News Update for CFDs

Oil goes down as OPEC experts convene to arrange proposed output cut

Oil dropped down today as investors are now examining the chances of success of the plans to cut output by the OPEC. U.S. crude dropped down by 23 cents, amounting to a decline of 0.46%. This leaves US oil at $49.49 while Brent crude had lost 0.26% dropping down to $50.34. Experts from the OPEC are meeting today in Vienna. Discussions will be centered around the arranged plans to cut production cut to 32.5-33 million barrels on a daily basis.

According to the arrangements, OPEC will formally organize an official meeting by the ending of next month in Vienna. There it strongly hopes to conclude all the arrangements to finalize a deal to combat excessive global supply and stabilize falling oil prices.

So far Iran and Iraq have shown their hesitation to agree to bring down output. Russia on the other hand which is outside the OPEC is rather pushing for a freeze in production levels rather than a formal cut. .Baker hes U.S. rig count at present shows that the count of rigs operating at present in the U.S. numbers 443, this will be its peak so far since the beginning of February.

 

[h=1]Oil prices picks up as attention shifts to U.S. stockpile data[/h] Oil prices went up in course of North American hours today. This is a relative recovery from its dive down from its previous decline as market players shift their attention to weekly data on U.S. on stockpiles of refined products as well as crude.

Industry group the American Petroleum Institute releases its weekly report today. Official data coming from the Energy Information Administration will also be published tomorrow. Analysts are already predicting an increase in oil-stock of 1.0 million barrels.

Crude Oil for December delivery on the New York Mercantile Exchange had gone up by 35 cents. This amounts to an increase of 0.75%, bringing up oil prices to $47.21 for a barrel. Previously, there has been a decline of $1.84, this amounting to a percentage drop of 3.78%. Such that crude prices fell down to $46.63, crude prices have not dropped down to this since September 29.
On the other hand, Brent for January delivery on the ICE Futures Exchange in London had gone up by 48 cents, this amounts to an increase of 0.99%, bringing Brent up to $49.09 a barrel. The increase comes after this contract had lost $2.07 yesterday.

Earlier on, OPEC had arrived at agreements to freeze output in a range of 32.5 million to 33.0 million bpd. These talks held last two months in Algeria.

 

Oil dives down as crude stocks go up by an amazing 14.4M barrels

Oil prices dropped down to his least levels in course of the North American trading session today. The losses in oil prices come as data revealed that crude supplies in the U.S. had gone up greatly. The increase in crude supplies happens to be the largest we have seen since 1984.

Crude oil for December delivery on the New York Mercantile Exchange had gone down by $1.34, dropping down by 2.94%, bringing oil prices to $45.27 for a barrel. Prior to the release of inventory data, oil prices were around $45.85.

The U.S. Energy Information Administration had announced in its weekly report that crude oil inventories had gone up by 14.4 million barrels for the week ended October 28. This is really enormous considering that market analysts were looking forward to an increase of gain of 1.0 million barrels in crude-stock. Late yesterday, the American Petroleum Institute announced an increase in supply of 9.3 million barrels.

 

Oil slightly drops down as fears of oversupply arise

Oil went down by a very slight margin today. This decline however little, drags down oil prices close to five-week lows. There is increasing fear of oversupply with hopes fading in the success of the OPEC arrangement to freeze output among major producers.

U.S. crude had gone down by 1 cent; this amounts to a decline of 0.02%, bringing down U.S. Crude to $44.65. Brent crude on the other hand lost 0.35% dropping to $46.19.

There is solid worry in the market over the result of the U.S. presidential elections. The chances of Donald Trump winning the elections just got bolder with the recent FBI investigation of the use of private email server by Hilary Clinton while she was Secretary of State. There is also increasing doubts over the success of the plans OPEC is putting in place to bring down output to 32.5-33 million bpd.

These fears arise as increasing disagreement between Iran and Saudi Arabia heavily threaten the deal ever coming to reality.

 

Oil bounces up by over 1% as OPEC echo its dedication to reducing output

U.S. crude had bounced up back by 75 cents today. This increase amounts to 1.70%, bringing up US crude to $44.82. On the other hand, Brent crude had picked up, adding 1.36% which raises Brent to $46.20. Just last week, oil futures had gone down approaching the worst levels we have not seen since January.

Back to today however oil prices were up with the dollar also receiving a helping hand from the decision of the FBI to free Hillary Clinton of any persecution on the ground of criminal offence for her using private email servers while she served as Secretary of State.

Clinton is popularly the global choice of the winner of the November 8 presidential election.
Oil prices sprang up with life after OPEC Secretary-general Mohammed Barkindo had announced today that the OPEC remained dedicated towards its plans of chopping down output to 32.5-33 million bpd. This is heavily seen as necessary to prevent global oversupply.

