Prices

Oil

Oil steady ahead of OPEC meeting

Source: 
Bloomberg

Ahead of the OPEC meeting in Vienna, oil prices recovered Wednesday from earlier drops triggered by word of a greater-than-expected increase in U.S. crude inventories as well as a comment from Saudi Arabia's oil minister that there would be no need for a production cut. West Texas Intermediate crude for January delivery slipped just 3 cents to $74.06 a barrel on the Nymex, while in London Brent was 5 cents lower to $78.28, Bloomberg reports.

Oil

Oil slides again without agreement on cuts

Source: 
Bloomberg

As representatives from Saudi Arabia, Russia, Venezuela and Mexico failed to agree on production cuts ahead of the OPEC meeting later this week, oil prices resumed their slide Tuesday. West Texas Intermediate Crude for January delivery plunged 2.2 percent, or $1.69, to $74.09 on the Nymex, while in London Brent tumbled $1.35 to $78.33, Bloomberg reports.

Oil

US stocks dip as oil pushes energy sector lower

NEW YORK (AP) — A slump in energy prices pushed the stock market back from record levels on Tuesday.

Energy stocks slid as the price of oil resumed its descent. Traders speculated that member nations of the oil-producing group OPEC would fail to agree on production cuts at an upcoming meeting in Vienna on Thursday. Oil has now dropped almost a third from a peak in June.

Oil

Guessing game: What are OPEC nations thinking?

NEW YORK (AP) — Does Saudi Arabia have it out for frackers in the U.S.? Or Iran? Or Russia? Will low oil prices make it easier to fight the Islamic State? Or harder?

Trying to guess what OPEC members are thinking in the run-up to Thursday's meeting in Vienna is a high stakes parlor game for energy analysts, political scientists and armchair geo-politicians.

Oil

As OPEC faces tough test, lower oil prices loom

NEW YORK (AP) — These are the moments OPEC exists for: A sharp drop in global oil prices has reduced the amount of money OPEC countries take in by nearly $1 billion a day.

The 12-member group's purpose is to coordinate how much oil is produced in order to keep prices high and stable and maximize member countries' revenue while making sure global demand for oil stays strong. A steep, coordinated cut in output could stop and possibly reverse what has been a 30 percent decline in prices over five months.

Oil

OPEC production cut speculation boosts oil

Source: 
Bloomberg

Speculation that OPEC will agree to cut production at its meeting this week sent oil prices higher early Tuesday, although trading was light as many investors appeared to be waiting for an actual decision. West Texas Intermediate crude for January delivery gained 27 cents to $76.05 a barrel in electronic trading on the Nymex, while in London Brent was 43 cents higher at $80.11, Bloomberg reports.

Oil

Low oil prices send chills through oil patch

WILLISTON, N.D. (AP) — Marcus Jundt moved to Williston from Minnesota almost four years ago and has opened four restaurants there since. Food isn't propelling his business, though. It's oil.

"Everything I've done in Williston is a derivative of oil," he says.

That oil has averaged $96 a barrel over the past four years, fueling more drilling, more hiring, and bigger appetites in North Dakota, Texas, Oklahoma and elsewhere. Now oil has hit a rough patch, plunging to $79 from $107 in June on fears of a global glut. Many expect these lower prices are to stick around for a while.

Oil

Oil drops again on uncertainty over OPEC

Source: 
Bloomberg

With investors uncertain about whether OPEC will agree on production cuts at this week’s meeting, oil resumed its decline Monday. West Texas Intermediate crude for January delivery lost 1 percent, down 73 cents to settle at $75.78 a barrel on the Nymex, while in London Brent fell 68 cents to $79.68, Bloomberg reports.

Oil

Oil stable on Iran talks, OPEC speculation

Source: 
Reuters

Oil prices appeared holding steady early Monday, as the talks over Iran’s nuclear program appeared headed for a break to be resumed next month and ahead of an OPEC meeting that will make key decisions on crude production. U.S. benchmark crude was 15 cents higher at $76.66 a barrel in electronic trading on the Nymex, while in London Brent edged up 4 cents to $80.40, Reuters reports.

Oil

Chinese rate cut pushes oil higher

Source: 
Bloomberg

U.S crude prices racked up their first weekly gain since September, as news that China cut interest rates to boost its economy raised expectations of increased oil demand in the future. West Texas Intermediate crude for January delivery was up 66 cents to finish Friday’s Nymex session at $76.51 a barrel, while in London Brent jumped $1.03 to settle at $80.36, Bloomberg reports.

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