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Oil prices increase over concerns of decreased crude flow
June 14, 2019
Source: Reuters

Oil prices increase over concerns of decreased crude flow

Oil extends gains from the previous session following the attacks on two oil tankers in the Gulf of Oman. This incident has stirred up the concerns of reduced crude flows through one of the world’s key shipping routes. Brent crude increased by 0.8% and was traded at $61.81 a barrel. WTI rose by 0.4% and was traded at $52.49 a barrel.

Surge in US crude inventories hit oil prices
June 5, 2019
Source: Reuters

Surge in US crude inventories hit oil prices

Oil prices extended further decline on Wednesday due to unexpected gain in US inventories. The prices were also dragged down because of the questions thrown at OPEC on supply cut by Russian state oil producer Rosneft. Brent went down by 0.7% and was traded at $61.55 a barrel. WTI decreased by 0.9% and was traded at $53 a barrel.

Oil prices dip over US stockpile build
May 15, 2019
Source: Reuters

Oil prices dip over US stockpile build

Oil prices dropped on Wednesday over rising levels of US crude stockpiles, and low Chinese industrial output, however tensions in the Middle East prevented further drops. Brent crude futures dropped 0.3%, and were traded at $71.04 a barrel. U.S. West Texas Intermediate crude futures fell 0.7%, and were priced at $61.38 per barrel. An EIA report showed that crude inventories grew by 8.6 million barrels last week.

Oil prices gain firm grounds on Friday
April 12, 2019
Source: Reuters

Oil prices gain firm grounds on Friday

Oil prices settled on Friday on the grounds of producer cartel OPEC's supply cuts and the US sanctions on petroleum exporters Iran and Venezuela. WTI went up by 0.3%, to $63.78 per barrel. International Brent increased by 0.3% and was traded at $71.01 per barrel. According to a Canadian Bank, “Geopolitically infused rallies could shoot prices toward or even past the $80 per barrel mark for intermittent periods this summer”.

Oil prices to hit biggest first-quarter gains since 2009
March 29, 2019
Source: Reuters

Oil prices to hit biggest first-quarter gains since 2009

Crude market is ready to post its biggest first-quarter gain since 2009. Oil prices surged on Friday supported by ongoing supply cuts led by OPEC and US sanctions on Iran and Venezuela. WTI went up 0.4%, to $59.56 per barrel. Brent increased by 0.4%, to $68.12 per barrel. The second quarter of 2009 was the last best performance of both the futures where they gained about 40%.

Oil prices drop over rising US crude production, inventories
March 6, 2019
Source: Reuters

Oil prices drop over rising US crude production, inventories

Buoyant output forecasts by Exxon Mobil and Chevron and rising US crude stockpiles sent oil prices for a 1% downfall today. While Brent crude dipped 0.8% to $65.31/barrel, US WTI crude futures fell 0.9% to $56.05/barrel. Chevron and Exxon’s projections for the Permian Basin yesterday indicated escalations in shale oil production. Oil prices also took a hit from API report showing a rise of 7.3 million barrels in the inventories.

Oil prices drop over record US crude production
Feb. 22, 2019
Source: Reuters

Oil prices drop over record US crude production

EIA weekly report showing record US crude production last week sent oil prices on a downhill today. International Brent crude futures dropped 0.3%, to $66.87 per barrel. US West Texas Intermediate (WTI) crude oil futures fell 0.2% and were priced at $56.84 per barrel. EIA data released yesterday indicated crude oil production in US hitting 12 million bpd, making it the only country to reach 12 million bpd of production.

Oil prices gain ground amidst losses
Feb. 6, 2019
Source: Reuters

Oil prices gain ground amidst losses

Oil prices recovered from last session losses and gained grounds on Wednesday. Benchmark Brent crude oil futures edged to $62.05 per barrel. US WTI crude futures rose to $53.74 per barrel. Traders are now waiting for President Trump to address the US State of the Union today, expecting a showdown on US-China deal.

Oil prices drop over growing rig count
Jan. 28, 2019
Source: Reuters

Oil prices drop over growing rig count

Oil prices dropped in the international market on Monday after reports of a rising count of drilling rigs in the US amidst the economic slowdown in China. Benchmark Brent crude oil futures traded down 0.2%, at $61.50 a barrel. US WTI crude oil futures dropped 0.5%, to $53.43 per barrel. Baker Hughes report on Friday showed rig count rising to 862, indicating that US crude production may rise further.

