday after industry data showed U.S. crude inventories fell unexpectedly and as concerns eased about a resurgence in coronavirus cases in China, the world’s second-biggest oil user.Industry group the American Petroleum Institute (API) said U.S. crude inventories fell by 5.3 million barrels. Analysts had expected them to rise. Official inventory figures are due at 1530 GMT f...
Tags: Travel, China, US, Opec, Energy Information Administration, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, American Petroleum Institute API, Stephen Brennock, PVM Brent


Shale Boom: U.S. Imports of #Saudi Crude Won’t Stay Zero for Long - Bloomberg

Shale Boom: U.S. Imports of Saudi Crude Won’t Stay Zero for Long - Bloomberg In the final week of 2020, the U.S. imported no crude from Saudi Arabia for the first time in 35 years. But it's not quite the historic moment it might seem at first sight.As recently as 2017, the desert kingdom was regularly sending more than 1 million barrels a day of its crude across the Atlantic and Pacific Oceans to the U.S. Within the space of four years that market has all but disappeared, as the shale industry b...
Tags: Travel, Saudi Arabia, Nigeria, Iran, Atlantic, Jimmy Carter, West Africa, Energy Information Administration, Rupert Neil Bumfrey, Long Bloomberg


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


10 things you need to know before the opening bell

Xinhua/Wang Ying/Getty Images Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.Here's what you need to know before markets open.1. Global stocks rise after Mnuchin says $600 stimulus checks are set to arrive. See what markets are doing today.2. UK approves Oxford-AstraZeneca's COVID-19 vaccine. The country has ordered 100 million doses, enough for 50 million people.3. Snapchat will surge 45%, Goldman Sachs says. Here's why Goldman rei...
Tags: Elon Musk, UK, China, Global, US, Trends, Markets, Tesla, Snapchat, Oxford, Alibaba, Ubs, Goldman Sachs, Goldman, Energy Information Administration, Baillie Gifford


What Are the Pitfalls of Buying a Gas Station?

If you have some capital on hand and want to invest in a lucrative business, you may be considering purchasing a gas station. Small business experts say that gas stations are practically recession proof because consumers will always need to fill up on their way to work. Gas prices have even continued to increase during the pandemic, so now may seem like a great time to join the industry and start cashing in. But turning a profit on this type of business isn’t as easy as you’d think. There are se...
Tags: Marketing, Shell, Energy Information Administration, Sunoco, Environmental Concerns Before


Oil gains 2% after draws in U.S. product inventories | Reuters

Oil gains 2% after draws in U.S. product inventories | Reuters Oil prices rose more than 2% on Wednesday, boosted by draws in U.S. inventories of crude, gasoline and distillates that lifted investors’ hopes for some return in fuel demand.Brent crude futures rose $1.12, or 2.2%, to settle at $51.20 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.1, or 2.3%, to settle at $48.12 a barrel.U.S. crude inventories fell by 562,000 barrels in the week to Dec. 18 to 499.5 million ...
Tags: Travel, EIA, Energy Information Administration, Reuters, Reuters Oil, Rupert Neil Bumfrey


Oil prices edge higher after U.S. crude stockpile draw | Reuters

Oil prices edge higher after U.S. crude stockpile draw | Reuters Oil prices edged higher on Wednesday, buoyed by U.S. government data that showed crude stockpiles fell last week and by optimism about a coronavirus relief package in the United States.Brent crude futures rose 32 cents to settle at $51.08 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 20 cents to settle at $47.82 a barrel.U.S. crude inventories fell by 3.1 million barrels in the week to Dec. 11, the Energy Informat...
Tags: Travel, United States, Energy Information Administration, Reuters, Reuters Oil, Mizuho, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, Bob Yawger


