Oil Glut Swells Off Asian Trading Hub On Global Storage Scramble

A narrow waterway off Singapore has become even more congested as oil-laden tankers wait out a slump in global fuel consumption that’s crimped demand and boosted the use of ships to store cargoes. About 60 clean fuel tankers are currently anchored along the busy strait, up from the usual 30-40 ships, according to Rahul Kapoor, […]

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Oil Prices Soar As Traders Prepare for Wild Ride to Continue

West Texas Intermediate futures that will deliver oil in June, the U.S. benchmark, rose 20% to $16.47 a barrel. Brent crude futures, used to set prices for oil throughout global energy markets, rose 8.6% to $22.12 a barrel. Helping prices regain some lost ground: signs of a recovery in demand for oil in China, which […]

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Oil Rises As Markets Eye OPEC, Russia Meeting On Output Cuts

Oil rebounded on Wednesday after a two-day fall, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic. Brent crude was up by 21 cents, or 0.8%, at $32.08 per barrel by 0639 GMT after falling […]

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Goldman: U.S. Measures Could Support Oil Prices Near Term

Supply restraint by core-OPEC producers could push second-quarter Brent oil prices up to $30 a barrel, while U.S. measures to support the market could underpin prices in the near term, Goldman Sachs (NYSE:GS) said in a research note. Citing Wall Street Journal reports that the United States was considering intervening in the ongoing Saudi-Russian price […]

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OPEC And Allies Set To Extend Oil Supply Cuts

OPEC and its allies led by Russia are set to extend oil output cuts until March 2020 on Tuesday to try to prop up the price of crude as the global economy weakens and U.S. production soars. The alliance, known as OPEC+, has been reducing oil supply since 2017 to prevent prices from sliding amid […]

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U.S. Crude Extends Weekly Gains To 10%

Stock Market News Today – Oil prices extended gains to a three-week high on Friday as escalating tensions between the U.S. and Iran added to a rally of nearly 10% in U.S. crude. New York-traded West Texas Intermediate crude futures rose 45 cents, or 0.8%, at $57.52 a barrel by 7:56 AM ET (11:56 GMT), […]

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Major Global Powers Ordered To Stop Trading Oil And Gold Assets With The Venezuela

In a statement published Monday, 11 of the 14 members of the Lima Group called for a “peaceful transition through political and diplomatic means without the use of force.”

The group also underscored the need for an urgent delivery of humanitarian aid and insisted international governments “take measures to prevent the Maduro regime … from doing business in oil, gold and other assets.”

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Venezuela Oil Sanctions Likely to Hit Some U.S. Refiners. Profit margins for turning heavy crude into gasoline and diesel have slumped to the lowest level in more than a year

The Trump administration has drafted a slate of sanctions but hasn’t decided whether to deploy them, said people familiar with the matter. Earlier this month, White House officials warned U.S. refiners that sanctions were being considered, and advised them to seek alternative sources of heavy crude. Some U.S. refiners worried about sanctions experimented with alternatives last year before ultimately returning to Venezuelan crude.

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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.

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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.

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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.

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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.

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Stocks – U.S. Futures Flat Ahead of Corporate Earnings. Euro zone economic sentiment edges lower in July. Oil prices edge higher but trade row caps gains

StockMarketNews.Today – U.S. futures were flat on Monday, as investors look ahead to earnings reports and central bank meetings this week. Euro zone economic sentiment edged lower in July, pulled down by less optimism in industry and the retail sectors. Oil rose on Monday as investors remained cautious over the supply outlook, although the fallout from global trade tensions limited price gains.

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Stocks bounce higher as investors track trade tension. Crude oil prices stabilise following biggest one-day tumble in more than two years

What you need to know:
Stocks rebound as traders move back in after trade dispute sell-off.
Investors hope measures taken in the clash will not match its rhetoric.
Optimism ahead of earnings season also supports sentiment.
Oil prices rebound after sharp drop on fears for demand from China.
Turkish lira touches fresh record low as concern at rate outlook rises.
US consumer price inflation hits highest since 2012.

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