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doc2son
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Message Posted: Sep 9, 2013 5:12:15 PM

Oil Prices Decline
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doc2son
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Message Posted: Mar 16, 2015 5:43:49 PM

Update - (Reuters) - Oil prices fell 2 percent on Monday, with U.S. crude hitting six-year lows, on signs of higher output in the United States and Libya and a possible nuclear deal that could end sanctions for Iran, allowing more of its oil into the market.

A market data provider estimated a fresh build of more than 3 million barrels at the Cushing, Oklahoma delivery point for U.S. crude futures last week, traders said, adding to worries that stockpiles in the United States could hit record highs for a tenth straight week.

The United States and Iran, meanwhile, inched toward a landmark nuclear agreement that would result in the removal of sanctions against Tehran, although differences remained. Iran said it will boost oil exports once the sanctions are lifted.

Brent's expiring front-month contract closed down $1.23 and went off the board at $53.44 a barrel, hitting a six-week low of $52.50 earlier.

U.S. crude futures settled down 96 cents at $43.88. It had tumbled nearly $2 earlier to a March 2009 low of $42.85. Technical analysts see the next low at $37.

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doc2son
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Message Posted: Mar 6, 2015 9:01:29 PM

Update - NEW YORK, March 6 (Reuters) - Crude oil prices closed down on Friday, with Benchmark Brent losing its most in a week since January, as a resurgent dollar and fear of a U.S. rate hike diverted attention from the shrinking number of rigs drilling for oil in the United States.

Worries about the security of Libyan and Iraqi crude supplies, which had put a floor beneath the market in early trade, also took a backseat.

A strong dollar makes oil, quoted and traded in the greenback, costlier for holders of the euro and other currencies. The dollar rocketed to 11-/12-year highs against a basket of currencies after the U.S. government reported the U.S. jobless rate fell to 6-1/2-year lows.

Many U.S. Federal Reserve officials consider that to be full employment, and the central bank could decide on an interest rate hike in June.

Benchmark Brent oil settled down 75 cents, or 1.2 percent, at $59.73 a barrel. It fell 4 percent on the week, its sharpest decline since the week ended Jan. 9.

U.S. crude settled down $1.15, or 2.3 percent, at $49.61 a barrel. It posted a slight loss on the week, for a third straight week of declines.

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doc2son
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Message Posted: Feb 19, 2015 5:42:21 PM

Update - NEW YORK, Feb 19 (Reuters) - Oil prices fell for a second day on Thursday, after the U.S. government reported another record high in crude inventories, but prices bounced sharply off session lows on relief the builds were less than an industry group had estimated.

U.S. commercial crude oil inventories rose 7.7 million barrels last week to a record 425.6 million barrels, , the U.S. Energy Information Administration (EIA) said. It was the sixth straight week levels were at a seasonal record peak.

The build was more than double the 3.2 million barrels expected by analysts in a Reuters poll, but far below the 14.3 million barrels estimated on Wednesday by industry group American Petroleum Institute (API).

Brent settled down 32 cents at $60.21 a barrel, off the day's low of $57.80. On Tuesday, it hit a two-month high of $63.

U.S. crude finished down 98 cents at $51.16. Early in the session it was down more than $2. The front-month March contract in U.S. crude expires on Friday.

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doc2son
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Message Posted: Feb 10, 2015 1:09:17 PM

Update - NEW YORK, Feb 10 (Reuters) - The rebound in oil lost its momentum on Tuesday, with crude prices falling for the first time in four sessions after the International Energy Agency (IEA) warned of more selloffs in the near term as stocks continue to rise.

Oil stockpiles in member countries of the Organization for Economic Cooperation and Development, which groups the world's richest nations, may approach a record 2.83 billion barrels by mid-2015, said the IEA, which advises the West on energy policy.

U.S. crude futures fell below $51 a barrel, heading for a test of the $50 support level. By 11:18 a.m. EST (1618 GMT), U.S. crude was down $1.87 at $50.99, after a session low at $50.79.

Benchmark Brent crude fell $1.03 to $57.31.