OPEC members will be meeting by the end of this month in Vienna. There traders heavily expect that the deal is finally finished.

 

Oil prices drop with Gold stable in face of tight US elections

Oil prices suffered some slight losses as traders heavily anticipated results of the ongoing US elections. The slight decline erases gains oil prices had earlier recorded as OPEC reaffirmed its dedication to finishing output cut arrangements. On the other hand, gold prices did not really make big movement today in course of North American hours. The little movement in the precious yellow metal comes with investors exercising big caution as they anxiously look forward to the result of the US elections.

Gold for December delivery on the Comex division of the New York Mercantile Exchange had managed to go up by 85 cents. This amounts to an increase of 0.07%, as gold prices pull up to $1,280.20 for a troy ounce. This gains come as gold prices had previously gone down by $25.10, which amounts to 1.92%, earlier on in the session.

Prices of the yellow metal had on Monday terribly dropped to a one-week low of $1,278.60. This decline yesterday was as a result of the FBI dropping criminal charges against Hilary Clinton over her deployment of a private email server during her stay in office as Secretary of State.

Last week, global financial markets were greatly affected owing to the indications that Republican nominee Donald Trump was still very much in the contest for the US presidency.

 

Oil drops down lower as crude stocks spring up by 2.4M barrels

Oil went down today with a very sound increase in crude stocks as it rose up by 2.4M barrels. Oil prices went down in course of North American hours today with the decline following data which revealed that crude supplies had gone up notably in its second consecutive week.

Crude oil for December delivery on the New York Mercantile Exchange dropped down today by 12 cents, this amounting to a fall of 0.27%. This brings the contract down to $44.85 a barrel. By the time inventory data was released, prices were earlier in the region of $44.87. Thus crude had fallen by over 3.5% as it slopped down to $43.07 earlier, this happens to be the least level it has fallen to since September 20.

Announcements from the U.S. Energy Information Administration via its weekly report showed that there was an increase in crude oil inventories by 2.4 million barrels in the week ended November 4. This is quite out of expectations as many market analysts had been predicting at most a gain in crude-stock of 1.3 million barrels. Just yesterday, the American Petroleum Institute late Tuesday announced an increase in supply in the size of 4.4 million barrels. Fears of global oversupply of oil keep mounting.

 

Oil goes down as IEA reports support fears of ongoing market surplus

Oil prices went a bit down today following warnings from the International Energy Agency concerning the increasing possibility of oversupply of oil products by next year in the case where the OPEC fails to come to agreement to freeze output.

So far, there has been increasing uncertainty over the success of the upcoming OPEC deal. So far, Iran and Saudi Arabia have struggled to come to peaceful resolution over intended production capacity. Russia on the other hand is reluctant to cut output rather preferring to freeze output at current production levels.

Thus today we had US crude going down by 22 cents, this amounting to a fall of 0.49%. Brent Crude on the other hand was down by16 cents which amounts to 0.35%; falling to $46.52.
Through its monthly report, the IEA had announced that OPEC crude output stands to spring to record high of 33.83 million confirming fears that 2017 could be a year of endless instability in oil prices due to oversupply.

 

Oil crashes down by over 1% as fears of oversupply mount

Oil went down today dropping down by over a percent. The decline in oil prices comes as fears are mounting of a possible oversupply of oil products.

Yesterday, the International Energy Agency (IEA) had warned of possible serious oversupply problems next year should the OPEC fail to agree to an output cut. The OPEC is putting things in place to cut down production to the range of 32.5-33 million bpd. But there have been serious issues among its members as most major producers have struggled to come to a single decision regarding slashing down oil production capacity so as to reduce the possibility of supply far beating demand in the global market. Last month OPEC had announced a record output of 33.64 million barrels a day.

U.S. crude had gone down by 72 cents, this amounting to 1.61%, this pulls down US crude to $43.94. The decline still extends to Brent crude as Brent went down by 1.37%. This percentage drop pulls down Brent to $45.21.

 

Oil prices struggling as oversupply looms

Oil dropped down to its worst level in about three months just yesterday. The decline comes as the possibility gets stronger that we may eventually have oversupply of oil products. With such fears already overwhelming the hopes of the OPEC arriving at a deal to cut down output among the major producers.

The last week results of US presidential election with Republican Donald Trump emerging victor has boosted stocks and even surprisingly boosted the dollar too. This month is very crucial to the future stability of oil prices. The meeting of the OPEC by the end of this month in Vienna would a go a long way in introducing the lacking steadiness to sloppy oil prices by reducing production capacity of the major global producers. Although the chance of such an OPEC deal is not too strong considering the conflicting opinions of Iran, Iraq and Saudi Arabia.

