Category Archives: CRUDE OIL NEWS

11 JAN – Oil Rises To 11-Month High, Logs Weekly Gain On Saudi Output Cut

  Oil prices hit their highest level in nearly a year on Friday, gaining 8% on the week, supported by Saudi Arabia’s pledge to cut output and strong gains in major equity markets.   Brent crude settled at $55.99 a barrel, climbing $1.61, or 3%, on the day and 8.1% on the week. West Texas…

09 JAN – Oil hovers near 11-month highs, sustained by Saudi output cuts pledge

  TOKYO: Oil prices edged higher on Friday, hovering near 11-month highs hit the previous day, as Saudi Arabia’s pledge to make voluntary cuts to its output continued to buoy the mood in the market though worries over slower fuel demand capped gains.   Brent crude climbed 2 cents to $54.40 a barrel by 0122…

08 JAN – Oil touches fresh 11-month highs after U.S. inventory fall

  LONDON: Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge by Saudi Arabia to cut output by more than expected.Brent crude was flat at $54.30 a barrel at 1452 GMT after touching $54.90, a fresh high not seen since…

07 JAN – U.S. crude oil inventories down last week: API

    The American Petroleum Institute (API) on Tuesday reported a decrease of 1.663 million barrels of crude oil in the U.S. crude oil inventories for the week ending Jan. 1.   API reported a decrease of 4.785 million barrels of crude oil inventories for the previous week ending Dec. 25, while the U.S. Energy…

06 JAN – Oil Jumps 5% as Saudis Surprise With Output Cut, After Stopping Russia Hike

  They not only stopped a hike, but decided to go a step better: The Saudis’ surprise offer to cut 1 million barrels a day of their oil output in the next two months after convincing Russia not to raise its own production sent crude prices up 5% on Tuesday.   A day after starting…

06 JAN – Brent Oil Rises To Highest Since February After Saudi Arabia Output Cut

  TOKYO: Brent oil prices rose on Wednesday to the highest since February after Saudi Arabia agreed to make bigger cuts in output than expected during a meeting with allied producers, while industry data showed U.S. crude stockpiles fell last week.   Brent crude rose as much as 0.6% to $53.94 a barrel, the highest…

05 JAN – Oil prices touch multi-month highs as OPEC+ expected to hold output

  SINGAPORE: Oil prices touched multi-month highs on Monday on expectations that OPEC and allied producers may cap output at current levels in February as the coronavirus pandemic keeps worries about first-half demand elevated.   Prices rose in line with broader financial markets with Brent crude futures reaching $53.17 a barrel, the highest since March…

05 JAN – Crude oil above $50 signals turbulence

  After remaining soft for the better part of 2020 because of the Covid-19 pandemic, crude oil prices have began to inch up and are hovering around $50 per barrel mark.However, experts are of the view that the commodity will be volatile this year and its movement will be determined by the vaccine rollout and…

04 JAN – OPEC sees oil outlook for first half of 2021 full of downside risks

  MOSCOW/LONDON – OPEC sees plenty of downside risks for oil markets in the first half of 2021, its secretary general said on Sunday, a day before meeting allies led by Russia to discuss output levels for February.   “Amid the hopeful signs, the outlook for the first half of 2021 is very mixed and…

04 JAN – Crude oil futures fall 0.76% to Rs 3,527 per barrel this week; outlook bullish

  Crude oil futures settled flat at Rs 3,527 per barrel on January 1 as participants trimmed their positions as seen by the open interest. Crude oil prices held steady range post inventory data as investors and traders refrained from taking large positions ahead of New Year weekend.   It ended the week with a…