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.

Read More…

Today’s Stock Market News – The United States will become a key source of energy supplies to meet growing demand globally.

StockMarketNews.Today – “In the next 5-10 years, we expect to see improved recovery rates and even a doubling in some of our most prolific (gas) basins,” said Frank Fannon, assistant secretary in the energy bureau of the U.S. state department. “What this means in the near-term is that the United States may double production, double export capacity and introduce new market innovation ” he said at an industry conference in Singapore.

Read More…

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.

Read More…

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.

Read More…

The WTI crude oil futures contract has stalled at major resistance and could reverse in the coming weeks, ending the uptrend that started in 2016.

StockMarketNews.Today – Price action since 2016 has carved a healthy advance that could mark the first four waves of an Elliott five-wave rally pattern. However, the contract has now stalled at major resistance generated by the intersection of a 10-year trendline and two Fibonacci retracement patterns. The larger Fibonacci grid (red) encompasses the entire trading range between 2008 and 2016, while the smaller grid (blue) encloses the Elliott five-wave decline between September 2013 and January 2016.

Read More…

In times of market turmoil, investors often embrace gold. And when that happens, gold-mining stocks tend to do even better.

StockMarketNews.Today – Companies like Toronto’s Barrick Gold Corp ABX +3.42% , South Africa’s AngloGold Ashanti AU +3.66% and Acacia Mining are all up around 15% to 18% after a bruising summer. The VanEck Vectors Gold Miners exchange-traded fund and the iShares MSCI Global Gold Miners fund—which track indexes of global gold-mining firms—are up around 8% to 9% this month.

Read More…

OPEC’s leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing U.S. President Donald Trump’s calls for action to cool the market.

StockMarketNews.Today – Russian Energy Minister Alexander Novak said no immediate output increase was necessary, although he believed a trade war between China and the United States as well as U.S. sanctions on Iran were creating new challenges for oil markets.

Read More…