LONDON (Reuters) - Oil prices edged up on Monday after evidence that a recent fall to 15-month lows may be affecting output in the United States, the world’s largest producer, although concern about the outlook for demand tempered gains. FILE PHOTO: A pump jack operates in the Permian Basin oil production area near Wink, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo Brent crude futures LCOc1 were up 8 cents at $53.90 a barrel by 1123 GMT, while U.S. crude futures CLc1 eased by 5 cents to $45.54. Brent fell 11 percent last week and hit its lowest since September 2017, while U.S. futures slid to their lowest since July 2017, bringing the decline in the two contracts to 35 percent so far this quarter. The price drop has caused U.S. shale oil producers to curtail drilling plans for next year. The boom in shale output has made the United States the world’s largest oil producer, overtaking Saudi Arabia and Russia. Physical … [Read more...] about Brent crude inches up, but concern over demand limits gains
Brent
Brent crude edges up, but concern over demand limits gains
LONDON (Reuters) - Oil prices edged up on Monday after evidence that a recent fall to 15-month lows may be affecting output in the United States, the world’s largest producer, although concern about the outlook for demand tempered gains. FILE PHOTO: A pump jack operates in the Permian Basin oil production area near Wink, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo Brent crude futures LCOc1 were up 12 cents at $53.94 a barrel by 0858 GMT, while U.S. crude futures CLc1 lost 3 cents to $45.56. Brent fell 11 percent last week and hit its lowest since September 2017, while U.S. futures slid to their lowest since July 2017, bringing the decline in the two contracts to 35 percent so far this quarter. The price drop has caused U.S. shale oil producers to curtail drilling plans for next year. The boom in shale output has made the United States the world’s largest oil producer, overtaking Saudi Arabia and Russia. Physical … [Read more...] about Brent crude edges up, but concern over demand limits gains
Brent crude closes below $55 as Fed hike sends markets tumbling
Alex Nussbaum, Bloomberg Published 3:20 pm CST, Thursday, December 20, 2018 Shell is a shareholder in the Elgin rig, shown here operating 150 miles from Aberdeen in the North Sea in 2012. Shell is a shareholder in the Elgin rig, shown here operating 150 miles from Aberdeen in the North Sea in 2012. Photo: JONATHAN NACKSTRAND, Stringer Photo: JONATHAN NACKSTRAND, Stringer Image 1 of / 1 Caption Close Image 1 of 1 Shell is a shareholder in the Elgin rig, shown here operating 150 miles from Aberdeen in the North Sea in 2012. Shell is a shareholder in the Elgin rig, shown here operating 150 miles from Aberdeen in the North Sea in 2012. Photo: JONATHAN NACKSTRAND, Stringer Brent crude closes … [Read more...] about Brent crude closes below $55 as Fed hike sends markets tumbling
Brent crude falls below $55 as Fed hike heightens demand fears
Grant Smith and Heesu Lee, Bloomberg 7:15 am CST, Thursday, December 20, 2018 Shell is a shareholder in the Elgin rig, shown here operating 150 miles from Aberdeen in the North Sea in 2012. Shell is a shareholder in the Elgin rig, shown here operating 150 miles from Aberdeen in the North Sea in 2012. Photo: JONATHAN NACKSTRAND, Stringer Photo: JONATHAN NACKSTRAND, Stringer Image 1 of / 1 Caption Close Image 1 of 1 Shell is a shareholder in the Elgin rig, shown here operating 150 miles from Aberdeen in the North Sea in 2012. Shell is a shareholder in the Elgin rig, shown here operating 150 miles from Aberdeen in the North Sea in 2012. Photo: JONATHAN NACKSTRAND, Stringer Brent crude … [Read more...] about Brent crude falls below $55 as Fed hike heightens demand fears
Brent crude dips on global economy worries, U.S. oil prices steady
SINGAPORE (Reuters) - Brent crude prices slipped on Monday amid concerns over demand in the wake of weaker growth in major economies, while U.S. oil markets held steady after U.S. drilling activity fell to its lowest level in about two months. A gas station worker pumps fuel into a motorbike at a gas station of the Venezuelan state-owned oil company PDVSA in Caracas, Venezuela November 2, 2018. REUTERS/Marco Bello International Brent crude oil futures LCOc1 were at $60.16 per barrel at 0248 GMT, down 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.33 per barrel, up 13 cents, or 0.3 percent. Chinese oil refinery throughput in November fell from October, suggesting an easing in oil demand, while the country’s industrial output rose the least in nearly three years as the economy continued to lose momentum. French business activity plunged unexpectedly into contraction this month, retreating at the fastest … [Read more...] about Brent crude dips on global economy worries, U.S. oil prices steady