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doc2son
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Message Posted: Jan 20, 2015 6:26:43 PM

Update - NEW YORK, Jan 20 (Reuters) - Oil fell as much as 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action.

Genscape, an analytics firm that monitors U.S. oil stocks, reported a 2.6 million-barrel build last week in Cushing, Oklahoma, the delivery point for the U.S. crude futures contract, adding to the market's bearish sentiment, traders said.

Trade group American Petroleum Institute will issue its data on U.S. crude inventories for last week on Wednesday while the government's Energy Information Administration will release its stockpile tally on Thursday, both delayed a day by a holiday on Monday.

Benchmark Brent crude closed down 85 cents, or 1.8 percent, at $47.99 a barrel. It earlier touched a session low of $47.78.

U.S. crude settled down $2.30, or 4.7 percent, at $46.39 a barrel, after tumbling to an intraday bottom of $45.89. Traders said activity in U.S. crude was heightened somewhat by the expiry of the February futures contract as the front-month.

The premium for Brent over U.S. crude futures CL-LCO1=R widened after Genscape's reported build in Cushing stocks. The arbitrage was at around $1.50 a barrel when U.S. crude settled, after reaching $1.66 earlier.

Oil prices are hovering near six-year lows after a selloff on worries of a glut caused primarily by unexpectedly high production of U.S. shale crude.

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doc2son
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Message Posted: Jan 9, 2015 7:45:46 PM

Update - NEW YORK, Jan 9 (Reuters) - Global oil markets resumed their slide on Friday, with Brent and U.S. crude hitting April 2009 lows and ending down for a seventh straight week, although prices recovered from their lows after a sharp drop in the U.S. oil rig count.

Benchmark Brent crude broke below $49 a barrel but closed above the $50 support level it had clung to this week after oil services firm Baker Hughes reported the largest drop in 24 years in the number of U.S. oil drilling rigs.

Crude prices had barely moved in the past two sessions after tumbling 10 percent the first two days of the week.

In Friday's early trade in New York, prices drifted about 50 cents lower as robust U.S. jobs data for December helped limit losses.

The selling gained force about an hour to noon, pushing both Brent and U.S. crude to an April 2009 trough. Prices retraced their losses after the rig count issued by Baker Hughes.

Brent settled down 85 cents at $50.11 a barrel, after falling earlier to $48.90.

U.S. crude settled down 43 cents at $48.36, having hit $47.16 earlier.

For the week, Brent lost 11 percent and U.S. crude 8 percent.

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doc2son
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Message Posted: Jan 5, 2015 1:28:23 PM

Update - U.S. crude oil slips below $50 a barrel as glut fear deepens//

(Reuters) - The selloff in global oil markets showed little signs of slowing in the new year with U.S. crude breaking below $50 a barrel, the first time since April 2009, on fears of a supply glut.

Benchmark Brent crude tumbled about 6 percent, hitting new 5-1/2 year lows after data showed Russian oil output at post-Soviet era highs and Iraqi oil exports at near 35-year peaks.

U.S. driller ConocoPhillips (COP.N) added to the bearish sentiment somewhat, announcing it had struck first oil at a Norwegian North Sea project.

The euro's tumble to 2006 lows and slower-than-expected growth in U.S. manufacturing, meanwhile, weakened prospects for the global economy. [FRX/]

"There's no doubt that we have a combination of supplies hitting their zenith at a time when demand is weakening," said Phil Flynn, analyst at Price Futures Group in Chicago.

U.S. crude's front-month contract CLc1 was down $2.46, or 5 percent, at $50.23 a barrel at 11:48 a.m. ET, having fallen to $49.95 earlier.

Front-month Brent LCOc1 hovered at $53 a barrel, down more than $3, after dropping to $52.66, its lowest since May 2009.

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doc2son
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Message Posted: Jan 2, 2015 5:42:44 PM

Update - Jan 2 (Reuters) - Global benchmark Brent crude oil closed down nearly a dollar a barrel Friday after a day of choppy trading despite expectations of new investments in the new year, as strong mid-day rallies in crude fizzled.

Brent was down 91 cents at $56.42 a barrel. Earlier, it touched a post-2009 low of $55.48, having averaged around $110 a barrel between 2011 and 2013.

