Oil rig counts in the U.S. rose for the first time since December 2014 last week, which could impact year-end price targets.» Read More
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.
OIL FUTURES EXTEND LOSSES AFTER EIA DATA SHOWS U.S.
CNBC's Jackie DeAngelis reports on all the factors bringing oil prices are near session lows.
LONDON, July 1- Benchmark crude oil prices have barely moved for more than two months, implying the market has found a temporary equilibrium after the enormous price shock in the second half of 2014 and early 2015.. The trading range is the smallest since the shock began in June 2014, and down from a peak of almost $40 per barrel in early January 2015.
*Greece not able to repay 1.6 bln euros owed to IMF. *OPEC, U.S. output rises to multi-year highs. SINGAPORE, July 1- Oil prices fell over 1 percent on Wednesday after Greece became the first developed economy to default on a loan with the International Monetary Fund, and as both U.S. and OPEC production hit new records.
Joel Whitaker, SVP, global head of research at Frontier Strategy Group, outlines the risks for major oil international companies to get back into Iran.
U.S. crude broke below its two-month trading band as progress in Iranian nuclear talks and a surprise supply build weighed on futures.
Failure to reach a deal on Iran's nuclear program is a bad outcome, says Daniel Serwer, professor at the Center for Transatlantic Relations at Johns Hopkins School of Advanced International Studies.
*OPEC, U.S. output rises to multi-year highs. SINGAPORE, July 1- Oil prices fell on Wednesday after Greece became the first developed economy to default on a loan with the International Monetary Fund and as both U.S. and OPEC production hit new records. "Iraqi crude production climbed to a record level this month, with OPEC crude oil output estimated to have reached...
*Greece not able to repay 1.6 bln euros owed to IMF. SINGAPORE, July 1- Oil prices fell in early trading on Wednesday after Greece became the first developed economy to default on a loan with the International Monetary Fund. Greece, as expected, was not able to repay 1.6 billion euros it owed to the IMF, in what was the largest missed payment in the Fund's history.
Stephen Schork, editor of The Schork Report, outlines the obstacles that stand in the way of an accord on Iran's nuclear program.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.
OIL PRICES PARE GAINS AFTER API DATA SHOWS U.S.
CNBC's Jackie DeAngelis tracks oil action into the close.