Oil Prices ///

Oil holds near $54, as U.S. boosts rig count to most since 2015

Oil traded near $54/bbl after the U.S. boosted drilling rigs to the most since October 2015, keeping prices in a tight range amid speculation the country’s output may rise and counteract OPEC production cuts.

Shell shuns new oil sands projects, as low crude prices force cost control

Royal Dutch Shell Plc is unlikely to take on new oil-sands projects as it maintains a grip on costs after crude’s crash forced competitors to write down Canadian reserves.

Lukoil's Middle East head sees oil at $55-$65/bbl on cuts

Oil will stabilize around $55 to $65/bbl as OPEC fulfills its agreement to cut output, with stockpiles and shale production keeping prices from rising much more, the Middle East head of Lukoil PJSC said.

Investors see oil break out of narrow range with record bets

Oil has been bound to the tightest price range in more than a decade, and yet hedge funds have never been so confident it will eventually rally.

OPEC cuts help drive crude prices to 19-month high

Oil traded near the highest level since July 2015 as a drop in U.S. crude imports signaled that OPEC’s output cuts are taking effect.

Exxon bows to oil crash with historic global reserves cut

Exxon Mobil Corp. disclosed the deepest reserves cut in its modern history as prolonged routs in oil and natural gas markets erased the value of a $16-billion oil-sands investment and other North American assets.

OPEC still waiting for evidence oil cuts are doing their job

OPEC officials this week hailed the “excellent” and “unprecedented” implementation of their agreement to cut oil production, but were still waiting for solid evidence that the deal was fulfilling their key measure of success and shrinking the global glut.

Goldman says commodities need proof of demand to rally more

Commodity markets will probably stay in a “holding pattern” until there are hard data showing real demand and shrinking stockpiles to support the recent price rally, according to Goldman Sachs Group Inc., which expects such evidence to emerge in the second quarter.

Total CEO says OPEC needs to prolong cuts to eliminate glut

OPEC and Russia will need to prolong their six-month deal to cut oil output if they plan to trim the global inventory glut that has kept a lid on prices, said Total CEO Patrick Pouyanne.

Oil may drop to low $30s without extension of OPEC supply cut, says ABN Amro

Crude prices could plunge toward $30/bbl -- a rout of about 40% from current levels -- unless OPEC extends production cuts that are propping up the market, ABN Amro Bank NV said.

Oil prices climb as Citi raises forecast, OPEC targets 100% compliance

Brent oil extended gains to $57/bbl as Citigroup raised its price outlook and OPEC’s top official said the group will push for full compliance with supply cuts.

Oil hovers in tight trading range amid global supply tug of war

Oil held above $53/bbl, after spending last week in the smallest trading range in 13 years as investors weighed rising U.S. drilling activity against OPEC production cuts.

OPEC wins investors back as cuts prompt record bets on oil

OPEC has never taken supply cuts so seriously, and hedge funds are loving it.

Brent crude oil benchmark to undergo biggest change in a decade

The Brent crude price benchmark for millions of barrels of physical crude sales each day is poised for its biggest shakeup in a decade with a new grade added to the mix from January next year.

Shell shakes up oil trading world with brash buying sprees

The giant tankers anchored along the Scottish coast in the Firth of Forth weren’t going anywhere. They were just providing floating storage because there was no demand for their cargo, North Sea crude oil.

Saudi Arabia breaks records on oil exports and output for year

Saudi Arabia boosted oil exports and production last year to the highest monthly averages on record as the global crude market endured oversupply.

Biggest U.S. drilling surge since 2012 has producers cashing in

U.S. drillers pushed ahead on the biggest surge in oil drilling since 2012 as companies take advantage of oil prices that have held steady above $50 for almost three months.

OPEC's oil curbs grant Russia's Urals a rare ticket for South Korea

The biggest oil producers in the Middle East are helping crude from Western Siberia boldly go where it’s rarely gone before.

Iraq's February oil sales accelerate despite OPEC effort to cut

Iraqi crude shipments rose 3% in the first half of February even after OPEC’s second-biggest producer agreed to participate in global output cuts to mop up a glut that has put pressure on oil prices.

Frenzied betting, sleeping market: Something must give in oil

As hedge funds and money managers place record trades on a rally in oil, the price itself has fallen asleep. Logic dictates that something should give.