Front-month U.S. crude for February delivery settled down 58 cents a barrel at $52.69, before a steep 50-cent drop post-settlement.

The U.S. dollar index was 0.9 percent stronger on Friday. The combination of the supply glut and the strong dollar has been a "double whammy" for crude oil prices, said Walter Zimmerman, chief technical analyst at United-ICAP.

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doc2son
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Message Posted: Dec 29, 2014 8:03:19 PM

Update - (Reuters) - Crude oil prices tumbled on Monday, with global grades settling down more than $1 a barrel after an early rally fizzled and prices fell to their lowest levels since May 2009.

Global benchmark Brent crude oil settled down $1.57 at $57.88. U.S. crude settled down $1.12 at $53.61 a barrel, following Brent downward.

The rally followed by the steep drop showed the market's fears about oversupply are not going away, said Gene McGillian, senior analyst at Tradition Energy in Stamford, Connecticut. “Every time the market tries to pick itself up, it’s just another wave of selling,” he said.

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doc2son
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Message Posted: Dec 25, 2014 3:22:44 PM

Merry Christmas Everyone

Enjoying lower Oil Prices for sure :o)
doc2son
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Message Posted: Dec 24, 2014 10:19:28 AM

Update - LONDON, Dec 24 (Reuters) - Brent oil fell on Wednesday, trading around $60 per barrel weighed down by strong supply in the United States and a rising dollar.

Brent for February delivery was down $1.50 to $60.19 at 1327 GMT after gaining $1.58 on Tuesday. It hit a low of $59.93 earlier in the session.

U.S. crude was down $1.17 to $55.95 a barrel, after closing $1.86 higher in the previous session.

Trade was thin as many in the European and U.S. market were off for the Christmas break.

Merry Christmas Eve
doc2son
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Message Posted: Dec 15, 2014 5:45:34 PM

Update - NEW YORK, Dec 15 (Reuters) - Crude prices plunged further on Monday after OPEC once again said it will not cut oil output despite fears of a glut, and a UAE official opposed holding an emergency meeting of the producer group to support prices.

U.S. crude tumbled almost 5 percent, extending losses after the close to come within two cents of $55 a barrel. Benchmark North Sea Brent fell more than 2 percent, nearing $60 in a rout that also deepened after settlement.

The losses extended last week's selloff that erased 12 percent from U.S. crude and 11 percent from Brent.U.S. crude settled down $1.90, or 3.3 percent, at $55.91 a barrel. It fell thereafter to a new May 2009 low of $55.02.

Brent finished down 79 cents, or 1.3 percent, at $61.06. It fell post-settlement to $60.20, a bottom since July 2009.

The disparity in their drop extended Brent's premium versus U.S. crude CL-LCO1=R to a one month-high above $5.

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doc2son
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Message Posted: Dec 11, 2014 6:25:24 PM

Update - NEW YORK, Dec 11 (Reuters) - U.S. crude fell below $60 a barrel on Thursday for the first time in five years, breaking through a key psychological support level that triggered fresh selling as some traders said they saw no reason for a rebound any time soon.

While better U.S. economic data supported the market earlier in the day, those gains could not be sustained toward the close. In the absence of any news that could temper the bearish mood, traders said pent-up pressure led to a late-selloff that carried on after the close, pushing prices as low as $58.96.

Traders and analysts said a bottom for oil remained elusive after a six-month selloff that has nearly halved price levels. Few could guess how low prices would go and when they might return to the $100 heyday last seen during the summer.

U.S. crude's front-month contract settled down 99 cents, or 1.6 percent, at $59.95 a barrel, after falling to $59.56, its lowest since July 2009. It fell another $1 a barrel after the close as traders bet on deeper losses.

Brent crude's front-month ended down 56 cents at $63.68, after the benchmark for global oil plumbed a 5-1/2-year low at $63.48. Brent traded above $115 in June.

