News Update for CFDs

Oil prices waking up after snoring for so long

Oil prices had made an increase of 3% today. This rise comes as the U.S government announced a gasoline inventory drawdown which was way more than expected. According to reports coming from the Energy Information Administration, U.S. crude inventories had jumped up last week by 1.4 million barrels last week, when analysts were hoping for a decline of about 1.4 million barrels,

Gasoline stocks had dropped down by 3.3 million barrels. Forecasts from analysts were expecting a drop of 200,000-barrel. Preliminary weekly production data had shown that U.S. output had dropped down falling below 8.5 million barrels for a day.

Thus today, U.S. oil had added $1.29, this accounts for an increase of 3.3% as it traded at $40.80 per barrel after it had finished yesterday below $40. This marking the first time it is finishing below $40 for a barrel since April.
On the other hand, Brent crude also saw an increase of $1.26, climbing up by 2.9%. This brings Brent to $43.06 per barrel after it had traded at $41.51 yesterday; this being its least since April 18.

 

Festive Oil prices still jumping up

Oil prices had risen up by more than 2% on Thursday. U.S Oil had steadily risen up above the $40-per-barrel mark; the increase in US crude coming after a medium stockpile decline at the delivery hub for U.S. crude futures.

The rise of today makes it the second consecutive day that oil prices are rising; pushing up above its lows of $40 which it had collapsed to back in April. The increase was equally supported by yesterday's data which revealed heavy U.S. inventory drawdown.

Reputable Market intelligence firm Genscape had announced that stockpiles at the Cushing, Oklahoma delivery hub for U.S. crude futures had fallen down by 89,071 barrels over the week to Aug. 2. The Genscape report follows the announcement from the U.S. government data on Wednesday which disclosed a fall in of 1.1 million-barrel decline in US crude inventory.

Brent crude on the other hand had gone up by $1.05 which is about an increase of 2.5%, jumping up to $44.15 for a barrel. U.S. oil had risen by $1.10; amounting to an increase of 2.7 percent, which brings it up to 41.93 per barrel.

 

Oil drops slightly as Dollar roars

Oil prices had slightly dropped down today. The slight decline in oil prices comes in face of the dollar got stronger. This happened following impressive U.S. jobs data published today. Since the OPEC last failed to come to an agreement to freeze oil output, investors are getting quite worried that we may soon have an oversupply of oil. Oil outputs are beginning to rise again following major producing countries recovering from major oil cuts. Libya and Canada have recovered from major oil shortages.

Also on Friday, the number of rigs having their operation in U.S. oil fields had increased too for a sixth consecutive week. This is an increase of 7 rigs, raising the total to 381 rigs in the United States.

Today, the dollar index had gone up by 0.45% after the U.S. employment data was published. The US job data which exceeded forecasts from analysts has the chance of persuading the Federal Reserve to still raise interest rates this year.
Brent dropped by 2 cents dropping down slightly to $44.27 per barrel.

 

Rumours of upcoming OPEC meeting heals sick oil prices

Oil prices had moved up by over 3% today. This happened on Monday in face of renewed hopes that OPEC would make attempts to cut down output, so as to avoid a situation of oversupply. Worries of a possible oversupply in the nearest future had dragged the market down last week to to three-month lows.

Thus today, U.S. Oil had settled 2.92% higher, this is an increase of $1.22. This leap brings US Oil up to $43.02 for a barrel.
International Brent on the other hand had traded at $45.33 for a barrel moving up by a margin of $1.06, this is a climb of 2.39%.

The gains in oil prices follow a report coming from a Wall Street Journal late at the ending of week. This report had indicated that OPEC countries such as Venezuela, Ecuador and Kuwait are trying to secure agreement and cooperation between the OPEC which houses 14 countries and non-members such as Russia.

Although the last move by the OPEC didn't yield the planned results as Saudi Arabia had refused, quitting negotiations in Doha, Qatar, on the grounds of the refusal of Iran to cooperate in the supposed output freeze.

 

Clumsy Oil prices staggering down


Oil prices dropped down today by as much as 2% today. The noticeable drop follows an a rare increase in crude stockpiles which had offset the second-largest weekly draw in U.S. gasoline we have seen so far this summer.

Data had revealed that Saudi Arabia was pumping oil at very high volume last month. This confirming the fears among investors that a global oil oversupply was closest.

U.S. crude inventories had gained 1.1 million barrels in the week ending Aug. 5, the U.S. according to reports coming from the Energy Information Administration. Analysts had been rather expecting a 1.0 million-barrel crude draw.

