CNBC's Bertha Coombs discusses the day's activity in the commodities markets. Traders say fundamentals are likely to continue to push down the price of oil. Gasoline futures rebounded, but are still down, she says.» Read More
DUBAI/ KHOBAR, Oct 1- Saudi Aramco sharply cut official oil prices for Asian customers in November, the state-run company said on Wednesday in the clearest sign yet the world's largest exporter is trying to compete for crude market share.
NEW YORK, Oct 1- Brent oil bounced off a two-year low and headed toward $96 a barrel on Wednesday and U.S. crude also rose as crude stockpiles fell unexpectedly and Chinese factory data offered signs of hope for the slowing economy.
*China's PMI steadies at 51.1, just above forecast. LONDON, Oct 1- Oil rose from a more than two-year low to above $96 a barrel on Wednesday, supported by a slightly better-than-expected Chinese factory survey and a surprise drop in U.S. crude oil inventories.
CRUDE OIL FUTURES EXTEND GAINS AFTER EIA STORAGE REPORT.
*Brent seen averaging $103.30, WTI $96.10 in 2015. Brent has averaged near $110 a barrel since 2011 but has fallen sharply since June as U.S. shale oil supplies outstripped expectations and Iraqi and Libyan production has risen despite violence and political unrest in the two OPEC members.
*China's PMI steadies at 51.1, just above forecast. LONDON, Oct 1- Oil rose from a more than two-year low to over $95 a barrel on Wednesday as a slightly better-than-expected Chinese factory survey countered worries of an economic slowdown in the world's No. 2 oil consumer and ample supplies.
RUSSIAN CENTRAL BANK TO ASSUME OIL PRICE OF $60 PER BARREL IN ITS NEW STRESS SCENARIO OF MONETARY POLICY OUTLOOK- INTERFAX NEWS AGENCY.
"It's a tiny bit better than the market expected, but the China bears have been beating their chest very loudly in the past few weeks so we should see some relief rally," said Ben Le Brun, market analyst at OptionsXpress in Sydney. Brent oil for November delivery was up 30 cents at $94.97 a barrel by 0627 GMT, off a session high of $95.17.
Crude reversed session gains, after the effect of U.S. stockpile data wore off and investors grew fearful about growing risks.
*NYMEX crude for November delivery was up 19 cents at $91.35 a barrel by 0014 GMT, after settling down $3.41 at $91.16 on Tuesday, hurt by falling gasoline prices and the dollar's surge to a four-year peak against a basket of currencies.
The "Fast Money" traders look at the big drop in oil prices.
CNBC's Bertha Coombs discusses the day's activity in the commodities markets. The dollar hit multi-year highs, which hit commodities hard today.
NEW YORK, Sept 30- Commodities posted their biggest quarterly drop in three years on Tuesday as plummeting oil prices and lower markets from gold to copper to soybeans brought the third straight monthly decline to a sector pressured by a surging U.S. dollar. Gold futures hit a 2014 low, the sharpest monthly slide since June 2013.
A list of the countries that use the most energy on a per-person basis contained mostly small (and surprising) names.
NEW YORK, Sept 30- Brent oil slipped below $97 a barrel on Tuesday, hit by dollar strength and ample supply, and U.S crude also fell as both benchmarks headed for the deepest quarterly drop in more than two years. Brent for November delivery was down 97 cents at $96.23 per barrel at 11:06 a.m. EDT.
LONDON, Sept 30- Brent oil slipped below $97 a barrel on Tuesday, hit by dollar strength and ample supply, and was heading for its deepest quarterly drop in more than two years. Brent for November delivery was down 33 cents at $96.87 per barrel by 1403 GMT.