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Brent oil prices jumped three percent in trading on Thursday, while US stocks logged their best one day percentage gain in three months, as investors saw data showing the US economy returned to growth in the third quarter as brightening the outlook for profits and oil demand. London Brent crude is currently trading just below [...]
US Light oil prices hovered above $80 a barrel in early trading on Friday morning in Asia after the US economy snapped four straight quarters of contraction, suggesting demand for crude will improve.
Benchmark crude oil futures for December delivery was up 21 cents to $80.08 a barrel at midday Singapore time in electronic trading on [...]
The price of oil has risen sharply after figures showed the US economy had returned to growth, its first expansion for more than a year. The price of US light crude rose back above $80 a barrel, to $80.08, up $2.62, or 3.4%. The price of London Brent also climbed, to $78.24.
The US economy grew [...]
Oil companies, long accustomed to making hefty profits, were stung last quarter by weak oil and natural gas prices and lowered demand. Oil companies ExxonMobil Corp. and Royal Dutch Shell PLC, two of the world’s largest public oil companies, reported their worst quarterly earnings in more than five years last quarter.
The Irving, Texas-based ExxonMobil reported [...]
Oil shipments from the Organization of Petroleum Exporting Countries, excluding Angola and Ecuador, are expected to rise 40,000 barrels per day in the four weeks ending Nov. 14, compared with the previous four- week period, UK based tanker tracker Oil Movements said Thursday.
Exports from the 10 OPEC countries tracked by Oil Movements are forecast to rise [...]
US Light crude oil for December delivery fell $2.09, more than 2 percent, trading down to settle at $77.46 a barrel on the NYMEX at the close on Wednesday, while in London, Brent crude oil futures for December delivery fell $2.06 to settle at $75.86 on the ICE Futures exchange.
The US Energy Department reported a [...]
OPEC members Venezuela and Iran want oil transactions to use the euro instead of the US dollar. But OPEC general secretary Abdalla Salem El-Badri has expressed skepticism at the proposal.
“The euro is still not dominating the world’s trading enough that we will shift from the dollar to the euro,” he said. But he said “there [...]
World oil prices advanced marginally in Asian trading on Wednesday mainly on a report showing drop in US stockpiles. Light oil prices climbed above $79 a barrel in New York before a report forecast to show that US crude inventories expanded for a third week and fuel supplies dropped.
An Energy Department report due tomorrow will [...]
London Brent crude oil on Wednesday is trading around the $77 dollar mark on the ICE Futures Exchange, giving up some of the previous day’s gain on weaker Asian equities and a steady dollar, but losses were limited after industry data showed a surprise large drawdown in US crude inventories.
While the price of Brent crude [...]
Crude oil prices remain trading upwards even if the oil market unwinds gains made this month and falls back toward $70 a barrel, according to an analysis of price charts by National Australia Bank Ltd.
Oil traded below $80 a barrel for a third day today as traders exited bets on higher prices amid a stronger [...]
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Daily oil trading report from ODL MarketsThe price of oil stayed above the $80 level as data showed that net long positions are at their highest levels since January.
The catalysts for the moves up are a weaker dollar, political unrest in Nigeria, and Chinese intention to build up oil reserves. No that oil has traded above, and more importantly stayed [...]
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