Retail investors appear to have doubled down on oil as prices for the commodity approach a six-year low.» Read More
NEW YORK, July 22- U.S. crude oil futures extended losses on Wednesday to a contract low after the Energy Information Administration's weekly report showed crude inventories rose last week, against expectations stocks would be down. U.S. front-month September crude fell $1.19 to a contract low of $49.67 a barrel after the government report, two pennies under...
CRUDE FUTURES EXTENDS LOSSES AFTER EIA SAYS CRUDE STOCKS ROSE LAST WEEK.
*OPEC members say expect price fall to be short-lived. U.S. crude dipped below $50 a barrel, trading as low as $49.75, the lowest since April 6 and down $1.11 on the day. "The U.S. crude oil stocks build reported by the API last night is weighing on prices," said Tamas Varga, analyst at London brokerage PVM Oil Associates.
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Industry data released on Tuesday by the American Petroleum Institute showed crude inventories at the Cushing, Oklahoma hub rose 2.3 million barrels last week, compared with analyst expectations for a decrease of the same volume. "The U.S. crude oil stocks build reported by the API last night is weighing on prices," said Tamas Varga, analyst at London brokerage...
SINGAPORE, July 22- Oil prices fell on Wednesday after industry data showed U.S. crude inventories rose last week when they had been expected to drop, even as a weaker dollar helped to limit deeper losses. By 0349 GMT, West Texas Intermediate for September delivery was trading 70 cents lower at $50.16 a barrel, after closing 42 cent higher in the previous session.
Crude inventories rose by 2.5 million barrels in the last week, compared with analysts' expectations for an decrease of 2.3 million barrels.
U.S. crude, also known as West Texas Intermediate, for September delivery was trading 45 cents lower at $50.41 a barrel by 0108 GMT, after closing 42 cents higher. The WTI August contract, which expired on Tuesday, settled 21 cents higher at $50.36 a barrel, after slipping to $49.77 intraday. The September Brent futures contract was trading 34 cents lower at $56.70 a...
SEPTEMBER CRUDE FUTURES PARE GAINS AFTER API DATA SHOWS CRUDE STOCKS BUILD.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.
*$50/ bbl seen as pivotal point for U.S. crude. NEW YORK, July 21- Crude oil futures held on to gains after a volatile session that saw the U.S. front-month August contract expire and go off the board above $50 a barrel, with a weaker dollar providing support. Expectations of more Iranian supply following last week's agreement on Tehran's nuclear program and concerns...
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*$50/ bbl pivotal point for U.S. crude. NEW YORK, July 21- Crude oil futures clung to gains in volatile trading as the U.S. front-month August contract headed to expiration on Tuesday, with the weaker dollar providing support. August contract set to expire and the weak equities are not helping either, "said John Kilduff, partner at Again Capital LLC in New York.
*Wall Street slides with earnings in focus. U.S. crude oil futures rose after falling under $50 a barrel while Brent remained towards the bottom of its $55- $60 a barrel range, near its lowest since early April. Stocks on Wall Street fell, with results from bellwethers IBM and United Technologies weighing the most while Apple was also down ahead of earnings expected...
Amrita Sen, chief oil analyst at Energy Aspects, discusses the recent fall in the price of oil.
Chesapeake Energy said on Tuesday it would suspend dividend payments, starting in the current quarter, to save up to $240 million a year.
*China domestic diesel sales fall in June. Expectations of more Iranian supply following a nuclear deal and concerns that economic worries in China and Europe will weigh on demand have put pressure on oil prices this month. "Pessimism about oil prices because of the Iran nuclear deal and economic concern about China and Europe are overblown," analysts at PIRA...
Vandana Hari, Asia Editorial Director at Platts, says factors such as a strengthening dollar and a lack of clarity concerning Iranian oil bear downside risks for oil prices.
Crude oil futures clung to gains in volatile trading as the U.S. front-month August contract headed to expiration on Tuesday.