Thus Brent crude futures (LCOc1) had gone down by 43 cents dropping down to $44.32 a bpd. Just last week friday, the Organization of the Petroleum Exporting Countries announced that its output had spiraled up to a record 33.64 million barrels per day for last month.This strongly points to surplus supply by next year .

 

OPEC working very hard to finalize output cut deal


OPEC officials are making strong arrangements to finish the ongoing plans to cut oil supply from major producers. Should the deal work, it will be the first time major producers are coming together to reach such deal as far back as 2008.

Some two months back by Sept. 28, OPEC had reached agreements to cut down supply from major producers. Although special concern and exemptions were given to Iran, Libya, and Nigeria. These nations due to either crisis or sanctions have not been producing optimally before now. OPEC is hoping to finalize all details of the arranged cut when its officials meet by the end of this month in Vienna.

Counting forward we have barely two weeks to that. Still there are hitches to the success of this deal due to little disagreement between the major producers most noticeably between Iran and Saudi Arabia. So far the delay to this finalization of this deal is hitting oil prices as they have been largely unstable. Previously crude had sprang up to a high of this year close to $54 following the September deal. But so far prices have been crashing back.

 

Oil prices went up as hopes of OPEC-led output cut increase

Oil prices went up by over a percent today. The encouraging leap comes as producer cartel OPEC seem to be getting closer to reaching an agreement among the major producers to cut oversupply in oil products. This over supply has been largely responsible for the pressure oil prices have suffered so far across the last two years.

International Brent crude oil futures LCOc1 traded by 0633 GMT at $47.48 per barrel, this is an increase of 62 cents, marking a leap of 1.3%. On the other hand, U.S. West Texas Intermediate (WTI) crude CLc1 had gone up by 1.2% amounting to an increase of 56 cents, bringing it up to $46.25 a barrel. Traders are heavily expecting success from the arrangements being put in place by Organization of the Petroleum Exporting Countries (OPEC) with climbing fears of global output beating demand.

A likely agreement has been affected by the reluctance of some major producers. One of such producers is Iran, who seems unwilling to slash its production capacity. Iran has so far said it want to boost up production as the nations enjoys the lift of the international sanctions it has suffered so far.

 

Oil doing stronger as OPEC cut hopes increase

Oil prices have been doing very good. This comes after very impressive gains which oil prices have recorded overnight. This is happening as there is an increasing possibility of the OPEC reaching success in their deal to slash down output. U.S. crude has gone up by 2 cents, this amounting to an increase of 0.04%, this brings prices to $48.26 a barrel. Brent crude on the other hand pulled up by 0.08% going up to $48.94 for a barrel.

OPEC is holding plans to slash output to 32.5-33 million barrels per day. The OPEC is driving at finishing all details in arriving at a formal deal when it meets in Vienna by the end of this month. So far a Nigerian delegate to an OPEC meeting of experts in Vienna had expressed his understanding that all members will come "on board."


The certainty is there that oil prices will crash down should we see a failure in the OPEC deal to cut production. On the other hand, the dollar index is rising impressively.

 

U.S. crude stockpiles drops down with decline in imports as oil prices rise

U.S. crude oil stocks equally suffered a drop last week following three consecutive weeks of builds. There was also a decline in imports as well as refineries hiked output. There was a sharp increase in gasoline inventories in face of very unimpressive sluggish demand. All these confirmed by the latest data revealed by the U.S. Energy Information Administration.

Crude inventories had dropped down by 1.3 million barrels in the week to Nov. 18, when measured against hopes of a rise of 671,000 barrels. Stocks at the Cushing, Oklahoma, delivery hub for crude futures also saw a decline of 87,000 barrels, according to information released by the U.S. Energy Information Administration. There was however relative stability in crude prices following the data being published. This comes as investors heavily anticipate the crucial meeting of officials of the OPEC in their very vital next week meeting,

U.S. crude futures (CLc1) oil had risen by 19 cents, this amounting to an increase of 0.4% increasing to $48.22 a barrel, on the other hand Brent crude (LCOc1) had added 15 cents, this amounting to 0.3 percent, bringing it up to $49.27 a barrel.

 

Oil prices pick up on fresh hopes of OPEC deal

Crude oil prices sprang up recovering from its losses today. The bounce up on oil prices comes as investors revive their hopes in the success of the push by OPEC to reduce global output. U.S. crude oil prices rose by a margin of 0.24% climbing up to $46.17 for a barrel on the New York Mercantile Exchange. On the other hand, Global benchmark Brent futures had gone up by 0.29% increasing to $48.38 a barrel.

Just the previous week, oil prices had notably dropped down by the week ending, with increasing uncertainty as to if the OPEC could finally reach a formal agreement among the major producers to slash down production so as to stabilize crashing oil prices. But so far doubts have been arising over the chances of success of the deal being finished by the end of this month.