Oil steadies despite massive build in U.S. crude stocks | Reuters

Oil steadies despite massive build in U.S. crude stocks | Reuters Oil prices settled little changed on Wednesday as investors weighed an unexpected jump in U.S. crude stockpiles against optimism that a fast rollout of a coronavirus vaccine would fuel a recovery in global oil demand.Prices fell 1% early in the session as data showed U.S. crude inventories rose by 15.2 million barrels to 503.2 million barrels last week, according to the Energy Information Administration, compared with analysts’ ex...
Tags: Travel, New York, United States, United Kingdom, Energy Information Administration, Reuters, Reuters Oil, U S Food and Drug Administration, Rupert Neil Bumfrey, John Kilduff, Again Capital LLC


America’s Biggest Oil Storage Hub is Filling to the Brim Again - Bloomberg

America’s Biggest Oil Storage Hub is Filling to the Brim Again - Bloomberg Oil tanks in America’s most important crude storage hub are filling to the brim once again, quickly approaching the critical levels reached in May after prices crashed.Stockpiles at Cushing, Oklahoma, the delivery point for West Texas Intermediate futures, stood at 61.6 million barrels as of Nov. 13, or about 81% of capacity, according to the most recent U.S. government data. That’s 3.83 million barrels shy of the levels ...
Tags: Travel, America, Bloomberg, Energy Information Administration, Cushing Oklahoma, Cushing, Rupert Neil Bumfrey, Wood Mackenzie Ltd, Bloomberg Oil, Biggest Oil Storage Hub, Hillary Stevenson


Global stocks sag, as spread of COVID-19 across the US and Europe douses vaccine optimism

Joanne Millar, store manger of Joules in Belfast, places a sign in the shop window about compulsory face masks. Liam McBurney/PA Images via Getty Images Global shares have tumbled, as the spread of COVID-19 threatens economic recovery and offsets optimism over the rollout of a vaccine. Oil futures dropped after data shows a steep decline in US energy use in the latest week, as lockdowns and restrictions on movement came into force. Government bond yields marched lower, reflecting some of t...
Tags: Europe, Minnesota, Washington, New York City, Time, US, Trends, Belfast, US Treasury, Pfizer, Federal Reserve, Energy Information Administration, Johns Hopkins, Fed, Jpmorgan, Rabobank


Column: U.S. oil inventories offer hope, and a warning, to OPEC+ - Kemp | Reuters

Column: U.S. oil inventories offer hope, and a warning, to OPEC+ - Kemp | Reuters U.S. petroleum inventories are gradually normalising as output curbs by OPEC+ and processing restraint by refiners push the oil market back towards balance.But with stocks of crude and distillates still well above the five-year average, OPEC+ and refiners will need to maintain their disciplined approach until at least March to avoid renewed downward pressure on prices.U.S. stocks of crude and petroleum products out...
Tags: Travel, Opec, Energy Information Administration, Rupert Neil Bumfrey, OPEC Kemp


Oil tumbles 6% on surging COVID-19 cases and inventory buildups

Spencer Platt/Getty Images Oil futures tumbled on Wednesday as escalating coronavirus fears and surging US stockpiles drove new uncertainty about the commodity market's recovery.West Texas Intermediate crude sank as much as 6.4%, to $37.04 per barrel. Brent crude, oil's international standard, tumbled 5.8%, to $38.83 per barrel, at intraday lows.Resurgences in COVID-19 cases have intensified concerns about oil demand. France and Germany are reportedly set to impose new lockdown measures to...
Tags: Europe, Congress, France, Germany, US, Trends, Markets, Commodities, Oil Price, Brent Crude, Morgan Stanley, Crude Oil, Energy Information Administration, Fed, Brent Crude Oil, New York Fed


