By Myra P. Saefong and William Watts, MarketWatch. Oil futures traded lower on Monday, giving up some of their recent price climb after posting back-to-back weekly gains on rising optimism over prospects for a so-called phase one U.S.-China trade deal. "Trade optimism continues to play a major role in what has been a generally bullish run since early October, but the lack of concrete progress should challenge further speculative support," said Robbie Fraser, senior commodity...
Saudi Arabia's crude oil exports in September fell by 3% to 6.67 million barrels per day from 6.88 million bpd in August, official data showed on Monday. Drone and missile attacks on Sept. 14 on two plants at the heart of Saudi Arabia's oil industry - Abqaiq and Khurais - temporarily knocked out more than half the Kingdom's output.
Saudi Arabia's crude oil exports in September fell to 6.67 million barrels per day from 6.88 million bpd in August, official data showed on Monday. Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries provide monthly export figures to the Joint Organizations Data Initiative, which publishes them on its website.
Drillers are laying down rigs, hydraulic-fracturing equipment sits idle and U.S. energy producers are promising fiscal restraint. Yet domestic oil production keeps rising-- a riddle that has flummoxed traders and kept oil prices trading in a narrow band in recent weeks. On Friday, West Texas Intermediate futures for December delivery traded up 0.8% to $57.72 a barrel on the New York Mercantile Exchange.
Oil futures rose on Friday to notch a gain of 0.8% for the week, with optimism surrounding a potential phase one of a U.S.-China trade deal offering support for prices, even as some signs point to a more ample supply outlook. Weekly data from Baker
Hughes (BKR), meanwhile, revealed a fourth straight decline in the number of active U.S. oil drilling rigs, implying a slowdown in production activity. December West Texas Intermediate oil rose 95 cents, or 1.7%, to settle at$ 57.72 a barrel on the New...
By Myra P. Saefong and William Watts, MarketWatch. Oil prices shake off earlier pressure from signs of ample supplies. Oil futures climbed on Friday to tally a gain for the week, with optimism over phase one of a potential U.S.-China trade deal lifting prospects for energy demand, even as traders weigh a conflicting outlook for crude supplies.
Drillers are laying down rigs, hydraulic-fracturing equipment sits idle and U.S. energy producers are promising fiscal restraint. Yet domestic oil and gas production keeps rising-- a riddle that has flummoxed traders and kept oil prices trading in a narrow band in recent weeks. On Friday, West Texas Intermediate futures for December delivery traded up 2% to $57.89 a barrel on the New York Mercantile Exchange.
LONDON--The International Energy Agency raised its 2020 oil production growth estimate for countries outside the Organization of the Petroleum Exporting Countries on Friday, with the U.S. set to continue as the key driver of growth. In its closely-watched oil-market report, the IEA said it expects non-OPEC oil supply growth to rise to 2.3 million barrels a day next year, up from 2.2 million barrels a day in its previous estimate. The agency said heavy oil market inventories and...
Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices. Benchmark Brent crude rose $1.04, or 1.7%, to $63.32 a barrel, while West Texas Intermediate crude rose 96 cents, or 1.7%, to $57.73 a barrel. Brent and WTI were both on track to post their second straight weekly gain.
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