Two days from now which is Wednesday, OPEC will be convening with non members in Vienna. There it is heavily expected that all final details of the deal would be concluded so as to reach the output cut which is seen as very necessary in preventing a very possible oil global oversupply. Yet so far talks have been strained most especially by the reluctance of Iran to agree to slash oil production.

 

Oil prices fly up as OPEC records memorable success in output cut deal

OPEC had today reached a memorable agreement lf its first oil output cuts in almost eight years following the generous decision of Saudi Arabia in accepting "a big hit" on slashing its output. This comes after Saudi Arabia had dropped its pressing on its major rival Iran to equally cut output.

Non-OPEC Russia has also agreed to abide to agreements to slash down output. This Russia sort of agreement will be the first of its kind since 15 years in assisting the Organization of the Petroleum Exporting Countries to push up up oil prices.

Brent crude notably leapt up today by over 8% rising past $50 for a barrel as Riyadh had managed to agree with Iran with Iraq also impressing with its agreement to still slash its output.

This agreement is really very commendable considering that Russia and Iran are practically waging two two proxy wars against Saudi Arabia, in Syria and Yemen. A good number of analysts had predicted failure of the deal as it was very unlikely arch rivals Iran and Saudi Arabia would reach a united decision.

 

Oil dropping down as OPEC excitement drop down

Since the OPEC managed to arrive at a deal to slash global production, there has been great leap in oil prices. The deal to cut production is really memorable since it is the first time it is happening since 2008. But fast forward to today, the excitement in the market is already dying down leading to a consequent slight drop in oil prices.

U.S. crude dipped down by 68 cents, falling by 1.33% to drop down to $50.38. This is a little drop from the impressive $51 prices had climbed to just yesterday. Brent crude on the other hand had dropped down by 1.52% sliding down to $53.12.

What the market is anticipating now is how well producers would concur with the agreement to stick with a global slash of 1.2 million barrels a day to drop daily supply to 32.5 million barrels.

So far the deal is looking positive for Russia with its willingness to cut 300,000 barrels a day. The market are expecting a push up in oil prices ramping up with by activity from North American shale drillers.

 

Oil drops down on output cut worries as OPEC and Russia output shoot up


Oil prices for the first time in about seven days dropped down. Before now oil prices have been enjoying an extended run of gains following the agreement by the OPEC to slash down output. Yet worries are increasing among traders as to how the big producers would respond to the agreement with data still revealing high production in a number of key export regions.

Following a strong increase of over 15 % since far back Nov. 30, Brent futures today dropped down by $1.01, amounting to slight decline of 1.8% setting it at $53.93 for a barrel. On the other hand, U.S. West Texas Intermediate (WTI) crude futures dropped down by 86 cents, amounting to a decline of 1.7% bringing it to $50.93 for a barrel.

Analysts are predicting that the OPEC and its producer cartel would impress with a "pretty good job" next month but member nations could eventually struggle to stick to the arranged quota they would be contributing by next year March. So far reports have shown that Russia recorded an average oil production of 11.21 million bpd for this month. This actually is the largest it has produced in over 28 years.

 

Oil prices push up as U.S. crude stock and dollar drop


Oil prices moved up in thin trading today following earlier losses. The increase in oil prices is boosted by a dollar losing strength, despite encouraging economic data as well as a decline in U.S. crude stocks.

International Brent crude futures went up by 4 cents climbing to $53.04 for a barrel at 0345 GMT. This comes after previous losses of 93 cents. U.S. benchmark West Texas Intermediate crude oil prices recorded gains of 14 cents pushing to $49.90 for a barrel. There has been notable decline in US Crude oil inventories with the recent drop of 2.4 million barrels in the week ending on Dec. 2. This was not really expected as many analysts had predicted a drawdown of 1 million barrels.

On the other hand, stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures, had gone up reasonably by a wholesome 3.8 million barrels last week. This would be its biggest push in about seven years according to data published Wednesday by the U.S. Energy Information Administration .

 

Oil rises above $50 on renewed hopes for output cuts


Oil impressively pushed up today from the week's lows, moving about in the region of $50 for a barrel today. This comes as market watchers transfer their attention to the imminent meeting holding between OPEC and non-OPEC producers. In this meeting, expectations are high that talks could result in an agreement to cut crude output further.

Brent and U.S. oil prices had enjoyed support from a weakening US dollar which was earlier on not too strong today. The US dollar however turned around to record gains with the euro sliding down on the heels of the official decision reached by the European Central Bank today to still carry on with its bond-buying program.

Oil producers will be meeting this Saturday in Vienna. There we will see if non OPEC members will announce cuts in production aimed at avoiding a complete oversupply of oil products which was already becoming close.The increase in oil prices comes as earlier on Brent had dropped down notably into negative territory.