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doc2son
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Message Posted: Dec 4, 2014 12:45:28 PM

Update - NEW YORK, Dec 4 (Reuters) - Oil fell in choppy trading on Thursday as the debate for a sustainable price level continued after Saudi Arabia announced deep discounts for the crude it sells to Asian and U.S. buyers in an apparent attempt to defend its market share.

News that Libya's El Sharara oil field, one of OPEC's largest, might be ready to resume output after a pipeline blockage was cleared also weighed on sentiment in an oversupplied market. The El Sharara produced 300,000 barrels per day before it closed last month following clashes between armed groups.

Benchmark North Sea Brent crude was down 80 cents at $69.12 a barrel by 11:15 a.m. EST (1615 GMT), after trading in a wide band of nearly $2. U.S. crude was down $1.05 cents at $66.33 a barrel, having fallen to 66.09 earlier.

Saudi Arabia's state-owned oil company cut the January price for its Arab Light grade for Asian customers by $1.90 a barrel from December to a discount of $2 a barrel to the Oman/Dubai average.

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doc2son
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Message Posted: Nov 27, 2014 7:03:12 PM

Update - Nov 27 (Reuters) - Brent crude oil plunged as much as $6.50 a barrel on Thursday, and U.S. crude fell by nearly as much, posting the steepest one-day falls since 2011, after OPEC decided against cutting output despite a huge oversupply in world markets.

Oil prices have fallen by more than a third since June as increasing production in North America from shale oil has overwhelmed demand at a time of sluggish global economic growth.

Crude prices have been falling all week as traders and analysts scaled back expectations of an OPEC production cut, but the sharp dive after Thursday's meeting showed the decision was not fully priced in.

Benchmark Brent futures settled at $72.58 a barrel, down $5.17, after hitting a four-year low of $71.25 earlier in the session. The contract was on track for its biggest monthly fall since 2008.

U.S. crude was last down $4.64 at $69.05 a barrel. Prices fell rapidly in early U.S. trade, before stabilizing as market activity dropped off towards midday, with many traders away for the U.S. Thanksgiving holiday.

At its lowest point on Thursday, U.S. crude traded at $67.75, nearly $6.00 down on the day, its weakest since May 2010.

Happy Thanksgiving
doc2son
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Message Posted: Nov 18, 2014 6:57:00 PM

Evening Update - NEW YORK, Nov 18 (Reuters) - Oil fell for a second straight day on Tuesday as traders looked beyond price defense attempts by Russia and Venezuela and toward Saudi Arabia and OPEC for fresh leads on whether the group will cut output when it meets later this month.

Saudi Arabia, the most powerful member of the Organization of the Petroleum Exporting Countries and the world's No. 1 oil exporter, raised crude shipments in September, data showed on Tuesday, despite signs of an oversupplied market.

Benchmark Brent crude settled down 84 cents at $78.47 a barrel, after falling as low as $78.21. Brent fell in six of the past seven sessions, touching four-year lows of $76.76 on Friday.

Front-month U.S. crude ended down $1.03 at $74.61 after an intraday bottom of $74.23. U.S. crude hit a September 2010 low of $76.30 on Friday.

After settlement, U.S. crude slipped about another 40 cents a barrel by 4:50 p.m. EST (2150 GMT). After the market closed, the American Petroleum Institute (API) said crude stockpiles in the United States rose by 3.7 million barrels last week. Analysts had expected a drop of 800,000 barrels.
doc2son
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Message Posted: Nov 11, 2014 1:26:36 PM

Update - NEW YORK, Nov 11 (Reuters) - Oil prices continued to seek a bottom on Tuesday amid worries about growing U.S. supplies, with benchmark Brent crude hitting a four-year low and nearing a test below the psychologically important $80 a barrel mark.

Brent was down $1.36 cents, or 1.7 percent, to $81 a barrel by 1703 GMT, after falling earlier to $80.46, the lowest level since September 2010.

U.S. oil's West Texas Intermediate (WTI) crude futures slid 30 cents, or 0.3 percent, to $77.10 a barrel, after a session low at $76.42.

Happy Veterans Day

doc2son
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Message Posted: Nov 4, 2014 10:16:14 AM

Update - LONDON, Nov 4 (Reuters) - Brent crude oil fell more than 3 percent to its lowest in over four years near $82 a barrel on Tuesday, after top oil exporter Saudi Arabia cut sales prices to the United States.

