Correspondent, London
Jack's Feed
Feb 20, 2015

Oil slips toward $60 as oversupply weighs

LONDON (Reuters) – Brent crude oil fell toward $60 a barrel on Friday as oversupply, underlined by record-high U.S. crude stocks, weighed on the market.

U.S. crude inventories rose 7.7 million barrels to 425.6 million barrels last week, rising for a sixth straight week to record highs, data from the Energy Information Administration (EIA) showed on Thursday. <EIA/S>

Feb 20, 2015

Oil falls below $60 as oversupply weighs

LONDON (Reuters) – Brent crude oil fell below $60 a barrel on Friday as oversupply, supported by record-high U.S. crude stocks, weighed on the market.

U.S. crude inventories rose 7.7 million barrels to 425.6 million last week, rising for a sixth straight week to record highs, data from the Energy Information Administration (EIA) showed on Thursday.

Feb 18, 2015

Oil falls towards $61 as rally’s sustainability in question

LONDON (Reuters) – Oil fell more than $1 towards $61 a barrel on Wednesday, failing to build on gains of over 1 percent in the previous session as analysts said a recent rally was overblown.

“The lack of follow-through higher yesterday is a worry and there’s plenty of reason to be neutral here and observe carefully,” PVM Oil Associates director and technical analyst Robin Bieber said.

Feb 18, 2015

Oil falls below $62 as analysts doubt recent rally

LONDON (Reuters) – Oil dropped below $62 a barrel on Wednesday, failing to build on gains of more than 1 percent in the previous session as analysts said a recent rally in prices was overblown.

“The lack of follow-through higher yesterday is a worry and there’s plenty of reason to be neutral here and observe carefully,” PVM Oil Associates director and technical analyst Robin Bieber said.

Feb 16, 2015

Oil near $62 on Libya violence, Kuwait sees prices supported

LONDON, Feb 16 (Reuters) – Oil rose to near $62 a barrel on
Monday, supported by concerns over the escalating conflict with
Islamic State militants in Libya and predictions of lower supply
levels in the second half of the year.

Egypt’s air force bombed Islamic State targets inside Libya
on Monday and Cairo renewed calls for a U.S.-led coalition to
confront militants there, a day after the group released a video
appearing to show the beheading of 21 Egyptians.

Feb 16, 2015

Oil steadies around $61, Kuwait sees prices supported

LONDON, Feb 16 (Reuters) – Oil steadied around $61 a barrel
on Monday, holding gains from last week, after Kuwait’s oil
minister said lower supply levels would support prices in the
second half of the year.

The recent rally “will start holding gains now and hopefully
in the second half of 2015 we will see better prices”, the
minister, Ali al-Omair, said.

Feb 13, 2015

Oil tops $60 for first time in 2015, industry cutbacks support

LONDON (Reuters) – Oil rose above $60 a barrel on Friday for the first time this year, bringing gains this week to 4 percent, supported by signs that deeper industry spending cuts may curb excess supply.

Also supporting oil, euro zone economic growth accelerated unexpectedly in the final quarter of 2014 as the bloc’s largest member, Germany, expanded at more than twice the expected rate.

Feb 11, 2015

Oil slips below $56 on expectations oversupply to linger

LONDON (Reuters) – Oil slipped below $56 a barrel on Wednesday, pressured by expectations that oversupply in world markets would persist and an industry report saying U.S. crude stocks rose from a record high.

The American Petroleum Institute said on Tuesday crude stocks increased by 1.6 million barrels last week. Stocks are already at a record, according to the U.S. government’s Energy Information Administration (EIA), which issues its latest report on Wednesday. <EIA/S>

Feb 9, 2015

Oil steadies near $58 as U.S. rig count offsets Chinese data

LONDON, Feb 9 (Reuters) – Brent crude prices steadied near
$58 a barrel on Monday as falling U.S. oil rig counts and signs
of healthy U.S. growth offset concerns over the strength of the
Chinese economy.

China’s trade performance slumped in January, pointing to
lower fuel demand in the world’s biggest energy consumer.
Exports fell 3.3 percent from a year earlier while imports
tumbled 19.9 percent, highlighting a deepening slowdown.

Feb 9, 2015

Oil dips after weak Chinese trade data

LONDON (Reuters) – Brent crude prices slipped on Monday as a slump in Chinese imports pointed to lower fuel demand in the world’s biggest energy consumer, outweighing falling U.S. oil rig counts and signs of healthy U.S. growth.

China’s trade performance slumped in January. Exports fell 3.3 percent from a year earlier while imports tumbled 19.9 percent, highlighting a deepening slowdown.