Noted investor Dennis Gartman told CNBC he's like to think oil is stabilizing, with the vast majority of the move over.» Read More
Non- OPEC member Russia and other nations like Iraq, Iran and Venezuela need prices substantially above present levels to meet budget goals and want to drive prices up. An OPEC meeting last month failed to agree on production cuts, mainly because of Saudi opposition to curb its own exports. OPEC controls about 40 percent of the world oil market and Saudi Arabia is...
IRAQ OIL MIN SAYS SEES OIL PRICES STABILIZING AROUND CURRENT LEVEL OF $60/ BBL.
*Brent closes above $61, U.S. crude settles above $56. NEW YORK, Dec 19- Oil closed up as much as 5 percent on Friday, its biggest gain in over two years, as some traders took profits on short positions after prices this week hit their lowest since 2009.. Brent's front-month settled up $2.11, or 3.4 percent, at $61.38 a barrel, after closing twice this week below the...
*Bremt closes above $61, U.S. crude settles above $56. Brent ended above $61 a barrel, the second time since Wednesday when it closed above the key psychological level of $60, and continued to rise in post-settlement trade. WTI finished above $56, breaking above the $55 resistance.
NEW YORK, Dec 19- U.S. stocks gained ground in late afternoon trading on Friday, extending the S&P 500' s best two-day run in more than three years, helped by higher energy shares. Brent crude oil rebounded to end up 3.6 percent at $61.38 a barrel, while WTI crude jumped 4.5 percent to settled at $56.52. Among decliners, shares of Nike shed 2.8 percent, a day after the...
President Obama shares his view of implications saying Keystone pipeline will impact U.S. gas prices and jobs.
Oil at $50 a barrel is not going to scare some producers, and investors should focus on companies with core acreage in good basins, said Mike Kelly.
There's a currency war going on and the ruble is just one battle, says "Fast Money" trader Brian Kelly. Where's the next battelfield?
MEXICO CITY, Dec 19- Mexico's state oil company Pemex is renegotiating service contracts worth hundreds of millions of dollars in a drive to cut costs as it grapples with falling crude prices, its chief executive said. Mexico's main crude export mix is worth even less, trading around $51 a barrel on Friday, while Pemex's average production costs are about $22 per...
Some big news this week, including Russia and North Korea. Did any change the game for the market? NYSE floor trader Kenny Polcari weighs in.
NEW YORK, Dec 19- U.S. stocks were little changed on Friday after the market's best two-day run in more than three years, with shares of Nike weighing on the Dow while energy shares led a modest advance on the benchmark S&P 500.. Brent crude oil advanced above $60 a barrel on Friday, recovering from near a 5-1/ 2- year low, while WTI crude climbed 3.3 percent to $55.90.
Oil rig count numbers have a long way to drop, late to chase the price fall in gas prices.
CNBC's Brian Sullivan takes a look at companies "weathering" the slowdown in oil production in Texas.
As oil prices hold at lows, gas station stocks such as CST Brands and Murphy USA may be the best way to play the energy sector, analysts said.
West Texas Intermediate crude futures traded above $55 a barrel while benchmark Brent hovered above the psychologically key $60 level, gaining over 2 percent in New York's morning trade. "At least I'm not convinced that with Brent at $60 or WTI above $55, we've seen the bottom yet," said Tariq Zahir, managing member at Tyche Capital Advisors in Laurel Hollow, New...
Carnival Cruises earnings have beaten expectations in its fourth quarter, with lower fuel prices being a great help, says David Dingle, UK chairman of Carnival Cruises.
Howard Marks thinks that the drop in oil prices could finally expose low lending standards and provide better value in the markets.
*Brent holds above $60 a barrel. Brent crude oil advanced above $60 a barrel on Friday, recovering from near a 5-1/ 2- year low, while WTI crude climbed 3.3 percent to $55.90. It's kind of coming back to where we were about two weeks ago, "said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.
Dec 19- U.S. crude oil futures rallied more than $2 a barrel on Friday, with traders citing book-squaring ahead the expiry of the front-month January contract and pre-holiday short-covering. West Texas Intermediate crude for January delivery was up $2.14 to $56.25 a barrel by 10:49 a.m. EST after hitting a session high at $56.25. The nearby February contract,...