A rally in oil prices would not only prop up energy companies but also lift other markets in need of a boost, one expert said.» Read More
NEW YORK, Oct 7- Oil fell in volatile trading on Wednesday, snapping a three-day rally, after U.S. government data showing a large crude inventory build surprised traders the day after an industry group had reported a draw. The U.S. Energy Information Administration said domestic crude inventories rose 3.1 million barrels last week, more than the 2.2...
CNBC's Jackie DeAngelis reports on crude prices as the latest rally takes the commodity near levels not seen since July.
NEW YORK, Oct 7- Oil prices seesawed in volatile trading on Wednesday, barely hanging onto a third day of gains after government data showing a large U.S. crude inventory build surprised traders the morning after an industry group had reported a draw. The U.S. Energy Information Administration said domestic crude inventories rose 3.1 million barrels last week,...
NEW YORK, Oct 7- Oil prices fell on Wednesday, cutting short a three-day rally, after a large U.S. crude inventory build offset bullish sentiment from earlier data suggesting supplies could tighten. Brent, the global crude benchmark, was down 20 cents at $51.71 a barrel by 11:49 a.m. EDT, paring gains of more than $1 at the session high. The West Texas Intermediate...
Global benchmark Brent crude oil has dropped to around $50 from a high above $115 a barrel in June 2014 and many oil companies are losing money with oil prices so low. Brent rose $1.23 a barrel to a high of $53.15 on Wednesday before falling back to trade around $52.20 by 1445 GMT. It jumped as much as $3 on Tuesday to close above $50 for the first time in a month.
CNBC's Jackie DeAngelis reports the latest numbers on crude and natural gas supplies.
Drugmaker Amgen rose nearly 5 percent, Celgene rose 4 percent and Regeneron Pharmaceuticals rose nearly 6 percent. By far the biggest loser in the S&P 500 index was Yum Brands, the parent company of KFC, Taco Bell and Pizza Hut. Yum sank $15.71, or 19 percent, to $67.71 after the restaurant operator's profits and sales missed analysts' expectations.
*Brent crude set for best 4- day run in a month. *Yum Brands slumps 16 pct on China worries. Oct 7- Wall Street was set to open higher on Wednesday as crude oil prices rose for the fourth day in a row, with Brent crude on track to post its best 4- day run in more than a month.
"I don't think Saudi Arabia and Russia right now could agree on whether or not it's sunny outside," John Kilduff says.
*S&P 500 companies are expected to report a 4.2 percent fall in third-quarter profit, the biggest decline in six years, according to Thomson Reuters data. *Yum Brands slumped 16.3 percent to $69.79 after it cut its full-year profit forecast due to a slower-than-expected recovery in China and a strong dollar. *McDonald's, which is also facing issues in China, fell...
John Kilduff, Again Capital partner, shares several bearish factors that could impact the price of crude, including OPEC and Russia's involvement with Syria.
*Brent closes above $50 a barrel for first time in a month. Benchmark Brent crude has dropped to around $50 from a high above $115 a barrel in June 2014 and many oil companies are losing money with oil prices at current levels. Brent was up 40 cents a barrel at $52.32 by 0755 GMT, having jumped as much as $3 on Tuesday to close above $50 for the first time in a month.
Could the oil upswing be on its way? Prices rallied more than $2 on Tuesday but, nonetheless, investors are still treading carefully.
Oil's rally has helped the Indonesian rupiah and the Malaysian ringgit make up much-needed ground against the dollar.
Miswin Mahesh, oil analyst with Barclays Bank, says the market is overestimating the amount of oil Iran can produce.
Finding the bottom in the oil market is just speculation at this point, says Sandy Lincoln, chief market strategist at BMO Asset Management U.S.
*Brent closed Tues above $50 for first time in a month. Oil prices jumped more than $2 a barrel in the previous session with the global benchmark, Brent crude, closing above $50 a barrel for the first time in a month. The contract had risen 41 cents to $52.33 a barrel by 0348 GMT, after settling up $2.67, or 5.4 percent on Tuesday.
Oil prices came under pressure on Wednesday after the US government reported a large crude inventory build.
TOKYO, Oct 7- Crude oil futures rose further in thin Asian trade on Wednesday after breaking out of a month-long trading range on a forecast suggesting a global glut in supply may be easing. The contract rose 40 cents to $52.32 a barrel by 0110 GMT, after settling up $2.67, or 5.4 percent on Tuesday. Global oil demand is expected to increase by the most in six years as...
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.