China will loan Venezuela $5B to increase the OPEC country's oil production, Venezuelan President Nicolas Maduro said.» Read More
Samir Brikho, CEO at Amec Foster Wheeler, says there is no reason for oil prices to rise before year-end.
*Global markets take heart from Wall Street rally. *But overproduction, weakening China still weigh on oil. SEOUL/ SINGAPORE, Aug 27- Oil prices climbed by around $1 a barrel on Thursday on an unexpected fall in U.S. crude inventories and a rally in global equity markets, although ongoing oversupply capped gains.
While a slowdown in China could hurt oil demand, the issue of a supply glut remains the main factor weighing down prices, says Aiden Bradley, executive director at Commonwealth Bank.
Declining oil prices have been a major drag on the Canadian economy, which is on the edge of a technical recession. CNBC's Deirdre Bosa has more.
Azlin Ahmad, editor, crude oil at Argus Media, discusses how factors like a supply glut and a devaluation in the yuan affect China's oil exports and imports.
Stephen Gengaro, oil services analyst at Sterne Agee, discusses the $14.8 billion acquisition of drilling equipment maker Cameron International by oil services provider Schlumberger.
SEOUL, Aug 27- Brent crude climbed by more than $1 a barrel on Thursday on an unexpected fall in U.S. crude inventories and a rally in global equity markets, but a stronger dollar capped gains. Front-month Brent, the global oil benchmark, had gained $1.03 to $44.17 a barrel by 0225 GMT, having ended down 7 cents at $43.14 on Wednesday. U.S. crude's front-month contract...
Oil rocketed higher Thursday in one of the biggest one-day rallies in years.
Victor Shum, vice president of IHS Energy Insight, says the oil market remains "massively oversupplied" and these fundamentals are unlikely to improve anytime soon.
U.S. crude's front-month contract had risen 59 cents to $39.19 a barrel by 0115 GMT, after settling down 71 cents, or 1.8 percent, at $38.60 a barrel on Wednesday. Front-month Brent, the global oil benchmark, gained 64 cents to $43.78 a barrel, having ended down 7 cents at $43.14. U.S. crude inventories fell 5.5 million barrels in the week to Aug. 21, the biggest one-week...
Bank of Japan Governor Haruhiko Kuroda says China's economic slowdown should not harm Japan's exports.
While Canadian exports are not heavily dependent on China, the slowdown in the mainland affects broader commodities which causes headwinds for Canada, says Tim Quinlan, VP & economist at Wells Fargo.
Brian Stutland discusses three big oil names that could be cutting in the near future.
Oil has lost a third of its value since June, and well-known oil analyst Stephen Schork doesn't see a reason for it to turn around.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.
Stephen Schork, Schork Report, weighs in on Schlumberger buying Cameron in a deal and discusses his outlook on consolidation in the energy industry.
NEW YORK, Aug 26- Oil prices fell almost 2 percent on Wednesday after a huge drawdown in U.S. crude stockpiles was offset by a larger-than-expected build in gasoline and distillates, which include diesel. Gasoline stocks also rose, by 1.7 million barrels versus forecasts for a 1.3 million-barrel drop, the data from the Energy Information Administration showed.
*Wall Street rises but European stocks end down. *China stock indexes give up early gains to close down. NEW YORK, Aug 26- Wall Street was sharply higher on Wednesday while European shares and commodities prices fell as investors balanced strong U.S. economic data and interest rate comments with fears about China's slowing economy.
Mike Kelly, Global Hunter Securities, looks at the impact of $40/barrel oil, and whether we'll see more deals in the energy space.
Saudi Arabia derives 80 percent of its revenue from oil and has a budgetary "break-even" point almost double the current per-barrel price of $40.