Oil prices settled 1% lower on Thursday, reversing early gains after U.S. Energy Secretary Jennifer Granholm told lawmakers that refilling the country's Strategic Petroleum Reserve may take several years.
* Oil prices drop after three sessions of gains. * U.S. Fed, with eye on inflation, signals pause. * No 'blanket insurance' for all U.S. bank deposits -Yellen. By Stephanie Kelly. Oil prices fell on Thursday following three sessions of gains, after U.S. Federal Reserve Chair Jerome Powell re-stated his commitment to curbing inflation, including the possibility of more interest rate rises.
U.S. crude stocks rose unexpectedly last week while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.1 million barrels in the week to March 17 to 481.2 million barrels, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel drop.
Fujairah Oil Industry Zone on Wednesday published the following
inventory data for oil products for the week ended March 20, according to industry information
service S&P Global Commodity ...
* * U.S. dollar falls to six-week low. * Oil market shrugs off U.S. crude stocks rise to 22-month high. By Scott DiSavino. Oil prices rose about 2% to a one-week high on Wednesday as the dollar slid to a six-week low after the U.S. Federal Reserve delivered an expected small rate hike while hinting that it was on the verge of pausing future increases.
Oil prices rose about 2% to a one-week high on Wednesday as the dollar slid to a six-week low after the U.S. Federal Reserve delivered an expected small rate hike while hinting that it was on the verge of pausing future increases.
Oil fell in early Asian trade on Wednesday, paring two straight days of gains after an industry report showed U.S. crude inventories rose unexpectedly last week in a sign fuel demand may be weakening. Brent futures, which have risen more than 3% this week, were down 48 cents, or 0.6%, at $74.84 a barrel at 0203 GMT.
Oil prices rose more than 2% on Tuesday, extending a retreat from a 15-month low hit the previous day, as the rescue of Credit Suisse allayed concerns of a banking crisis that would hurt economic growth and cut fuel demand.
The biggest oil traders and energy hedge funds speaking at the FT Commodities Global Summit struck a bullish tone despite banking jitters, and see a jump in oil prices by the year end. Pierre Andurand, founder of hedgefund Andurand Capital, was the most bullish and saw a potential Brent oil price of $140 a barrel by the end of the year.
News, commentary and research reports are from third-party sources unaffiliated with Fidelity. Fidelity does not endorse or adopt their content. Fidelity makes no guarantees that information supplied is accurate, complete, or timely, and does not provide any warranties regarding results obtained from their use.
PDF’s require Adobe® Reader® and will open in a new window.
Log In Required
Line of Credit Log In Required