Analysts say the stars are aligned for crude to hit a rock-bottom price during this quarter.» Read More
A batch of discouraging economic news deepened investors' concerns about corporate earnings, pulling major U.S. stock indexes down on Wednesday for the second day in a row. Oil prices surged above $50 a barrel on signs that U.S. production growth is slowing. "The data show we definitely hit a bit of a slowdown in the first quarter, and now investors are getting...
NEW YORK— U.S. stocks are closing modestly lower, continuing a downward trajectory from the day before. Oil soared on signs that U.S. production growth is slowing and anticipation that a delay in talks with Iran over its nuclear program could keep Iranian oil off the world market. U.S. crude rose $2.49 to $50.09 a barrel in New York.
BRENT CRUDE OIL SETTLES UP $1.99, OR 3.6 PERCENT, AT $57.10 A BARREL.
CRUDE OIL SETTLES UP $2.49, OR 5.2 PERCENT, AT $50.09 A BARREL.
CNBC's Jackie DeAngelis tracks crude prices as oil comes to a close.
CNBC's Steve Liesman looks at the global impact of the crude collapse as CNBC's Kate Kelly takes on how to play energy in Q2.
BRENT CRUDE HITS SESSION HIGHS AFTER WHITE HOUSE, GERMAN FOREIGN MINISTER COMMENTS ON IRAN NUCLEAR TALKS.
*Focus shifts from Iran as nuclear talks go beyond deadline. "Clearly, there is a demand response underway by consumers to the low retail price," said John Kilduff, partner at New York energy hedge fund Again Capital. U.S. crude futures were up $2, or 4.2 percent, at $49.60 a barrel by 11:49 a.m. EDT.
CRUDE, BRENT UP $2 A BARREL, EXTENDING WEDNESDAY MORNING RALLY.
*Oil rallies as talks on Iran continue. NEW YORK, April 1- U.S. stocks fell for a second day and the dollar dipped after a weaker-than-expected report on private sector employment spurred investor concerns that a highly anticipated monthly U.S. jobs report on Friday could also point to slowing economic growth. However, oil futures rallied as talks over Iran's...
NEW YORK, April 1- U.S. crude inventories rose last week to a record high for the 12th straight week, while gasoline stocks fell more than four times than expected as demand grew for the motor fuel, data from the Energy Information Administration showed on Wednesday. "The large decline in gasoline inventories is notable, as is the four-week average demand of 9...
CRUDE UP MORE THAN $1 A BARREL, EXTENDING GAINS ON DOLLAR WEAKNESS AFTER EIA DATA.
CNBC's Jackie DeAngelis reports the latest on crude oil inventories.
As concerns about the glut of oil in the world continues to weigh, some have questioned why prices haven't fallen even further.
LONDON, April 1- Brent crude oil futures reversed early losses to rally to $55.50 barrel as talks over Iran's nuclear program continued, curbing expectations of an immediate deal that would allow Iranian crude onto the market. Talks between Iran and six world powers in the Swiss city of Lausanne to settle a dispute around Tehran's nuclear program extended past...
LONDON, April 1- 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.
*Iran nuclear talks extend beyond Tuesday deadline. SINGAPORE, April 1- Oil futures edged lower on Wednesday amid speculation that a last-minute deal over Iran's nuclear programme would be reached that could allow more Iranian crude into world markets. Talks between Iran and six world powers to settle a dispute around Tehran's nuclear programme extended...
Negotiators could still reach a deal to lift sanctions on Iranian oil exports and send prices further south, analysts say.
LAUNCESTON, Australia, April 1- The state of China's oil storage tanks is shaping up as a key determinant of the likely path of imports by Asia's largest fuel consumer. A trading executive at top Chinese refiner Sinopec weighed into the issue on March 25, saying China's commercial and strategic storage is almost full. If the Sinopec official is correct, it almost...
Bill Maldonado, APAC CIO of HSBC Global Asset Management, says the plunge in oil prices is positive for economies, but markets have been reluctant to absorb that as good news.