Front-month Brent touched a low of $82.08, its weakest since October 2010, and was down $2.60 at $82.18 a barrel by 1305 GMT.

U.S. light crude was down $2.40 at $76.38 a barrel. It touched a session low of $75.84, its weakest since October 2011, as its discount to Brent hovered around $6.

Get Out & Vote!!!



[Edited by: doc2son at 11/4/2014 10:17:40 AM EST]
doc2son
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Message Posted: Oct 30, 2014 8:19:58 PM

Update - NEW YORK Oct 30 (Reuters) - Oil prices closed down 1 percent on Thursday, resuming their downtrend after a two-day climb, as the dollar rallied on bets of a sooner-than-expected U.S. rate hike and traders placed little hope on OPEC cutting output at its November meeting.

Brent crude for December delivery settled down 88 cents a barrel at $86.24, after falling to as low as $85.92. Front-month U.S. crude finished down $1.08 at $81.12, after a session low at $80.80.

Both crude grades briefly pared losses in late afternoon trade as stocks on Wall Street extended their gains.

Happy Halloween Eve :O)
doc2son
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Message Posted: Oct 15, 2014 8:15:16 PM

UPDATE - NEW YORK, Oct 15 (Reuters) - Oil prices slumped on Wednesday after a brief bounce from four-year lows failed to gain traction, as equity markets tumbled and economic gloom spread.

A sharp fall in the U.S. dollar lent modest support to oil prices early in the day, but the mood turned bearish again by mid-afternoon as traders saw little end in sight for oil's deepest rout in three years. European benchmark Brent has fallen 28 percent since June as OPEC's most influential members see little need to shore up markets by cutting output.

Brent crude for November delivery, which expires on Thursday, settled $1.26 lower at $83.78 a barrel, after trading earlier as low as $83.37, its weakest since 2010. It fell nearly $4 on Tuesday, the biggest drop in three years.

U.S. crude ended just 6 cents lower at $81.78 as buyers returned early in the day after the contract hit $80.01, a symbolically important level in a market that has crashed through most lines of major support.

doc2son
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Message Posted: Oct 13, 2014 6:40:12 PM

Monday Update - NEW YORK, Oct 13 (Reuters) - Brent oil prices fell on Monday, tumbling more than $2 a barrel intraday to their lowest since 2010, after key Middle East producers signaled they would keep output high even if that meant lower prices.

Brent oil prices have tanked by nearly 25 percent since June as ample supply coincided with weak demand, raising the possibility that the Organization of the Petroleum Exporting Countries (OPEC) could cut output.

But Saudi Arabia has privately told oil market participants it can accept oil prices between $80 and $90 a barrel, sources briefed by OPEC's biggest producer told Reuters.

Brent November crude fell $1.32 to settle at $88.89 a barrel, having slumped to $87.74, the lowest front-month price since December 2010. The intraday low was a contract low ahead of its expiration on Thursday.

U.S. crude fell 8 cents to settle at $85.74 a barrel, having recovered from an intraday low of $84.07.

The spread between the two grades narrowed, falling to less than $3 after regular trading, the lowest since Oct. 7. One trader said the gap had narrowed because of profit taking on the spread, while a second trader said it was due to global growth. Both struggled to identify why the spread had narrowed late Monday.

Happy Columbus Day
doc2son
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Message Posted: Oct 3, 2014 7:23:37 PM

UPDATE -Oil Prices Decline $1, retreats to bear territory on U.S. dollar spike

NEW YORK, Oct 3 (Reuters) - Global crude oil prices extended a months-long rout into bear market territory on Friday, with Brent notching a new 27-month low as the dollar spiked following upbeat U.S. employment data and further signs of undiminished crude supply.

The rallying U.S. dollar has re-emerged as a key driver for commodity prices in recent months, making raw materials more costly for most importers and reviving a once-popular spread trade. It reached a more than four-year peak on Friday after a report showing the U.S. economy created more jobs than expected last month, putting unemployment at a six-year low.

