Prices

Associated Press

Production up, pump prices down if crude exports allowed: GAO

The Government Accountability Office has given new support to lawmakers and oil companies clamoring to repeal the 1970s-era ban on most crude oil exports.

GAO, the investigative arm of Congress, said in a new report on Monday that a repeal could raise domestic oil prices from $2 a barrel to as much as $8 a barrel, a potential boon to drillers. At the same time, consumers would likely pay less at the pump for gasoline, as much as 13 cents a gallon, because of expanded world oil supply.

Oil

Oil steadies on reports of Saudi cutback

Source: 
Reuters

The announcement of a cutback in production at the Khaji oilfield shared between Saudi Arabia and Kuwait has helped prop up oil prices early Monday. U.S. benchmark crude was 20 cents higher to $82.95 a barrel in electronic trading on the Nymex, while in London Brent crude slipped just 10 cents to $86.06, Reuters reports.

India fuel reform puts diesel under market control

NEW DELHI (AP) — India freed diesel prices from government control Sunday while raising natural gas tariffs in the biggest-yet reform by Prime Minister Narendra Modi's government, as it aims to boost the country's economy and overhaul its energy sector.

The decision on diesel targets one of India's costliest subsidies for one of the world's dirtiest fuels.

Oil

Brent continues rebound, WTI sees little change

Source: 
Bloomberg

Brent crude for December extended its rebound to rise 34 cents to $86.16 a barrel as Goldman Sachs speculated that the recent steep drop in price was excessive. West Texas Intermediate gained 5 cents to settle at $82.75 a barrel, Bloomberg reports.

Oil

Putin says global economy would be hurt by $80 oil

Source: 
Business Insider

Russian President Vladimir Putin warned that the global economy could collapse if the price of oil stays near $80 a barrel for an extended period but downplayed arguments that low prices will significantly devalue Russia's currency, Business Insider reports.

Oil

As crude prices fall, tanker shipments to China hit nine-month high

Source: 
Bloomberg

As global oil prices trend downward, 80 of the oil industry's largest crude oil tankers are headed for Chinese ports, marking the largest number of shipments in nine months and indicating China may be boosting purchases, Bloomberg reports.

Oil

Low prices expands market instability in Venezuela

Source: 
The Wall Street Journal

The downward trend in global oil prices has been particularly troubling to Venezuela's finances, as oil generates much of its income; the country's economy had already seen shortages this year as well as recession and heavy government spending, The Wall Street Journal reports.

Oil

Brent rises above $87 on oversell as U.S. makes gains

Source: 
Reuters

Though both will post overall losses this week, Brent crude rose to $87.02 per barrel in trading on investor claims that the market was oversold, and U.S. November crude was up $1.35 to $84.05 per barrel, Reuters reports.

Oil

Stock markets rebound after global gyrations

World stock markets mostly rebounded Friday after a fall in U.S. unemployment applications and comments from a Federal Reserve official eased nerves about a stalling economic recovery.

KEEPING SCORE: After sharp falls earlier this week, European markets shot higher, continuing a pattern of highly volatile trading. France's CAC 40 was up 1.8 percent at 3,987.49 and Germany's DAX jumped 1.7 percent to 8,726.63. Britain's FTSE 100 climbed 0.9 percent to 6,252.56. Futures augured gains on Wall Street. Dow futures surged 1 percent to 16,180 and S&P 500 futures were up 1.2 percent to 1,872.60.

Oil

Projections for 45-year high oil output in U.S. lowering forward prices

Source: 
Bloomberg

The Energy Information Administration's projection that U.S. oil production would rise to a 45-year high of 9.5 million barrels a day is expanding supplies and lowering forward prices for oil contracts, Bloomberg reports.

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