|Day's range||55.59 - 56.33|
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Futures in New York on Monday rose to the highest intraday level since Nov. 20, after advancing 5.4 percent last week. Prices were also supported as Saudi Arabia pledges to cut its crude output beyond the level agreed with OPEC+ producers. "OPEC+ supply cuts are in the driving seat of further recovery in oil prices with Saudi Arabia leading by example," said Giovanni Staunovo, a commodity analyst at UBS Group AG in Zurich.
Oil prices are nearing a three-month high as physical crude markets appear to be growing tighter and traders are more confident about a U.S.-China trade deal
Oil companies that have focused on boosting production or increasing reserves have not fared as well as companies that focused solely on shareholder returns according to a new study
(Bloomberg Opinion) -- I know a little bit about standing on one leg; my daughter has encouraged me to learn to water ski. It’s not easy at my age, in England, in winter. OK, I’m actually on two legs, but they are on one ski. I tend to wobble a lot and to fall over much more than I would like. It sort of reminds me of the current state of the OPEC+ oil deal that was updated in December. That is also standing on a single leg and starting to look a bit shaky.
It’s been a great week for oil bulls as fears relating to the U.S.-China trade war have diminished while supply outages and reductions have made headlines
Baker Hughes reported an increase in the number of active oil and gas rigs in the United States this week, as oil prices cemented gains on Friday afternoon
Energy Portfolio Gains on Oil's Rise(Continued from Prior Part)US equity indexesOn February 7–14, US equity indexes had the following correlations with US crude oil March futures:the Dow Jones Industrial Average (DIA): 59.7%the S&P 500
Energy Portfolio Gains on Oil's RiseHighest level in 2019On February 14, US crude oil March futures rose 0.9% and settled at $54.41 per barrel. At 5:05 AM EST on February 15, US crude oil futures rose by 13 cents—less than a dollar from the
Theresa May’s troubles continue to pin back the Pound and the stats have provided little help. More swings on the cards later today.
Based on the early price action, the direction of the March E-mini S&P 500 Index the rest of the session is likely to be determined by trader reaction to the steep uptrending Gann angle at 2744.75.
The St. Louis-based company said it had profit of $4.44 per share. The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings ...
Gold is regarded as immune to changes in economic activity and hence steady fund flow from investors who wish to avoid loss of funds owing to geopolitical events keeps the price steady above $1300 handle.
Short-term, the crude oil market looks bullish, but as WTI and Brent futures contracts approach the 50% retracement levels from their October highs to their December lows, the rally should stall. This is because the market is still oversupplied.
The gold prices lost momentum during the Wednesday’s session, as it pulled back a bit reaching below the $1310 level. The market trying to build up enough momentum, in order to break through the massive barrier above at the $1325 level. Pullbacks like such will continue to attract buyers and the Fed’s dovish attitude will continue to lift the precious metal markets higher. …Read MoreSilver
(Bloomberg Opinion) -- Bloomberg Opinion is marking the 40th anniversary of Iran’s Islamic Revolution with a collection of columns from around the world.
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The U.S., Venezuela’s biggest customer, is banning oil imports from the country as it condemns President Nicolas Maduro for fraudulently clinging to power after disputed elections. Venezuela’s output is already at the lowest in decades as a spiraling economic crisis takes its toll on oil infrastructure. While global markets remain comfortably supplied, disruption in Venezuela poses a threat because production of the heavier, higher-sulfur crude it pumps is being reduced elsewhere, the IEA said in a monthly report.
While the Organization of Petroleum Exporting Countries collectively made a strong start last month to a new round of output cuts, much of this was due to extra effort by the biggest member, Saudi Arabia. “Once again the Kingdom of Saudi Arabia continues to exhibit leadership from the front and by example,” Secretary-General Mohammad Barkindo said in a statement.
Crude supply will average 12.41 million barrels a day this year and 13.2 million in 2020, the U.S. Energy Information Administration said on Tuesday, up more than 300,000 barrels a day from the previous month’s estimates. The latest short-term energy outlook “puts the nation on track to set a new production record for a third consecutive year,” EIA Administrator Linda Capuano said in a statement. Soaring output is putting the U.S. on course to become a net exporter of crude oil and petroleum products next year.
A close examination of U.S. tight oil production data leads to a single conclusion: without the advent of the Permian, U.S. shale would have lost the tug-of-war contest with OPEC
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Oil Prices: Is the Rebound Sustainable?(Continued from Prior Part)Changes in inventory levels On February 13, the EIA (U.S. Energy Information Administration) is scheduled to announce last week’s US crude oil inventory data. A rise of less than