Brent for November delivery fell by $1.11 to settle at $92.31, after earlier touching $91.48 a barrel, its lowest since June 2012. It lost 5.1 percent on the week, its steepest weekly loss since April 2013. It was the fourth week in five that the international benchmark has settled lower.

Brent has fallen by more than 20 percent since June, when it climbed near $116 following the incursion of Islamist militants into Iraq.

U.S. November crude fell by $1.27 to settle at $89.74 a barrel. It has lost around $2 this week, its steepest weekly fall in a month.

Enjoy your weekend (:

doc2son
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Message Posted: Sep 25, 2014 5:32:21 PM

UPDATE-Oil flat on strong dollar, abundant supplies

--NEW YORK, Sept 25 (Reuters) - Brent crude oil prices held steady while U.S. crude dipped slightly in choppy trading on Thursday as abundant supply and a strong U.S. dollar largely outweighed worries that conflict in the Middle East would disrupt output.

Brent rose by 5 cents to settle at $97.00 a barrel after swinging by more than $1 between $96.22 and $97.56 throughout the session. It had hit its lowest since July 2012 at $95.60 on Wednesday.

U.S. crude, also known as West Texas Intermediate (WTI) settled 27 cents lower at $92.53.

U.S. air strikes targeted Syrian refineries controlled by Islamic State. Nineteen people were killed overnight, according to the Syrian Observatory for Human Rights.
doc2son
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Message Posted: Sep 12, 2014 6:27:01 PM

Oil Prices Decline Update-NEW YORK, Sept 12(Reuters) - Crude oil prices fell on Friday on pressure from weak demand, ample supplies and a strong dollar.

Taking what traders called a "wild ride," U.S. crude prices fell in the morning but reversed course to hold higher for most of the afternoon, only to fall again by settlement.

Brent futures for October fell 97 cents to settle at $97.11 a barrel, the biggest weekly loss since the week to July 11. The contract expires on Monday, adding to pressure as traders roll positions. The November contract fell 90 cents to $97.96 a barrel.

U.S. crude fell 56 cents to settle at $92.27 a barrel. Brent's premium over U.S. crude CL-LCO1=R narrowed to $4.84.

During the day, the arb touched as low as $4.15, the narrowest intraday arbitrage since April 14.

Enjoy your weekend :)
doc2son
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Message Posted: Sep 5, 2014 5:23:34 PM

Oil Prices Decline Update -- NEW YORK, Sept 5 (Reuters) - Crude oil futures fell on Friday and ended the week more than 2 percent lower as disappointing jobs data from the United States cast doubt about the strength of economic growth in the world's biggest oil-consuming economy.

Brent crude for October delivery fell $1.01 to settle at $100.82 a barrel, having dropped to $100.35 intraday. The last time Brent was priced under $100 was in June 2013.

U.S. October crude fell $1.16 to settle at $93.29 a barrel.

The weekly drop was Brent's third in four weeks and the sixth in the past seven weeks for U.S. crude.

Enjoy your weekend Everyone :o)

doc2son
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Message Posted: Aug 14, 2014 6:28:18 PM

Oil Prices Decline Update -- Aug 14 (Reuters) - Crude oil prices fell more than $2 a barrel on both sides of the Atlantic on Thursday, sunk by weak economic data hinting at softening oil demand and by ample supplies.

Brent and U.S. crude futures were already pressured by weak European economic data and ample global oil supply, despite conflicts in Iraq and Libya.

Brent crude for delivery in September settled down $2.27 at $102.01 after dropping to a low of $101.92 , the lowest since July 2013.

The October Brent contract lost $2.99 to settle at $102.07.

U.S. crude contract settled down $2.01 at $95.58 a barrel.

Enjoy your evening :)

doc2son
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Message Posted: Aug 1, 2014 5:45:19 PM

NEW YORK, Aug 1 (Reuters) - Brent and U.S. crude futures tumbled on Friday to the lowest settlement prices in months, as oversupply in the Atlantic basin and low demand outweighed worries over political tensions in the Middle East, North Africa and Ukraine.

