EghtesadOnline: Oil prices firmed on Wednesday to hold near eight-week highs hit in the previous session, on expectations of a drawdown in U.S. stocks and as a rise in shale oil production shows signs of slowing.
EghtesadOnline: Oil prices edged lower on Monday, undermined by a weak manufacturers survey out of China, and despite talk that OPEC-led crude oil output cuts could be extended when oil producers meet later this month.
EghtesadOnline: Asian stocks slipped, taking their cue from a weaker U.S. equities session, as a rising yen weighed on shares in Tokyo. Gold extended gains while oil held Monday’s losses.
EghtesadOnline: OPEC said on Tuesday oil inventories had continued to rise despite the start of a global deal to cut supply and raised its forecast of production in 2017 from outside the group, suggesting complications in the effort to clear a supply glut.
EghtesadOnline: An OPEC-led production cut may well be accelerating a drawdown in global oil stocks that began last year, but implementing the reduction for just six months means the producer group will fall short of achieving its objective of rebalancing the market.
EghtesadOnline: Oil prices dipped on Thursday on doubts producers would fully deliver on promises to cut output, although record U.S. automobile sales and falling crude stocks offered markets some support.
EghtesadOnline: U.S. crude oil stocks unexpectedly rose last week, while gasoline and distillate product inventories dropped, the U.S. Energy Information Administration said on Thursday.
EghtesadOnline: Crude futures were on track for weekly losses on Friday as investors reassessed US data on oil stocks and excesses in oil products in Europe and Asia.