LONDON (Reuters) – Brent crude oil slipped to a one-month low below $56 a barrel on Wednesday before steadying as a rally in the U.S. dollar and global oversupply weighed.
The U.S. dollar hit a fresh 12-year high against the euro on Tuesday, trading at $1.0637 against the single currency. A stronger dollar makes commodities priced in the greenback more expensive for holders of other currencies.
LONDON, March 4 (Reuters) – Brent crude oil slipped towards
$60 a barrel on Wednesday as a stronger dollar pressured
commodity prices, while Saudi Arabia’s oil minister said he
expected the market to balance itself and for prices to recover.
Oil Minister Ali al-Naimi said he expected supply and demand
would soon match and oil prices, which hit a near six-year low
of $45 in January, would stabilise, adding to signs OPEC’s
largest exporter is confident consumption is growing.
LONDON (Reuters) – Brent crude oil steadied above $60 a barrel on Wednesday after Saudi Arabia’s oil minister said he expected the oil market to balance itself.
Oil Minister Ali al-Naimi said he hoped and expected the oil market to balance and prices, which hit a nearly six-year low around $45 in January, to stabilise, adding to signs OPEC’s largest exporter is confident that demand is growing.
LONDON (Reuters) – Brent dipped on Wednesday but held above $60 a barrel, supported by a rise in Saudi crude prices and air strikes and militant raids on oil facilities in Libya.
In a move widely seen as showing Saudi Arabia’s confidence in a demand recovery, the OPEC kingpin raised official selling prices (OSPs) for its oil deliveries to Asia and the United States on Tuesday.
LONDON/NEW YORK (Reuters) – Saudi Arabia raised the official selling prices (OSPs) for its oil deliveries to Asia and the United States on Tuesday, in the latest signal OPEC’s largest exporter is seeing signs of stronger demand.
The Kingdom raised all U.S.-bound crude prices by $1 a barrel and hiked extra-light crude oil to Asia by $1.40 a barrel, in a vote of confidence oil demand is growing in two of its biggest markets following the price crash since June.
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/]