Oil prices ended the week down more than 3 percent, as forecasts for a supply glut in West African and European markets dragged Brent below $105 a barrel and U.S. crude below $98.

Brent crude slid $1.18 to settle at $104.84 a barrel, its lowest settlement since April 2.

U.S. crude fell 29 cents to settle at $97.88 a barrel, the lowest settlement since Feb. 6. U.S. crude notched its biggest weekly decline since January, almost 4.5 percent.

Enjoy your weekend
doc2son
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Message Posted: Jul 11, 2014 6:31:12 PM

NEW YORK, July 11 (Reuters) - Brent oil hit a three-month low on Friday, extending losses for the third week in a row as fears about supply shortages in the Middle East and North Africa continued to recede.

The North Sea benchmark slipped below $107 per barrel, posting its steepest weekly decline since January, as evaporating geopolitical risk drove selling. The drop also hit U.S. crude futures, which fell to a two-month low under $101.

Brent lost $2.01 to settle at $106.66 a barrel, the lowest since April 7. It has dropped about 3.7 percent since the beginning of the week, the steepest slide since early January.

U.S. crude lost $2.10 cents to settle at $100.83, the lowest since May 12. It is down about 3.2 percent since the beginning of the week, the sharpest drop in almost two months.

Enjoy your weekend :)

doc2son
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Message Posted: Jul 1, 2014 6:25:53 PM

NEW YORK, July 1 (Reuters) - Crude oil prices dipped slightly on Tuesday on easing concerns of supply disruptions due to the conflicts in Iraq and Ukraine, whilst gaining some support from upbeat manufacturing data in China, the world's second-biggest oil consumer.

"The market has been on a downtrend since peaking last week," said Dominick Chirichella of the Energy Management Institute in New York. "The latest data from China is interesting: it's not going to result in a big surge in oil demand anytime soon, but it's a baby step in the right direction."

Brent crude lost 7 cents to end at $112.29 a barrel, the lowest settlement since June 12.

U.S. oil lost 3 cents to settle at $105.34 a barrel, also the lowest point since June 12.

Happy July Everyone :)

doc2son
Champion Author Missouri

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Message Posted: Jun 23, 2014 12:03:39 PM

LONDON, June 23 (Reuters) - Brent crude dipped below $114 a barrel on Monday as worries about disruptions to Iraqi crude supplies began to look overdone given that exports have so far been unaffected by a Sunni Islamist insurgency.

Brent was down 90 cents at $113.91 by 1336 GMT, off an intraday high of $115.66. U.S. crude for August delivery was down 54 cents at $106.29, after touching $107.45 earlier in the session. The July contract expired on Friday.

Traders and analysts said that the rally had faltered as the market was becoming desensitised to the news out of Iraq. Although insurgents made further gains at the weekend Iraq's crude exports have not yet been slowed by the conflict.

"There is some bailing (out) going on," a futures broker said. The latest ICE Brent data showed that speculators had raised their net long positions to their highest level since September 2013 last week. Traders and analysts suggested some were now taking profits.

Data showed that Iraq's oil exports from its southern terminals are near record rates so far in June at around 2.53 million barrels per day, despite the Sunni insurgency.

Happy Summer Everyone :o)
ink62
Champion Author Chicago

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Message Posted: Jun 5, 2014 4:25:23 PM

ink62
Champion Author Chicago

Posts:111,669
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Message Posted: Jun 5, 2014 11:41:33 AM

ink62
Champion Author Chicago

Posts:111,669
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Message Posted: Jun 1, 2014 1:56:31 PM

doc2son
Champion Author Missouri

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Message Posted: Apr 26, 2014 2:35:23 PM

NEW YORK, April 25 (Reuters) - Crude oil futures shrugged off a barrage of threats and demands between Western powers and Russia over the crisis in Ukraine, slipping ahead of the weekend on profit taking and healthy supplies in North America.

Brent settled at $109.58 a barrel, 75 cents, or 0.68 percent lower, while U.S. crude settled $1.34, or 1.31 percent, lower at $100.60.

