LONDON (Reuters) – Brent crude oil futures slipped below $55 a barrel on Wednesday on speculation that a last-minute deal over Iran’s nuclear program would be reached, opening the way for more Iranian crude to come into world markets.
Talks between Iran and six world powers to settle a dispute around Tehran’s nuclear program extended beyond a Tuesday deadline.
LONDON (Reuters) – Brent crude oil pared early gains but still rose more than 4 percent towards $59 a barrel on Thursday after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen.
The air strikes against Houthi rebels, who have driven the president from Yemen’s capital Sanaa, could stoke concerns about the security of Middle East oil shipments.
LONDON (Reuters) – Brent oil prices firmed on Wednesday as business morale in the euro zone’s top two economies improved, offsetting concerns of oversupply that has filled fuel storage tanks around the world.
Germany, Europe’s largest economy, saw business morale rise for the fifth month in a row in March, hitting its highest since July 2014, Ifo’s business climate index showed.
LONDON (Reuters) – U.S shale oil production will flatten and slightly decline in the second quarter of 2015 as companies cut their capital spending to cope with lower oil prices, energy consultancy PIRA said on Tuesday.
Crude oil prices have roughly halved since June last year due to a supply glut and weak demand. There has been a drop off in the number of drilling rigs in the U.S. in recent weeks but stocks have continued to rise to record levels. [EIA/S]
LONDON (Reuters) – Brent prices fell on Wednesday on oversupply concerns as industry data indicated U.S. crude stocks had hit a new record high.
U.S. crude inventories rose by 10.5 million barrels to 450 million in the week to March 13, American Petroleum Institute data showed on Tuesday. [EIA/S]
LONDON, March 13 (Reuters) – The shuttered Milford Haven oil
refinery in Wales will be turned into a storage site by Puma
Energy, as the firm co-owned by Swiss commodity giant Trafigura
and Angola’s state oil company looks to capitalise on Britain’s
growing need for fuel imports.
Puma Energy bought the plant and three inland storage
terminals from Murphy Oil as the U.S.-based firm winds
down its UK subsidiary, Murco, after suffering from weak demand
and growing international competition from newer refineries.
LONDON, March 12 (Reuters) – Brent oil futures rose above
$58 a barrel on Thursday as the dollar weakened and speculators
covered their positions ahead of the April contract’s expiry,
while a build in U.S. crude stocks capped prices.
The dollar was down 0.4 percent against a basket of
currencies, making dollar-traded commodities such as
crude oil more attractive to holders of other currencies.
LONDON/NEW YORK, March 5 (Reuters) – Billions of dollars are
pouring into oil exchange-traded funds as investors, many of
them small savers more familiar with stocks than commodities,
risk big losses and focus on the chance of huge rewards.
Five of the biggest oil ETFs have seen their assets more
than quadruple since July to $5.4 billion as the oil market has
had a roller-coaster ride, collapsing by 60 percent then
rallying by almost a third.
LONDON (Reuters) – Brent crude future prices rose above $61 a barrel on Thursday, as investors brushed aside bearish U.S. inventories data to focus on the lack of a deal in talks over Iran’s nuclear programme.
Tehran’s ambassador to the International Atomic Energy Agency (IAEA) said on Wednesday no deal had been reached on the duration of any possible final agreement with world powers on Iran’s programme. That allayed investors’ fears of an imminent rise in Iranian oil supply.
LONDON (Reuters) – Britain’s net imports of petroleum products more than tripled last year after a new wave of refinery closures and capacity cuts left the country unable to meet its demand.
The cuts have been driven by rising overseas competition that put refining margins under heavy pressure. They have left Britain increasingly dependent on fuel imports, raising concerns the country will be vulnerable to supply shocks, price spikes and bottlenecks at strained import terminals.