The EIA also had announced that that U.S. gasoline stocks saw a decline of 2.8 million barrels last week. This fall ranks as its the second-largest weekly draw for gasoline we have seen counting as far back mid-April.

Thus today Brent crude futures had dropped down by 78 cents, which is a fall of 1.7%. This brings it down to $44.20 per barrel. U.S. Oil on the other hand had dropped down by 2% to $41.92.

 

Oil prices having a party as it increases further

Oil prices had jumped up to one-month highs on Monday. This is an increase of about 10.8% altogether in a rise of prices that has been on for three days. This increase comes as traders are hopeful of producers coming to an agreement to support oil prices in face of a close over supply of oil.

Members of the Organization of the Petroleum Exporting Countries are set to come together on the sidelines of the International Energy Forum, which is a group of consumers and producers and consumers. This meeting will take place in Algeria by 26-28 next month.

Alexander Novak who is the Russian Energy Minister Alexander Novak had given more hopes to investors this Monday. He suggested that oil producing nations would make significant moves to stabilise prices. In a session with a Saudi newspaper, he revealed that his country was making consultations with Saudi Arabia as well as other producers to realize market stability.

Thus today Brent crude went up by $1.37; this is a rise of 2.92%, climbing up to $48.33 per barrel. U.S. Oil on the other hand has increased by $1.25, or 2.81% bringing it to $45.74 for a barrel.

 

Jubilant Oil prices have a merry time up


Oil prices went up today marking a sixth consecutive day of increase. This remarkable stretch of gains brings Brent crude above $50. Actually this would notably be the first time in six weeks. At present the largest producers globally are getting set for possible discussions as to a freeze in production levels.


Brent today traded at $50.77 for a barrel. This is a gain of 1.9%. This is the best it has really gone as far back June 23. U.S. oil on the other hand has risen by $1.09; climbing steadily to $47.88 per barrel. This would make a gain of 2.3%.

The two oil benchmarks have so far gotten up by 20% from a low which oil prices had fallen to at the beginning of this month. Certainly prevailing news of a near-term discussion between the Organization of the Petroleum Exporting Countries (OPEC) and other major exporters will bring up again talks on arranging output levels freezes.
This meeting will be holding in September in Algeria.

 

Tired oil prices halting their rise up

Oil prices had dropped a bit today. This decline pulls oil prices down from eight-week highs it had reached as investors withdrew profits from one of this year's best price rise in crude.

Crude prices so far have increased by about $10 a barrel, which amounts to about 25% in , in just over fourteen days owing to rumours that Saudi Arabia as well as other members of the (OPEC) the Organization of the Petroleum Exporting Countries will reach agreement in September. This agreement is on plans to freeze production with non-OPEC members presided over by Russia.

International benchmark Brent crude oil futures had dropped down today by 23 cents such that it dropped to $50.66 per barrel. Despite this decline, Brent is still has over 7% gain on the week.

U.S. Oil went up on the other hand slightly up by 1 cent to trade at $48.23 for a barrel.

 

Oil prices going down as China increases exports

Oil prices went down by over 2% today. This decline happened as China is increasing exports of refined products. There was also addition of rigs from U.S. oil producers; marking the rigs eighth straight week US producers are adding rigs. This is happening as chances are getting fatter that exports from Iraq and Nigeria will rise.

Thus today we saw Brent falling down by $1.57. This is a decline of 3.1% which brings Brent down to $49.31 per barrel.

U.S. oil on the other hand went down by $1.46, which is a fall of over 2%. This brings US Oil down to $47.06 for a barrel.

Increase from China of refined products from China has greatly contributed to falling oil prices. This makes more obvious the threat of global oversupply of oil products.

For now, members of the Organization of the Petroleum Exporting Countries (OPEC) as well as other producers which include Russia are getting prepared for a meeting in September so as to hold talks on a possible a freeze in output levels; this is necessary to avoid oversupply.

 

Oil prices continue their fall amidst fear of oversupply

Oil prices failed to recover from their losses today thus extending the slide of oil prices. An increase in U.S. crude stocks which was really unexpected had again brought up fears that possible oversupply of oil products could happen in the near term.

U.S. crude stockpiles had gone up by 2.5 million barrels rising to a total of 523.6 million barrels in the week through Aug. 19. The increase comes as refinery inputs fell down along with a decline in gasoline production going by reports from the Energy Information Administration (EIA). Calculations from analysts were a 455,000-barrel decline.

