Oil plunge below $45 for first time since OPEC’s production cut deal

The oil market’s May meltdown is getting worse. U.S. crude prices plunged more than 3% in a matter of minutes on Friday morning in Asia, taking the price of a barrel below $45 for the first time since a landmark OPEC deal in November to slash production. The OPEC agreement, the cartel’s first cut since 2008, was supposed to prop up oil prices and end the epic glut that has roiled the industry. But after getting an initial lift from the deal, prices slipped into a downward spiral in mid-April that intensified this week…

Oil prices edge up as OPEC cuts outweigh rising production in U.S., Canada and Lybia

LONDON: Oil prices rose on Tuesday as expectations that major OPEC exporters would extend output cuts into the second half of the year outweighed rising production in the United States, Canada and Libya. Benchmark Brent crude oil was up 30 cents at US$51.82 a barrel by 0840 GMT. The futures contract hit a one-month low of US$50.45 last week after the restart of two Libyan oilfields. U.S. light crude was 20 cents higher at US$49.04…

Oil prices slip 1% after two Lybian oil fields restarted pumping crude

Crude prices fell more than 1 percent on Thursday as the restart of two key oilfields in Libya pumped more crude into an already bloated market. U.S. gasoline futures also led the complex lower, falling to the lowest in at least eight years for this time of year after inventories rose by the most in nearly three months and demand remained weak. Brent crude LCOc1 fell $1.22 a barrel to $51.17 by 1:02 p.m. EDT. U.S. light crude CLc1 was down $1.25 lowest at $48.37 a barrel…

Trump playing risky game with two of U.S. biggest trade partners, worth $1.2 trillion: NAFTA

President Trump is playing a risky game with two of America’s biggest trade relationships — worth a total of $1.2 trillion. The White House said late Wednesday that Trump has decided not to kill NAFTA, the free trade deal with Mexico and Canada, for the time being. Instead he’s going to try to renegotiate it. Trump has repeatedly cast doubt over the deal’s future, calling it the worst in history. “It’s been very, very bad for our companies and for our workers,” he said last week…

Oil prices slide more after report shows U.S. crude stockpiles fell less than expected

Oil prices fell on Tuesday, then slid more in post-settlement trade after an industry group reported that U.S. crude stockpiles fell less than expected in the latest week while gasoline stockpiles grew unseasonably. U.S. crude prices were down more than 1 percent at $52.32 a barrel in post-settlement trade after the American Petroleum Institute released its weekly data, indicating that crude stockpiles declined less than analysts had forecast…

Oil prices slip on rising U.S. shale output, profit-taking

Crude oil prices slipped on Monday in subdued trading after a three-week rally capped by the long Easter holiday weekend, but losses were curbed by strong economic growth in China and a weaker dollar. Overnight, strong March investment, retail sales and exports all suggested that China, the world’s No. 2 oil consumer, might carry solid economic momentum into spring…

OPEC members’ supply cut exceeded pledge in March

OPEC states cut oil output in March by more than they pledged under supply curbs, according to figures the exporter group uses to monitor its supply, extending a record of higher-than-expected adherence to its first production cut in eight years. The Organization of the Petroleum Exporting Countries agreed to cut output by about 1.2 million barrels per day (bpd) for six months from Jan. 1 to prop up prices and reduce a glut. Russia and 10 other non-OPEC states agreed to cut half as much…

Oil prices rebound after Saudi Arabia told OPEC officials it wants extend output cuts for another six months

Crude oil edged back from a five-week high on Tuesday, as rising U.S. shale oil production weighed against support from tensions in the Middle East and production cuts in OPEC and other states. Brent crude LCOc1, the international benchmark for oil, was down 45 cents from its previous close at $55.53 per barrel at 1425 GMT. Earlier in the session, Brent had climbed to its highest since March 7 at $56.16…

Global equity markets, dollar edge higher ahead of first meeting between Trump and China’s Xi

Stocks staged a cautious fight back on Thursday before a potentially tense meeting between U.S. President Donald Trump and his Chinese counterpart Xi Jinping, the first between the two world leaders. Risk appetite stabilized, having been soured by signs the Federal Reserve might start paring asset holdings later this year and that the chances of early U.S. fiscal stimulus may be evaporating…

OPEC and non-OPEC oil producers to review pact to extend output cut

A joint committee of ministers from OPEC and non-OPEC oil producers has agreed to review whether a global pact to limit supplies should be extended by six months, it said in a statement on Sunday. An earlier draft of the statement had said the committee “reports high level of conformity and recommends six-month extension”.
But the final version said only that the committee had requested a technical group and for the OPEC Secretariat to “review the oil market conditions and revert … in April, 2017 regarding the extension of the voluntary production adjustments.”…

Oil prices slip to near 1-week low despite OPEC output cut extension

Oil prices fell on Tuesday, with U.S. crude dropping to its lowest since November, as concerns about new supplies overshadowed the latest talk by OPEC that it was looking to extend output cuts beyond June. The decline also came ahead of the release of U.S. crude inventory data later Tuesday and on Wednesday that is expected to show a crude stock build of 2.8 million barrels for last week, according to a Reuters poll…

Oil prices slip amid concerns of rise in U.S. supply, drilling

Oil prices slipped on Monday despite news that OPEC was supportive of extending a six-month deal to cut output as investors continue to grapple with worries about growing U.S. oil output and high inventories. Benchmark Brent crude futures briefly surged into positive territory, but edged back down again, after sources within the group said the Organization of the Petroleum Exporting Countries was considering extending production cuts into the second half of 2017…

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