CNBC's Jackie DeAngelis reports latest data on natural gas inventories.» Read More
CNBC's Jim Cramer thinks oil's price is driving about 80 percent of the action in equities.
*Europe and China manufacturing beat expectations. *OPEC members unable to agree on cut. LONDON, Oct 23- Brent crude oil rose above $85 a barrel on Thursday on news Saudi Arabia cut its supply to the market in September, even though its overall production grew month on month, and on strong economic data from Europe and China.
*Saudi Arabia increases output but cuts market supply. *OPEC members unable to agree on cut. LONDON, Oct 23- Brent crude oil rose above $85 a barrel on Thursday on news Saudi Arabia cut its supply to the market in September, even though its overall production grew month on month.
LONDON, Oct 23- On Oct. 20, 1973, King Faisal of Saudi Arabia imposed a total embargo on oil shipments to the United States among other countries in response to their support for Israel during the Arab-Israeli war. Following the U.S. mid-term elections next month, Congress will take up the issue again, a debate that would benefit from an understanding of the history...
Alexei Kudrin, former finance minister of Russia, says the country's economy will face a "challenge" if the oil price hits $80 per barrel or below.
*China October PMI at 3- month high of 50.4- HSBC/ Markit. *OPEC should cut output by at least 500,000 bpd- Libya. SINGAPORE, Oct 23- Brent crude fell for a second session running on Thursday, hitting a one-week low just above $84 a barrel as a sharp rise in crude inventories in top oil consumer the United States reinforced oversupply concerns.
BEIJING, Oct 23- China's commercial crude oil inventories rose for a third straight month in September as refiners focused on drawing down refined fuel stocks, which fell 2.7 percent over the previous month, the official Xinhua news agency said on Thursday. Diesel led the fall with a 5.12 percent decline, as harvesting and fishing activity pushed consumption...
Gaurav Sodhi, Resources Analyst at Intelligent Investor, says the recent declines reflect the elimination of the security premium built into oil prices over the past few years.
*Takata shares fall to 18- month low. The Nikkei share index lost 0.7 percent to 15,089. 14 Wall Street shares slid on Wednesday after big gains in the past few days. 1/ 8 ID: nL2N0SH2QI 3/ 8 Oil prices also fell sharply, pressured by data that showed a second big jump in weekly U.S. crude stockpiles, as well as a rising U.S. dollar and falling equity markets. 1/ 8 ID: nL6N0SH1EW 3/...
Brent crude reversed early losses to edge up towards $85 a barrel on Thursday, with factory data having countered concerns.
SINGAPORE, Oct 23- U.S. oil futures fell further on Thursday after losing over $2 the session before as crude stockpiles in the world's top oil consumer surged far more than analysts had expected. *Front-month U.S. crude was down 9 cents at $80.43 a barrel by 0021 GMT. The 12- member OPEC meets on Nov. 27.
Amid recent market volatility, the Fed could delay raising interest rates until end 2015 or early 2016, says John Derrick, Director Of Research at U.S. Global Investors.
If oil prices slip below $70 a barrel, it will be a "no fly zone" for U.S. equities, says Jim Awad, Chairman of Plimsoll Mark Capital.
With all the cross currents in the market, here are the technical levels to watch. CNBC's Patti Domm reports.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets. A big oil build was far more than traders expected. After the headlines in Ottawa, the markets fell and crude dropped, as well.
NEW YORK, Oct 22- Oil prices fell sharply on Wednesday, with U.S. crude approaching $80 a barrel after data showed a second big jump in weekly U.S. crude stockpiles. Brent December crude fell $1.51 to settle at $84.71 a barrel. U.S. crude fell $1.97 or 2.5 percent to settle at $80.52 a barrel, just above the session low of $80.28.
NEW YORK, Oct 22- Oil prices resumed their deep downward march on Wednesday, with U.S. crude again nearing $80 a barrel after data showing a second big jump in weekly U.S. crude stockpiles broke a brief period of tentative consolidation. After trading in a relatively narrower range for the past few days, Brent crude fell $1.68 at $84.56 a barrel at 2:37 EST.
BRENT CRUDE FUTURES DROP $1 TO $85.22/ BBL, U.S.
Art Cashin of UBS, discusses the shooting in Ottawa on Parliament Hill, and fears around lone wolf events.