There was an average of over 8.6 million barrels for U.S. crude oil imports for every day across last week. In course of the past four weeks, crude oil imports have hit an average of 8.5 million barrels for a day.

Thus today global benchmark Brent had fallen down by 94 cents, marking a decline of 1.9%. This brings Brent down to $49.02 for a barrel.

On the other hand, U.S. Oil had gone down by $1.44, making a fall of 3%, falling down to $46.66 a barrel.

 

Oil prices rising up in hopes of OPEC meeting

Oil prices went up by almost a percent today. The slight increase comes as hopes are getting higher that the US dollar would weaken after Friday's very important speech by U.S. Federal Reserve Chair Janet Yellen. This increased the attractiveness of USD-denominated commodities.

The increase in oil prices follows intense speculation that in the next OPEC meeting between major producers like Russia; the meeting may positively result in freeze of oil output. Such freeze is necessary to keep oil prices from falling down as fears of oversupply of oil products increase.

Thus today we had Brent crude rising up by over 40 cents. This increase takes Brent up to $49.52 for a barrel.

US Oil on the other hand had gone up by 33 cents, going up by 0.7%, climbing up to $47.1. [HR][/HR]

 

Oil prices recovering from their losses

Oil prices went up by almost 1% today. The increase comes as hopes are up that the US dollar would lose strength after the crucial speech by Janet Yellen who is the Federal Reserve chair. Members of OPEC will be conveying on the sidelines of the International Energy Forum. This is a group of consumers and producers. The meeting will be holding in Algeria on Sept. 26-28.

There is solid rumours that OPEC as well as other producers presided over by Russia will come to agreement to cut output at the meeting. Few analysts are holding expectations of a deal, which will officially cut OPEC production.

Though there are fears that there may be no agreement between the key member of the group including major producers like Iran and Saudi Arabia who are rather focused on increasing their market share.

Brent crude futures went up by 66 cents rising up to $49.71 for a barrel. U.S. Oil went up by 56 cents, which is 1.2% moving up to $47.33.

 

Oil prices fall as Iraq increases exports

Oil prices had dropped down today by about 2%. This decline halts two straight days of rising oil prices. The decline comes amidst increasing fears among investors over increasing Middle East crude output with the decline further prompted by a strengthening dollar.

Iraq, which has undertaken the exports of a larger amount of crude from its southern ports in August, will not stop increasing its output, according to Iraqi oil minister on Saturday. Fellow large exporter Saudi Arabia has maintained output at around record levels this August.

The dollar on the other hand had sprung up to a three-week high against the yen following comments from Federal Reserve Chair Janet Yellen which raised up hopes for interest rates hike soon. Certainly a strengthening dollar makes commodities denominated in the greenback less attractive.

Thus today we had Brent crude going down by 77 cents. This amounts to 1.5% such that Brent dropped down to $49.15 for a barrel.

 

Oil prices yet to pull back from its losses.

Oil prices have maintained their losses in North American hours today. The decline of today pulls oil prices down to its least level in about three weeks. The slide down in prices comes as data revealed that oil supplies in the U.S. had leapt up for the consecutive second week.

Crude oil for October delivery on the New York Mercantile Exchange had gone down by 87 cents, this amounts to a fall of 1.88%, such that a barrel traded at $45.48.

Before inventory data was released, prices were hovering about $45.98 after it had slumped down to a session low of $45.44. Actually oil prices have not gotten this low since August 15.

The U.S. Energy Information Administration announced in its weekly report that crude oil inventories had increased by 2.3 million barrels in the week ending August 26. Analysts in the market are expecting a crude-stock gain of 921,000 barrels, with the American Petroleum Institute late Tuesday announcing a supply rise of 942,000 barrels.

 

Oil prices stuck in a decline

Oil prices continued their fall today as they dropped down to a fresh three-week low. This makes a second consecutive day of losses. The continued losses suffered by oil prices can be traced down to data from the U.S. Energy Information Administration showing another increase in production. This again emphasized the possibility of oversupply of oil in the nearest future.

Going by reports from the U.S. Energy Information Administration (EIA), crude oil inventories had risen up again this time by 2.3 million barrels bringing it up to 525.9 million. In fact the U.S. Energy Information Administration sees this as being “historically high levels for this time of year”.

ing forward to the upcoming meeting of the OPEC; chances are really slim that the meeting will end positively in an arrangement to freeze output despite obvious signs of oversupply in the nearest future. Even the Saudi Arabia's energy minister had given his opinion last week that he does not really have any tangible belief that any "significant intervention" in the oil market is very much needed.