Enjoy your weekend
doc2son
Champion Author Missouri

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Message Posted: Mar 12, 2014 5:05:26 PM

NEW YORK, March 12 (Reuters) - U.S. crude oil fell by more than 2 percent on Wednesday, its biggest drop in two months, after the United States announced unexpected plans for a test release of strategic oil reserves while weekly data showed a big rise in crude stockpiles.

U.S. crude settled $2.04 lower at $97.99 a barrel, below the 50-day moving average of $98.32 by midday.

Brent crude oil futures settled about 53 cents lower at $108.02 per barrel.

Brent's premium over U.S. crude CL-LCO1=R settled $1.51 wider at $10.03, the first time it settled above $10 since Jan. 29.

PAA64
Champion Author Cincinnati

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Message Posted: Jan 9, 2014 12:33:33 AM

interesting
doc2son
Champion Author Missouri

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Message Posted: Jan 2, 2014 3:12:45 PM

NEW YORK, Jan 2 (Reuters) - Oil prices fell by more than $2 on Thursday as Libya prepared to restart a major oilfield and on speculation of a sharp rise in crude stockpiles in Cushing, Oklahoma.

Happy New Year :)
doc2son
Champion Author Missouri

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Message Posted: Nov 26, 2013 3:14:45 PM

Nov 26 (Reuters) - Brent crude oil futures rose in choppy trading on Tuesday, as investors concluded that a deal between Iran and world powers would bring no immediate increase in crude supplies and Libyan oil workers went on strike in Benghazi.

Front-month Brent crude rose 21 cents to $111.21 a barrel by 1:14 p.m. EST (1814 GMT). It plunged as much as $3 on Monday but recouped most of those losses to end 5 cents down.

U.S. oil fell 12 cents to $93.97, hovering between the 10-and-15-day moving averages of $93.96 and $94.09.

Enjoy the rest of your day :)
lesndave
Champion Author Texas

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Message Posted: Sep 10, 2013 10:09:09 PM

Hmmmmm
DanMtz
Champion Author Oakland

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Message Posted: Sep 10, 2013 6:54:35 PM

It's a start.
52MPG
Champion Author Dayton

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Message Posted: Sep 10, 2013 3:56:40 PM

BO will figure out a way to screw things up again.
scu227
Champion Author New Haven

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Message Posted: Sep 10, 2013 9:26:20 AM

They need to slide a lot more !!!!!!!
doc2son
Champion Author Missouri

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Message Posted: Sep 10, 2013 9:14:25 AM


Early Tuesday--Oil at two-week low near $112 as expectations of Syria strike ebb
kiatoindos
Champion Author Chicago

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Message Posted: Sep 10, 2013 8:19:29 AM

At least putin seems to know what he's doing mabey he can defuse this whole situation!
Grizdad
Champion Author Montana

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Message Posted: Sep 10, 2013 8:10:43 AM

Good. We have enough problems here at home.
VMIJim
Champion Author Alabama

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Message Posted: Sep 10, 2013 7:42:21 AM

Just another smoke screen orchestrated by the Obama Administration amid all the lies, coverups, scandals & indecisiveness. The bottom line is that Obama has done nothing to control fuel speculation/prices, reduce our dependence on foreign fuels, or improve our economy. His sole agenda is to cater to his tree hugging, stimulus sucking, union dominated, ultra liberal major contributors. As a result, we continue to screwed at the pump, with our utilities, & with our taxes. Nothing will change as long as Obama is in office & controls the Senate. 2014 Elections are coming - stop this madness!!
dandvicb
Champion Author Bridgeport

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Message Posted: Sep 10, 2013 7:15:42 AM

It's all about the Speculator's, Greed & Market Manipulation!!
txequitygas
Champion Author Houston

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Message Posted: Sep 10, 2013 2:13:36 AM

just wait obummer has the word tomorrow
1momsunshine
Champion Author Ottawa

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Message Posted: Sep 10, 2013 12:26:28 AM

ok
leeac
Champion Author Ohio

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Message Posted: Sep 10, 2013 12:21:49 AM

Demand is down. Price is down.
rahcat
Champion Author Grand Rapids

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Message Posted: Sep 10, 2013 12:06:13 AM

Won't last long.
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