Oil Prices ///

Russia remains open to longer output cuts with OPEC, but mulls exit plan

Russia signaled that it would be willing to prolong the production cuts it agreed with OPEC beyond the first quarter of next year if needed, while also making clear its commitment to the deal wasn’t open ended.

Oil treads water as OPEC prolongs decision to extend, deepen output cuts

Oil barely moved after an OPEC gathering concluded with no decision on an extension or deepening of supply cuts.

Shale pioneer Harold Hamm slams “exaggerated” U.S. oil projections

Billionaire oilman Harold Hamm says the government was way too optimistic with its prediction of more than 1 MMbopd in new U.S. production, and the snafu is “distorting" global crude prices.

Crude oil heads for third weekly gain as OPEC urges commitment to supply cuts

Oil was heading for a third weekly gain as OPEC ministers meeting in Vienna urged a continued commitment to supply cuts they said are making good progress in draining a global glut.

OPEC and Russia stay focused on cuts as oil market improves

OPEC and Russia said they were about halfway toward clearing a global oil glut and urged fellow producers to stay focused and finish the job.

Oil near $50 as traders gauge OPEC's mixed signals

Oil hovered close to $50 a barrel amid conflicting signals from OPEC ministers about whether an extension of supply limits is on the table for the cartel’s meeting on Friday.

OPEC keeps oil market guessing over further production cuts

Ministers from OPEC and its allies look set to keep everyone waiting longer for confirmation of further action to rebalance the oil market, sending conflicting signals on whether they’ll discuss extending or deepening supply cuts in Vienna on Friday.

Kuwait GDP seen contracting 0.5% in 2017 after oil output cut

Economists now see Kuwait’s economy contracting by 0.5 percent this year after the gulf nation reduced its crude oil production to 2.7 MMbpd, in line with the agreed OPEC target.

Oil above $50 as fuel-stockpile drop counters crude-supply gain

Oil held above $50 a barrel as a decline in U.S. fuel inventories countered a bigger-than-forecast increase in crude stockpiles.

Oil traders empty key crude storage hub as global demand booms

Oil traders are emptying one of the world’s largest crude storage facilities, located near the southernmost tip of Africa, as the physical market tightens amid booming demand and OPEC production cuts.

OPEC has success at last, but oil revival may be short-lived

When OPEC and its allies gather this week, they’ll have the best evidence yet that their efforts to clear a global oil glut are succeeding. It may prove short-lived.

Crude rises above $50/bbl on prospect of more OPEC action

Crude extended gains above $50/bbl in New York as the prospect of OPEC taking further steps to clear a global supply glut.

Oil hits another wall, fails to sustain rally above $50

Oil hit a wall again, failing to sustain a rally above $50/bbl for a third straight session.

Algeria to lean on central bank to plug deficit amid oil slump

Algeria’s prime minister laid out a sweeping plan to plug the budget deficit that would include direct borrowing from the central bank, as the OPEC member looks to compensate for lower oil revenue without tapping international debt markets.

Hedge funds bet on fuels over crude as storm trade persists

Since the storm battered the heart of America’s refining industry last month, bets on rising gasoline and diesel prices have surged for three straight weeks to the most bullish in years. But when it comes to West Texas Intermediate crude, skepticism is prevailing.

Crude trades near $50/bbl after decline in U.S. drilling

Oil traded near $50/bbl in New York, close to a three-month high, as a further reduction in U.S. drilling added to signs the global crude surplus is abating.

IEA sees risk of volatile oil prices on weak upstream investment

A dearth of new investment in oil production is stoking a risk of tighter crude supply and unstable prices, even as demand growth is expected to slow over the next five years, a senior International Energy Agency official.

EIA: Natural gas spot prices at Henry Hub decrease in days following Hurricane Harvey

In the days following Hurricane Harvey’s landfall on the Texas Gulf Coast as a Category 4 storm on Friday, Aug. 25, 2017, prices at the Henry Hub in Louisiana—generally considered the U.S. price—actually decreased.

Oil heads for best week since July as demand forecasts improve

Oil was on track to post its biggest weekly gain since late July as Texas refineries recovering from Hurricane Harvey processed more crude and global demand forecasts brightened.

Oil breaches $50 for first time in more than a month amid demand resurgence

Oil topped $50/bbl for the first time in more than a month amid heightened optimism that a demand resurgence is in the offing.