 

Oil prices making a recovery

The oil prices went 3% up on Friday. This is a pull back from the losses oil prices have been suffering. This rise in oil prices came as U.S. jobs growth for the month of August had been discouraging.

The unimpressive data on job growths had pushed the American dollar down. The decline in the dollar had raised up commodities, though this increase in crude still failed to retrace oil prices from a large weekly loss in face of fears of oil oversupply.

The disappointing U.S. employment growth had significantly reduced hopes of traders as to the next interest rate hike. The dull data follows two consecutive months of solid gains. The next meeting the Federal Reserve will by September 21.

Brent crude futures thus went up by $1.38. This is an increase of 3%; bringing Brent up to $46.83 for a barrel. Pertaining to the week, oil prices have gone down by 6% for the week. This weekly decline sets Brent up for its largest loss since July.

 

Oil falls below $47 as expectations of producer action drop


Oil had dropped below $47 a barrel today. The decline of today drops its down further from the previous session's high of one week. The drop in oil prices comes following reduced hopes that producers may come to a decision to combat a soon-to-happen oil oversupply.

So far Saudi Arabia and Russia had come to agreement yesterday to join heads in cooperation in the world oil markets. This had brought about an increase in oil prices. But then the oil prices lost those gains when Saudi Energy Minister Khalid al-Falih had announced that freezing output for now was not really necessary.

When the Saudi minister had expressed his opinion against necessary oil freeze, his counterpart from Russia Alexander Novak had announced he remains open to strategies on which cut-off period to deploy should in case fellow producers come to agree on oil output freeze.

Thus Brent for the month of November had gone down by $1.20 dropping to $46.43 for a barrel.

 

Oil prices moves up slightly as investors await OPEC meeting

Oil prices went up a little bit today. The slight increase comes as investors transferred their attention to weekly data from the United States concerning stockpiles of crude and refined products.

Official data coming from the (EIA) Energy Information Administration will be published tomorrow. The reports will be coming out one day later than the way it normally does owing to Labor Day holiday which will be observed in the U.S on Monday.

Investors continue to calculate the chances of the big oil producing nations freezing output to help boost the market.

The Organization of the Petroleum Exporting Countries, which is presided over by Saudi Arabia as well as other major Middle East crude exporters, will be coming together in a meeting with non-OPEC producers which is equally led by Russia. These nations will be meeting to hold informal talks later this month by 26 and 28 in Algeria.

 

Oil prices decrease by over 2% as oil is in line for weekly gain


Oil prices had dropped down by over 2% today. Earlier on, oil prices had made gains but the decline cleared off all the gains. The early gains in the oil prices had come following a rather shocking decline in U.S. crude inventories.

Yet, the market was well in line to make a weekly gain of almost 5%. This would be the first weekly gain in about a month for oil prices. This increase follows expectations that OPEC and other major oil producers would come to an agreement concerning oil output freeze.

There were increased hopes as Saudi Arabia, the leading oil producer inside OPEC, as well as Russia, which happens to be biggest producer outside the group, came to agreement on Monday to come together to tackle oversupplied markets.

Brent crude (LCOc1) had declined today by $1.35; dropping down to $48.64 for a barrel. The decline today follows a rise above $50 for the first time in two weeks yesterday. U.S. Oil on the other hand was down to $46.46, dropping down by $1.16 today.

.

 

Oil fails to recover from losses following raise in OPEC supply forecast

Oil prices today failed to recover from its losses. The losing streak of oil prices continued today as the Organization of the Petroleum Exporting Countries revised up its oil output forecast to be gotten from producers outside the OPEC next year.

U.S. crude had fallen down by 112 cents, dropping down by a margin of 2.44%. This fall drags oil prices down to $44.76 on the New York Mercantile Exchange by 0740 ET. On the other hand, Global benchmark Brent equally went down by 107 cents, which is a decline of 2.23%, thus pushing Brent down to $46.94 on the ICE Futures Europe exchange.

OPEC had published warnings via its monthly report on Monday that there will not be a reduction in heavily oversupplied oil markets even as far as next year. In the report of OPEC, supply from Non-OPEC member for next year was revised upwards by 350,000 barrels per day (bpd). This now amounts to an average of 56.52 million bpd, which is a leap from what we had for 2016.


Next year according to OPEC forecast, there will be an average of 32.48 million bpd as to demand for crude from the OPEC organization.