LONDON (Reuters) – Brent crude oil rallied almost $2 to above $56 per barrel on Thursday, rebounding from a two-day losing streak, with industry spending cuts and a weaker dollar boosting buying.
The CEO of Shell said Thursday that supply might not be able to keep up with growing demand after oil companies around the world slashed budgets following the near halving in prices since June.
LONDON, Feb 10 (Reuters) – The head of top Russian oil
producer Rosneft criticised OPEC policy on Tuesday and
warned lower oil output as a result of falls in crude prices may
lead to a supply shortage as early as the fourth quarter.
Oil prices collapsed in 2014 in a decline that deepened
after the Organization of the Petroleum Exporting Countries, a
producer group of which Russia is not a member, in November
chose not to cut its own output.
LONDON, Feb 9 (Reuters) – OPEC forecast on Monday that
demand for its oil this year would be much higher than
previously thought, as its strategy of letting prices fall to
hurt other producers begins to take effect.
In a monthly report, the Organization of the Petroleum
Exporting Countries (OPEC) forecast demand for its oil would
average 29.21 million barrels per day (bpd) in 2015, up 430,000
bpd from its previous prediction.
LONDON (Reuters) – Oil slipped to $49 a barrel on Wednesday after U.S. crude stocks soared to the highest on record last week, and as a firmer dollar weighed on prices.
The U.S. Energy Information Administration said U.S. crude stocks rose by 8.9 million barrels last week to 406.73 million barrels, the highest level since records began in 1982.
LONDON (Reuters) – Oil slipped to $49 a barrel on Wednesday as the dollar strengthened, while an industry report showing a larger-than-expected rise in U.S. crude inventories also pressured prices.
Crude futures settled up more than 2 percent on Tuesday, when the dollar index posted its biggest one-day fall since early October. A weak U.S. unit makes dollar-priced commodities cheaper for buyers holding other currencies. [USD/]
LONDON, Jan 27 (Reuters) – Oil prices will stay lower for
longer after more than halving since June, Goldman Sachs’
chief commodity analyst said, arguing in his latest research
note that demand growth in China and other emerging economies is
set to slow.
Goldman’s Jeff Currie, who rose to prominence forecasting
oil’s spike above $100 a barrel last decade, said the rise of
U.S. shale output had realigned energy markets, making China a
bigger and more important consumer than the United States.
LONDON, Jan 22 (Reuters) – Brent crude oil fell towards $48
a barrel on Thursday after the European Central Bank said it
would start buying government bonds, a move which could push the
dollar to new highs against the euro and put downward pressure
Exceeding market expectations, ECB President Mario Draghi
said the bank would buy 60 billion euros ($69 billion) of
government bonds a month until the end of September 2016 to
support the flagging euro zone economy.
LONDON, Jan 14 (Reuters) – As oil’s near 60 percent fall
shows little sign of abating, traders are starting to ask what
the eventual recovery will look like: slow and drawn out, a
rapid rebound, or somewhere in between?
They call it the LUV trade – will the future oil price chart
be shaped like an L (a sharp fall followed by a prolonged period
of lower prices), a U (a sharp fall, a short period of lower
prices, before an eventual recovery) or a V (a sharp fall
followed by an almost immediate rebound)?
NEW YORK/LONDON, Jan 7 (Reuters) – Oil traders can agree on
only one thing about when the second-biggest price rout on
record will be over: not yet.
Crude oil’s freefall from more than $100 a barrel
last summer to a near six-year low under $50 a barrel has been
unrelenting, shocking traders and baffling analysts who have all
but given up trying to pinpoint the bottom of the market.
LONDON, Jan 6 (Reuters) – Energy hedge fund Andurand Capital
returned 38 percent in 2014 betting on the collapse in oil
prices, a source familiar with the matter said on Tuesday,
emerging as one of the biggest winners from the near halving in
crude since June.
French fund manager Pierre Andurand, who made his name in
2008 by calling the sharp rise and subsequent collapse in oil
prices that year at his BlueGold fund, launched Andurand Capital