Oil tanks 6% on surging COVID-19 cases and inventory build-ups

Cabot Oil and Gas workers at a hydraulic fracturing site in South Montrose, Pennsylvania Spencer Platt/Getty Images Oil futures tanked on Wednesday as escalating coronavirus fears and surging US stockpiles drove new uncertainty around the commodity market's recovery.West Texas Intermediate crude sank as much as 6.4%, to $37.04 per barrel. Brent crude, oil's international standard, tumbled 5.8%, to $38.83 per barrel, at intraday lows.A global resurgence in COVID-19 cases has intensified conc...
Tags: Europe, Congress, France, Germany, US, Trends, Energy Information Administration, Fed, Stanley, New York Fed, Cabot Oil, CBOE, Ben Winck, South Montrose Pennsylvania, Spencer Platt Getty Images Oil, Raymond JamesA


10 things you need to know before the opening bell

Andrew Burton/Getty Images Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.Here's what you need to know before markets open.1. Global stocks slide as progress on stimulus stalls. A top US official said Russia and Iran took "specific actions to influence public opinion" relating to the election. See how markets are reacting here.2. Tesla stock surges after the automaker posts record profits. The EV-maker's vehicle deliveries jumped 44...
Tags: Asia, Finance, China, Russia, Global, US, Trends, Markets, Tesla, Iran, Malaysia, Stockton, Morgan Stanley, Energy Information Administration, Imf, Jpmorgan


US stocks edge lower as investors mull odds of stimulus deal by end of week

Brendan McDermid/Reuters US stocks declined slightly on Wednesday as investors weighed the latest developments in reaching a stimulus agreement.House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin failed to reach a deal before a Tuesday deadline and now aim to finalize a proposal before the weekend.Senate Democrats blocked Republicans' $500 billion "skinny bill," leaving both parties stuck in a stimulus deadlock.Oil futures sank on reports that US crude inventories climbed by 1...
Tags: Google, Senate, White House, China, US, Trends, General Motors, Markets, Paypal, Netflix, Bitcoin, House, Alibaba, Tencent, Treasury, Earnings


10 things you need to know before the opening bell

John Gress/Reuters Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.Here's what you need to know before markets open.1. Citigroup slammed with $400 million fine for 'longstanding failure' to resolve its risk and data systems. Thursday's fine is the second penalty slapped on the bank in recent weeks.2. EasyJet forecasts a loss of $1.1 billion, its first annual loss, as the pandemic continues to ravage the airline industry. The British ...
Tags: Asia, Hong Kong, Japan, Washington, Finance, China, Germany, US, Trends, Markets, Britain, Citigroup, Goldman Sachs, Easyjet, Energy Information Administration, Jetblue


Oil edges higher after U.S. crude, fuel stockpiles draw down | Reuters

Oil edges higher after U.S. crude, fuel stockpiles draw down | Reuters:Oil prices edged higher on Wednesday, supported by U.S. government data that showed crude and fuel inventories dropped last week, though concerns about the ongoing coronavirus pandemic capped gains. Brent crude LCOc1 rose 5 cents to settle at $41.77 a barrel. U.S. West Texas Intermediate crude CLc1 gained 13 cents to settle at $39.93 a barrel.U.S. crude, gasoline and distillate inventories all fell last week, Energy Informati...
Tags: Travel, Chicago, Energy Information Administration, Eci, Reuters, Rupert Neil Bumfrey, Phil Flynn, Price Futures Group, USOILG


Global Crude Oil News and Analysis for WTI, Brent Prices on September 11, 2020 - Bloomberg

Global Crude Oil News and Analysis for WTI, Brent Prices on September 11, 2020 - Bloomberg:Oil headed for its first back-to-back weekly losses since April’s price rout as swelling U.S. stockpiles added to signs that the global energy demand recovery will take longer than previously anticipated.Futures in New York were steady near $37 a barrel and are down around 6% this week. U.S. crude inventories rose for the first time in seven weeks and stockpiles at the storage hub at Cushing reached the hi...
Tags: Travel, Asia, Europe, New York, Opec, Bloomberg, Energy Information Administration, Platts, Saudi Aramco, Cushing, Rupert Neil Bumfrey, Global Crude Oil News