Prices

Oil

Oil on rebound from slump

Oil was rebounding early Wednesday after slumping more than 2 percent a day earlier, a decline analysts were attributing to gains in the dollar.

“A strong USD along with disappointing US economic data weighed heavily on market sentiment and dragged crude prices lower,” said Myrto Sokou, senior research analyst at Sucden Financial in London. “It seems that the market overreacted; however, we continue to believe that crude oil prices remain very sensitive to USD dollar movements, at the moment.”

Oil

Oil dives on dollar rally

Source: 
Reuters

A jump in the value of the dollar pressured oil prices Tuesday. U.S. benchmark crude slid more than 2.8 percent, losing $1.69 to settle at $58.03 a barrel, while in London, Brent fell $1.80 - almost 2.8 percent - to $63.72, Reuters reports.

Oil

Oil drops on expected production push

Source: 
Reuters

A smaller decline in last week’s rig count and a prediction from Goldman Sachs that U.S. producers would start ramping up production at current price levels was pressuring oil early Tuesday. West Texas Intermediate crude lost 43 cents to $59.29 a barrel in electronic trading on the Nymex, while in London Brent fell 45 cents to $65.07, Reuters reports.

Oil

Report: Iran raises gas prices by 40 percent in subsidy cut

TEHRAN, Iran (AP) — Iran will raise gasoline prices by some 40 percent beginning Tuesday, the country's official news agency reported, the latest cut to the Islamic Republic's fuel subsidies that cost it some $32 billion a year.

While previous attempts to raise prices have sparked dissent, last year's increase saw no major unrest.

Oil

Oil drops on stronger dollar, steady rig count

Source: 
The Wall Street Journal

A stronger dollar combined with the drop of only 1 oil rig in Baker Hughes’ weekly count sent crude prices sliding Friday. Benchmark West Texas Intermediate crude lost 1.6 percent, or $1, to settle at $59.72 a barrel on the Nymex, while in London, Brent was $1.17 , or 1.8 percent, lower, at $65.37, The Wall Street Journal reports.

Oil

Parts of Bakken still profitable on $60 oil

Source: 
FuelFix

A new analysis concludes that wells in Mountrail and McKenzie counties in North Dakota’s Bakken Shale are productive enough to remain profitable even with oil prices around $60 a barrel, FuelFix reports.

Oil

S&P sees fallout from low oil prices getting worse

Source: 
FuelFix

Standard & Poor’s thinks oil companies that have managed to survive the slide in crude prices by borrowing more money may start running into trouble in the coming months, particularly if the price stays in the $50 range, FuelFix reports. 

Oil

US consumer prices ticking up as Fed weighs first rate hike

WASHINGTON (AP) — Core consumer prices outside of food and energy posted the biggest increase in April in more than a year, suggesting that an improving U.S. economy is finally starting to lift prices. That could prompt the Federal Reserve to start raising interest rates later this year.

Overall consumer prices edged up 0.1 percent for the third straight climb, the Labor Department said Friday. Overall gains were held back by a 1.3 percent drop in energy costs.

Oil

Oil dips ahead of rig count

Source: 
The Wall Street Journal

Oil prices were trading slightly lower early Friday following big gains the day before, ahead of the closely watched figures from Baker Hughes about the number of rigs drilling in the U.S. Light, sweet crude for July delivery was down 18 cents to $60.54 a barrel in electronic trading on the Nymex, while in London, Brent lost 15 cents to $66.39, The Wall Street Journal reports.

Oil

Oil zooms higher on Cushing draws, Iraq; WTI tops $60

Source: 
Reuters

Reports of drawdowns in stocks at the Cushing hub, combined with mounting concern over developments in Iraq, sent oil soaring more than 2 percent higher Thursday. U.S. benchmark crude jumped $1.74 to settle at $60.72 a barrel on the Nymex, while Brent gained $1.51 to $66.54, Reuters reports.

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