Prices

Oil

OPEC says no panic until oil falls below $70

Source: 
The Wall Street Journal

OPEC secretary-general Abdalla Salem el-Badri said the cartel is not panicking about falling oil prices, but other officials indicated OPEC would likely have to take action should prices fall below $70 per barrel, The Wall Street Journal reports.

Oil

Oil higher on Middle East reports, stockpile numbers

Source: 
Bloomberg

Oil climbed Wednesday as on early reports of a pipeline fire in Saudi Arabia -- although it apparently carried diesel -- and word that output had stopped at a Libyan oilfield, as well as data showing a smaller-than-expected gain in Cushing stockpiles. West Texas Intermediate crude for December delivery increased $1.49 to settle at $78.68 a barrel on the Nymex, while in London Brent inched up just 13 cents to $82.95, Bloomberg reports.

Oil

OPEC shaken by Saudi price move

VIENNA (AP) — Saudi Arabia showed little concern for fellow OPEC members by unilaterally cutting its oil prices to the U.S. this week, a move that casts doubts on the cartel's credibility and its ability to find a common plan to stabilize the slumping energy market.

And while OPEC struggles to find consensus, oil prices risk remaining low — or falling further — to the benefit of consumers and businesses in the U.S. and worldwide.

Oil

Oil slide continues on OPEC skepticism

Source: 
Bloomberg

Skepticism about OPEC’s willingness to cut production was continuing to drag oil prices down early Wednesday. West Texas Intermediate crude for December delivery dropped 73 cents to $76.46 a barrel in electronic trading on the Nymex, while in London Brent was trading 55 cents lower at $82.27, Bloomberg reports.

Oil

Handful of hedge funds win on bearish oil bets

Source: 
The Wall Street Journal

Taylor Woods Capital Management was among a group of hedge funds that reaped big profits from the recent slump in oil prices through taking short positions, The Wall Street Journal reports.

Oil

Oil prices tumble on Saudi discount move

LONDON (AP) — Oil prices slumped to multi-year lows on Tuesday after Saudi Arabia cut the price of oil sold to the U.S., a move that is shaking an already volatile market but will likely give the world economy an unexpected stimulus.

The 25 percent or so slide in oil prices since the summer could boost consumer spending and business investment in many economies around the world as fuel bills fall.

Oil

US stocks slip as oil slump hits energy companies

NEW YORK (AP) — The ongoing slump in oil prices weighed on stocks again Tuesday, pushing energy companies to another day of big losses. Disappointing earnings outlooks from a range of companies, including Priceline and Michael Kors, also dragged down the market.

Oil has fallen sharply in recent weeks as global supplies rise while demand for fuel trails expectations. The latest decline was prompted by reports that Saudi Arabia is cutting the price of oil that it supplies to the U.S. as it attempts to maintain its market share as U.S. production booms.

Oil

Oil prices to stabilize, Halliburton CEO predicts

Source: 
FuelFix

Oil demand hasn’t disappeared, and the supply glut will start drying up if the pace of shale drilling slows, Halliburton CEO Dave Lesar told FuelFix in an interview, predicting that oil prices will stabilize in a range between $80 and $100 a barrel.

Oil

Oil falling further, touches 4-year low

Source: 
Reuters

Oil was continuing to slump early Tuesday, pressured by a strong dollar and following Saudi Arabia’s announcement that it was cutting its prices in the U.S. market. Benchmark U.S. crude for December delivery dropped $2.15 to $76.63 a barrel in electronic trading on the Nymex, while in London Brent crude plunged $2.25 to $82.53, a slight rebound after hitting a four-year low earlier in intraday trading, Reuters reports.

Oil

Oil slides further on Saudi price cuts

Source: 
Bloomberg

Saudi Arabia’s move to lower its prices for oil to U.S. customers sent benchmarks tumbling again Monday. West Texas Intermediate crude for December delivery dove to its lowest settlement in more than two years, dropping $1.76 to $78.78 a barrel on the Nymex, while in London Brent ended $1.08 lower at $84.78, Bloomberg reports.

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