International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.50 per barrel at 01:44 GMT, down 56 cents, or 0.9 percent from their last close.
Crude oil news
The influential oil cartel meets at its headquarters in Vienna, Austria, with the aim of reaching an accord over production levels for the next six months. The 15-member organization will then hold talks with allied non-OPEC partners on Friday, with markets widely-expecting the energy alliance to announce steep output reductions from January.
A magnitude 7 earthquake struck Alaska early Friday, shutting the state’s most important oil pipeline
The Alaska pipeline that carries crude from the Arctic coast to the marine terminal in Valdez was shut as a precaution
Oil prices underwent a selloff on Thursday with U.S. crude falling below the $50 a barrel level for the first time in more than a year
Prices came under renewed selling pressure after data on Wednesday showing that U.S. crude inventories increased again last week, hitting their highest levels in more than a year.
Oil prices plunged to their lowest since late 2017 on Friday in choppy trading, weighed down by an emerging crude supply overhang and a darkening economic outlook
U.S. West Texas Intermediate (WTI) crude futures slumped 2.3 percent, to $53.38 a barrel. Prices earlier fell to as low as $52.82, only 5 cents about the $52.77 level reached on Tuesday, which was the lowest since October 2017.
It’s a volatile time for oil, with crude prices up 4% after a 7% plunge just a day earlier. Some warn, however, that a bull trap might be forming with the market’s latest rebound.
Most traders have a bleak outlook for oil despite OPEC hinting over the past week that it might decide to cut production by as much as 1.4 million barrels per day when it meets in Vienna on Dec. 6.
Oil prices drop as a deteriorating economic outlook and a surge in U.S. production outweighed expected supply cuts by the OPEC
Oil prices are almost a quarter below their recent peaks in early October, weighed down by surging supply, especially from the United States.
U.S. government deals allowing hundreds of thousands of barrels a day of Iranian oil to flow onto world markets are driving down prices
After the Trump administration threatened a complete halt to Iranian oil exports, prompting other producers to boost output to compensate, the U.S. authorized exemptions to eight countries without disclosing the terms.
U.S. crude futures (CLc1) plunged 7 percent on Tuesday, to settle at $55.69, their lowest level this year, down from a four-year high only a month ago.
Today’s Stock Market News – A majority of OPEC and allied oil exporters support a cut in the global supply of crude
Saudi Arabia is discussing a proposal to cut oil output by up to 1 million barrels per day by OPEC and its allies, two sources close to the discussions told Reuters on Sunday.
Stock Market News – OPEC and its allies led by Russia are weighing production cuts to halt a sharp slump in oil prices
Analysts with PVM Associates said in a note Friday that the price slump appears likely to continue, unless OPEC and its partners agree to cut production.
Stock Market News – WTI has wiped out all of its gains for 2018. Oil touched the lowest level since February as it headed for the longest losing streak on record.
WTI has wiped out all of its gains for 2018. The decline has been exacerbated by a U.S. decision to grant eight countries waivers to continue importing from Iran, which it slapped with sanctions earlier this week.
Stock Market News – Oil prices declined for a ninth straight session, bringing it 20% below its recent high
U.S. Oil Enters Bear Market on Rising Inventories, Worries of Oversupply
With Washington poised to curtail Iran’s oil exports, OPEC heavyweight Saudi Arabia and its partners stand ready to ramp up supplies even as market conditions remain uncertain, analysts say.
Oil production from Russia, the United States and Saudi Arabia reached 33 million barrels per day (bpd) for the first time in September, Refinitiv Eikon data showed. That is an increase of 10 million bpd since the start of the decade and means the three producers alone now meet a third of global crude demand.
Oil fell near the lowest level in two months as a rout in U.S. stocks prompted investors to flee risk assets and as American crude inventories continued to rise.
StockMarketNews.Today – West Texas Intermediate for December delivery declined as much as 83 cents to $65.99 a barrel on the New York Mercantile Exchange, and traded at $66.43 at 7:57 a.m. in London. The contract rose 39 cents to $66.82 on Wednesday. Total volume traded was about 5 percent below the 100-day average.
Brent for December settlement fell 41 cents to $75.76 a barrel on the London-based ICE Futures Europe exchange. The contract dropped 27 cents to $76.17 on Wednesday. The global benchmark traded at a $9.32 premium to WTI.
U.S. crude oil inventories rose more than expected last week, the Energy Information Administration said in its weekly report on Wednesday.
StockMarketNews.Today – The EIA data showed that crude oil inventories rose by 6.35 million barrels in the week to October 19. That was compared to forecasts for a stockpile build of just 3.69 million barrels, after a build of 6.5 million barrels in the previous week.
U.S. oil inventories climbed 6.5 million barrels last week, almost triple the amount analysts had forecast, the U.S. Energy Information Administration said on Wednesday.
StockMarketNews.Today – Oil prices ended slightly higher on Friday, but remained at an inflection point after a rough week. December West Texas Intermediate crude, the U.S. benchmark, rose 57 cents, or roughly 0.8%, on Friday to settle at $69.28 a barrel by close of trade on the New York Mercantile Exchange.
U.S. oil prices hit their highest level since November 2014 on Tuesday and Brent crude was also near a four-year peak reached the previous day.
StockMarketNews.Today – U.S. West Texas Intermediate (WTI) crude futures (CLc1) marked $75.90 a barrel around 0630 GMT on Tuesday, their strongest since November 2014. WTI has risen around 18 percent since mid-August.
The International Energy Agency warned on Thursday that spare oil production capacity risks being “stretched to the limit” as supply disruptions and US sanctions against Iran tighten the market.
IEA warns spare oil capacity to be ‘stretched to limit’.
Crude prices rally after steepest one-day fall in two years