LONDON (Reuters) – Oil prices slipped on Friday but remained stuck in tight trading ranges as investors awaited the outcome of Iranian nuclear talks which could lead to a big increase in Iranian crude exports.
The market also monitored last-minute negotiations to try to avert a Greek debt default and avoid Greece’s exit from the euro.
LONDON (Reuters) – U.S. crude oil prices edged up on Tuesday, supported by warnings that a tropical storm threatened to hit the coast of the oil-producing state of Texas, but oversupply weighed on Brent.
U.S. crude, also known as West Texas Intermediate (WTI), was up 34 cents at $59.86 a barrel at 1044 GMT, staying within a range of $57-$62 per barrel that has been in place since the beginning of May.
LONDON, June 16 (Reuters) – Cost-cutting in Britain’s North
Sea oil and gas sector could lead to more acute skills shortages
in future, industry experts have warned, with some expressing
concerns that safety could be compromised.
A plunge in crude prices over the last 12 months has
prompted oil majors such as Royal Dutch Shell, BP
, Chevron and ConocoPhillips to lay off
hundreds of workers.
LONDON, June 16 (Reuters) – U.S. crude oil prices edged up
on Tuesday, supported by warnings that a tropical storm was
about to hit the coast of the oil-producing state of Texas,
while oversupply kept Brent steady.
U.S. crude, also known as West Texas Intermediate
(WTI), was up 51 cents at $60.03 a barrel at 0803 GMT, staying
within a range of $57-$62 per barrel that has been in place
since the beginning of May.
LONDON (Reuters) – As many as four VLCC tankers could take North Sea crude oil to Asia this month, shipping fixtures show, after an Atlantic Basin supply glut forced prices to multi-year lows.
The Samco Europe, Bunga Kasturi Empat, Britanis and Starlight Venture VLCCs – very large crude carriers – have been lined up for the shipments, according to the fixtures, equivalent to around 8.4 million barrels of Forties crude oil.
LONDON (Reuters) – Investors continued to pull money from energy exchange-traded products (ETPs) in May after a rebound in oil prices stumbled as the global supply glut showed no signs of eroding.
Some $540 million exited energy ETPs globally last month, following net withdrawals of $1.2 billion in April, data from asset manager BlackRock showed.
LONDON (Reuters) – The slump in crude prices has jolted the oil industry into deep cost cutting which, unlike the previous downturn, could last for a few years at least.
After overspending by the industry during the boom years, the collapse in prices in the second half of last year laid bare the need to reduce costs and introduce efficiencies.
LONDON, June 1 (Reuters) – A shadowy build up of oil has
intensified in the Atlantic Basin with homeless cargoes of crude
turning into unintentional floating storage – another sign the
global surplus has some way to go before clearing.
Off the coast of West Africa and in the waters of the North
Sea, vessels holding millions of barrels of oil have become, in
effect, accidental storage, as their owners fight for buyers.
LONDON (Reuters) – Investors pulled $1.2 billion from energy exchange-traded products (ETPs) in April, banking profits after oil prices rallied some 20 percent over the month, the latest global data from asset manager BlackRock showed.
It was a sharp reversal from the first quarter of 2015, when investors piled into oil ETPs trying to position for a rebound when production numbers start to dip.
LONDON (Reuters) – Commodity fund managers who outperformed their peers in the first quarter by shorting oil or underweighting the energy sector are expecting further weakness in energy in the second quarter but are waiting to see if oil prices bottom out.
Oil price volatility kept managers on their toes in the first quarter, with Brent crude falling and rising repeatedly before ending the quarter down almost 4 percent.