Marvin Odum, Shell Oil President, discusses the company's new project in the Gulf of Mexico. He says this is going to be a profitable project because the breakeven price is about $55 per barrel.» Read More
*First rise in U.S. oil rig count since December- Baker Hughes. *Some caution prevails over long July 4 weekend, Greece and Iran. Pulling crude futures off highs was the latest data on the U.S. oil rig count from Baker Hughes.
CRUDE FUTURES TURN LOWER, BRENT PARES GAINS IN PRE-SETTLEMENT TRADE.
LONDON, July 2- Oil prices edged higher on Thursday as the U.S. dollar slipped following weaker-than-expected U.S. non-farm payrolls data. Brent futures were trading 60 cents higher at $62.61 per barrel at 1247 GMT. "Overall, production was supported by increased output from the Gulf of Mexico," Barclays said in a note following the publication of the inventories...
Tom Kloza, Oil Price Information Services, shares his outlook on gas prices as travelers head into the busiest driving holiday weekend in years.
Brent futures were trading 29 cents higher at $62.30 per barrel at 0946 GMT. "Overall, production was supported by increased output from the Gulf of Mexico," Barclays said in a note following the publication of the data. Outside the United States, supply from the Organization of the Petroleum Exporting Countries rose to a three-year high of 31.60 million barrels...
SINGAPORE, July 2- Oil prices edged up on Thursday, partially recovering from price falls of 2.5 to 4 percent a day earlier as U.S. stockpiles rose for the first time in months on the back of high production. Following a 4.2- percent drop on Wednesday, front-month U.S. crude futures were trading at $57.07 per barrel at 0628 GMT, up 11 cents from their last settlement.
Drillers added 12 oil rigs to U.S. fields in the last week, snapping a 29-week streak of declines.
SINGAPORE, July 2- Oil prices steadied on Thursday after the main crude benchmarks tumbled 2.5-4 percent a day earlier as U.S. stockpiles rose for the first time in months on the back of high production. Following a 4.2 percent drop on Wednesday, front-month U.S. crude futures were trading at $56.94 per barrel at 0420 GMT, down 2 cents from their last settlement.
SINGAPORE, July 2- Oil prices were broadly unchanged from their previous close in early trading on Thursday after tumbling 4 percent a day earlier as U.S. stockpiles rose for the first time in months on the back of high production. Following Wednesday's drop, front-month U.S. crude futures were trading at $56.95 per barrel at 0015 GMT, down 1 cent from their last...
CNBC's Sue Herera reports that rumors of a draft deal with Iran are premature.
*WTI discount vs Brent hits $5 a barrel, biggest in 2 weeks. *Slide came on U.S. stockpile build, Greece and Iran fears. NEW YORK, July 1- U.S. crude prices fell 4 percent on Wednesday, posting their biggest daily drop since April after oil stockpiles in the United States rose for the first time in more than two months.
CNBC's Jackie DeAngelis reports crude oil settled at $57.0 on Wednesday, and traders believe this could be the beginning of a leg lower.
CNBC's Jackie DeAngelis reports on the dip in oil prices into the close Wednesday.
July 1- U.S. crude oil futures' discount to Brent, one of the biggest plays in oil, widened to more than $5 a barrel for the first time in three weeks on Wednesday after U.S. government data showed a surprise inventory build. "The bottom line is the overall U.S. stock build is weighing on heavily on WTI, and the Cushing build is adding to that," said Tariq Zahir, an oil trader and...
July 1- The WTI-Brent spread reached above $5 a barrel for the first time in three weeks on Wednesday as U.S. crude's discount to the U.K. benchmark surged on a surprise inventory build. The front-month West Texas Intermediate contract for U.S. crude was down $2.05 to $57.42 a barrel by 12:53 p.m. EDT. In contrast, U.K. benchmark Brent slipped $1.15 to $62.44.
NEW YORK, July 1- U.S. crude oil inventories rose last week for the first time since April, while gasoline stocks decreased unexpectedly, data from the Energy Information Administration showed on Wednesday. "The crude build was definitely a surprise as was the Cushing build," said Tariq Zahir, managing member at Tyche Capital Advisors in Laurel Hollow, New York.
Art Cashin of UBS joins the Squawk Alley panel to discuss his thoughts on Alexis Tsipras, Prime Minister of Greece, and the latest market action.
*OPEC output rises to three-year high. LONDON, July 1- Oil fell to trade further below $63 a barrel on Wednesday after U.S. crude inventories unexpectedly rose, the latest sign of a supply glut that may increase if Iran reaches a nuclear deal with world powers. "The oil market is being literally flooded with OPEC crude oil at present," said Carsten Fritsch, analyst at...
CRUDE ACCELERATES LOSSES, DOWN 2.7 PCT TO BELOW $58 A BARREL, AFTER U.S.