Oil prices tumble upon swelling US supply
Jan. 10, 2019

Oil prices tumble upon swelling US supply

Oil prices dropped down on Thursday amidst the hopes that US and China trade dispute might end soon. The US supply increased which led the market to stumble. WTI futures slipped by 1.2%, at $51.75 per barrel. Brent crude went down by 1% and was traded at $60.81 per barrel. The US Bank, Morgan Stanley has commented that “Balancing the market would require OPEC discipline to continue well into 2020,”

Crude oil prices gain over 1%
Dec. 24, 2018
Source: Reuters

Crude oil prices gain over 1%

Oil prices on Monday climbed over 1% in the International market. Benchmark Brent crude futures climbed by 1.1%, to $54.42 a barrel. US West Texas Intermediate (WTI) crude futures saw an increment of 0.8%, to $45.96 per barrel. Signs of recent price drop may start hampering supply from the United States fuelled the rise, though global economic outlook continues to weigh on investors.

Oil price downfall continues
Dec. 20, 2018
Source: Reuters

Oil price downfall continues

Oil prices on Thursday couldn’t continue with the gain from the last session and resumed the declines. Oversupply concerns and global economic outlook sent Brent crude futures down by 1.2%, to $56.58 a barrel. WTI crude futures dropped by 1.6%, to $47.39 a barrel. While OPEC has already decided on curbing output by 1.2 million bpd, production cuts won’t happen until next month.

Oil prices slump over expected rise in crude stock
Nov. 13, 2018
Source: S&P Platts

Oil prices slump over expected rise in crude stock

Crude oil prices dropped in the international market today, amid expected rise in US stocks. Official data is due for release on Wednesday. President Trump’s comments added further to the slump. Brent crude futures were down by 1% from Monday, trading at $69.42 per barrel. NYMEX December light sweet crude contract lowered 1.37%, to $59.11/b.

Oil prices dip over signs of rising supply
Nov. 1, 2018
Source: Reuters

Oil prices dip over signs of rising supply

Oil prices in the international market dropped today over signs of increasing supply and rising concerns of weak demand due to global economic slowdown. Benchmark Brent crude futures contract fell 0.61%, and were traded at $74.58 per barrel. US WTI crude futures dipped to $64.90 a barrel. Data releases by EIA yesterday showed a climb in crude oil inventories for a sixth straight week.

Phillips 66 registers higher profit margin in Q3
Oct. 27, 2018

Phillips 66 registers higher profit margin in Q3

US downstream player, Phillips 66 yesterday reported 70.2% rise in its earnings to $936 million. The American multinational easily beat analysts’ expectations, owing to cheaper domestic crude prices which boosted its refining margins. US crude's discount to Brent extended to more than $10 a barrel, allowing refiners in the country to register a higher margin for third quarter.

US stocks face a sharp decline
Oct. 25, 2018
Source: Reuters

US stocks face a sharp decline

On Thursday, oil prices decreased due to a slump in the global stock markets. US stocks fell hard and washed off all the gains of the year. This was the sharpest decline since 2011. Overall, the prices declined by 1%. Brent slipped by 1% and was traded at $75.42 a barrel while US West Texas Intermediate fell down by 0.9% and was traded at $66.23 a barrel.

Saudi Arabia pledges to play responsibly in energy market
Oct. 23, 2018
Source: Reuters

Saudi Arabia pledges to play responsibly in energy market

On Tuesday, oil prices slipped on the grounds of Saudi Arabia’s promise of playing a “responsible role” in the crude market. But, amidst the air of US sanctions against Iran, the market seemed nervous. Brent crude went down by 0.4% and was trade at $79.52 a barrel, while WTI futures dropped down by 0.3% and was traded at $69.16 a barrel.

Market issues pull down the prices
Oct. 11, 2018
Source: Reuters

Market issues pull down the prices

Oil prices declined significantly on Thursday due to rise in US crude inventories more than what was expected. Extended big losses from the past and collapsed global stock market had their effect on the prices. Brent crude fell down by 1.5%, at $81.87 a barrel and WTI crude went down by 1.4%, at $72.17. The prices slipped because of the ease in supply worries as well.

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