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[Myra P. Saefong, MarketWatch] The American Petroleum Institute reported Tuesday a much larger-than-expected drop of 8.1 million barrels in U.S. crude supplies for the week ended July 7, according to sources. “We are finally seeing the impact from cumulative OPEC cuts, lower U.S. output and strong demand,” said Phil Flynn, senior market analyst at Price […]

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[Jessica Summers, Bloomberg] Oil climbed above $45 a barrel after the Energy Information Administration cut its U.S. crude output forecast for next year and as investors focused on the pace of rebalancing. Futures roses as much as 2 percent in New York, after earlier fluctuating between gains and losses. The EIA cut its 2018 crude […]

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On July 6, 2017 - 10:24 AM By

[Daniel J. Graeber, UPI] Oil market in search of a comfort zone that strikes a balance between over and under stimulus. A downturn in U.S. crude oil production, followed by a decline in exploration and production, helped oil prices recover lost ground in early Thursday trading. Crude oil prices lost nearly 5 percent of their […]

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[Myra P. Saefong, MarketWatch] The American Petroleum Institute reported Wednesday a much larger-than-expected drop of 5.8 million barrels in U.S. crude supplies for the week ended June 30, according to sources. Phil Flynn of Price Futures Group said the decline was a “delayed impact” from the tropical storm in the Gulf of Mexico last month. […]

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[Daniel J. Graeber, UPI] Crude oil inventory levels in the United States increased last week even as some activity was stifled by Tropical Storm Cindy. A brief rally in crude oil prices came under pressure early Wednesday as the broker market responded to a surprise build in inventory levels. The American Petroleum Institute, an industry […]

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[Bloomberg via ArabianBusiness.com] Oil falls below $44 as report of supply build stuns market Market reacted to expanding production from US and Libya, which is expected to counter output cuts from the OPEC Oil pared the longest run of gains in a month as an industry report is said to show an unexpected increase in […]

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[Myra P. Saefong, MarketWatch] Analyst says a crash in U.S. shale-oil production is ‘starting now’. Concerns over the ability for U.S. shale-oil production to offset efforts by other oil producers to rebalance the market have been greatly exaggerated. The energy industry is already suffering from the impact of spending cuts over the past several years, […]

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[Brian K. Sullivan, Bloomberg] Tropical Storm Cindy has halted service at a major oil terminal in the Gulf of Mexico, prompted some evacuations at rigs and platforms and put states from Texas to Florida on notice for life-threatening floods. Cindy was 200 miles (322 kilometers) southeast of Galveston, Texas, with top winds of 60 miles […]

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[William Watts, MarketWatch] The rise of Mohammed bin Salman continues. The 31-year-old son of Saudi Arabia’s King Salman was designated Wednesday as crown prince, making him next in line to the throne, in a shake-up that was surprising at least in terms of its timing. He replaces Prince Mohammed bin Nayef, who was stripped of […]

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PRICE Futures Group’s Phil Flynn on the outlook for oil prices this morning on Fox Business. Watch the latest video at video.foxbusiness.com https://video.foxbusiness.com/v/5478611930001/?#sp=show-clips

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Oil Futures Tumble

On June 20, 2017 - 10:38 AM By

[Brian L. Milne, DTN Refined Fuels Editor] Nearest delivered oil futures traded on the New York Mercantile Exchange and August Brent crude on the Intercontinental Exchange moved lower overnight, with West Texas Intermediate sliding to a seven-month low ahead of the July contract’s expiration this afternoon. Building inventory and climbing crude output from a handful […]

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[Daniel J. Graeber, UPI] Saudi oil minister says it’s the long-term trends that matter and the market is heading more or less in the right direction. Crude oil prices edged slightly higher in early Monday trading after the Saudi oil minister injected a note of optimism into an otherwise lackluster market. Crude oil prices moved […]

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