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Energy Commodities Oil

  • *Saudi wants Brent at $60, Russia cuts Feb output. NEW YORK, Feb 28- Global oil prices fell 1 pct on Tuesday but continued to trade in a tight range, as concerns about rising U.S. crude inventories ahead of data overshadowed OPEC production cuts. The Organization of the Petroleum Exporting Countries has so far surprised the market by showing record compliance with...

  • *Company to break even at $35- 40/ bbl by 2021. LONDON, Feb 28- British oil major BP lifted the outlook for its core oil and gas divisions on Tuesday, saying it would be able to balance its books with crude prices as low as $35 to $40 a barrel by 2021 thanks to its tough spending cuts. "Over the next five years we expect this to fall to around $35- 40 a barrel for the group overall."

  • *Canadian dollar at C $1.3209, or 75.71 U.S. cents. *Loonie touches its weakest since Jan. 24 at C $1.3228. Prices of oil, one of Canada's major exports, retreated as increasing crude production from the United States offset the Organization of the Petroleum Exporting Countries-led output cuts.

  • *Saudi wants Brent at $60, Russia cuts Feb output. LONDON, Feb 28- Global oil prices dipped on Tuesday but continued to trade in a tight range, with OPEC- led output cuts offset by increasing crude production from the United States. The Organization of the Petroleum Exporting Countries has so far surprised the market by showing record compliance with oil-output...

  • Operations at U.S. Steel

    Cowen forecasts steel consumption by the oil industry will rise by 65 percent in 2017.

  • LONDON, Feb 28- Iraq has trimmed exports of Kirkuk crude oil to better meet its supply reduction obligations with OPEC and deliver fuel for local needs amid its campaign against Islamic State, a senior official from Iraq's semi-autonomous region of Kurdistan said. Kurdistan and Iraq agreed last year to jointly export crude from the giant Kirkuk oilfield after...

  • *Saudi wants Brent at $60, Russia cuts Feb output. LONDON, Feb 28- Global oil prices dipped on Tuesday but continued to trade in a tight range with the OPEC- led output cuts offset by increasing crude production from the United States. The Organization of the Petroleum Exporting Countries has so far surprised the market by showing record compliance with oil-output...

  • LONDON, Feb 28- Brent spreads have weakened sharply in recent days as traders become less convinced the oil market will rebalance early in the second quarter. The calendar spread from May to June has eased from 6 cents contango per barrel on Feb. 21 to 30 cents contango on Feb. 27. Hedge funds accumulated a large net long position in WTI spreads following the...

  • *Oil rises on expectations of further OPEC cuts. Under the deal, OPEC agreed to curb output by about 1.2 million barrels per day from Jan. 1, the first cut in eight years. In addition, 11 non- OPEC oil producers have promised to cut their output- Russia reduced production by 124,000 barrels per day this month compared with October levels, Interfax reported on Tuesday...

  • DUBAI/ LONDON, Feb 28- Saudi Arabia wants crude oil prices to rise to around $60 a barrel this year, five sources from OPEC countries and the oil industry said. This is the level the OPEC heavyweight and its Gulf allies- the United Arab Emirates, Kuwait and Qatar- believe would encourage investment in new fields but not lead to a jump in U.S. shale output, the sources said.

  • London, Hong Kong in the running for Aramco IPO: Pro

    Sani Hamid of Financial Alliance takes a closer look at how the markets could be impacted by the listing of Saudi Aramco.

  • Saudi Arabia's state oil company Saudi Aramco will invest $7 billion into an oil refinery in Malaysia's southern state of Johor.

  • Oil pumpjacks in the Permian Basin oil field are getting to work as crude oil prices gain.

    Global oil fell but continued to trade in a tight range, with the OPEC-led output cuts offset by increasing crude production from the U.S.

  • Saudi Aramco IPO could go to London: Expert

    John Augustine, CIO of Huntington Bank, explains why he thinks the Aramco IPO might go to London over Asia.

  • MEXICO CITY, Feb 27- Mexican state-owned oil company Pemex on Monday reported a much smaller fourth-quarter loss, due in large part to higher crude prices. The loss narrowed to $1.58 billion from $9.8 billion a year earlier. Revenue at the company officially known as Petroleos Mexicanos rose more than 20 percent to $15.67 billion, according to a filing to the...

  • Futures Now: Crude oil rallies

    The Futures Now team discusses the rise in crude oil, and whether the sentiment is too bullish at his point.

  • *UAE and Iraq pledge to catch up with output cut targets. On its second to last day as the front-month contract, Brent futures for April delivery were up 16 cents, or 0.3 percent, at $56.15 a barrel by 11:24 a.m. EST. Money managers also raised their bullish U.S. crude futures and options positions in the week to Feb. 21 to the highest on record, the U.S. Commodity Futures...

  • *Canadian dollar at C $1.3088, or 76.41 U.S. cents. TORONTO, Feb 27- The Canadian dollar edged higher against its U.S. counterpart on Monday as oil prices rose, but gains for the loonie were restrained ahead of a Bank of Canada interest rate decision this week. The Bank of Canada is widely expected to hold interest rates at 0.50 percent on Wednesday.

  • *UAE and Iraq pledge to catch up with production cut targets. Brent crude oil rose 58 cents to $56.57 a barrel by 1433 GMT, while U.S. Money managers also raised their bullish U.S. crude futures and options positions in the week to Feb. 21 to the highest on record, the U.S. Commodity Futures Trading Commission said on Friday.

  • A gasoline pump nozzle refuels a sport utility vehicle in Bagdad, Kentucky.

    Average gasoline prices rose 2 cents nationally during the past two weeks.