US shale oil to drive crude prices below $60- Fitch

Businessam StaffMarch 15, 2018

Fitch Ratings, said in a report Wednesday that the U.S.’ rising shale oil production is expected to drive crude oil prices below $60 a barrel this year, where they will remain in the long-term, The global rating agency said U.S. shale growth should result in a production surplus in 2018, which would result in global […]

Investors renew inflows into industrial commodities as Chinese factory activity firms oil prices

Temitayo AyetotoMarch 14, 2018

Oil paced up on Wednesday as strong Chinese factory activity renewed investor inflows into industrial commodities such as copper, although fast-growing U.S. crude output tempered price gains. China reported a 7.2 percent year-on-year increase in industrial output in the first two months of the year, beating roundly expectations and, in a dose of support for oil bulls, […]

Iraq boosts output capacity at Kirkuk oil refinery, says oil ministry

Businessam StaffDecember 11, 2017

Jabar al-Luaibi, citing Oil Minister.

Iraq’s Oil Ministry has added a new processing unit to the Kirkuk oil refinery, increasing the plant’s capacity to 56,000 barrels per day, the ministry said in a statement on Monday, according to Reuters. The new production unit can process 13,000 barrels per day of crude, the statement said, Jabar al-Luaibi, citing Oil Minister. The […]

Hedge funds add bullish oil bets as mideast tension heats up

Businessam StaffNovember 13, 2017

The Middle East is kicking things up a notch in the oil market. Hedge-fund bets on rising Brent crude hit a fresh record as tension in the oil-rich region escalated, sending prices to their highest in more than two years. Disruptions in exporters Libya, Nigeria and Venezuela in past months hadn’t fazed investors enough to trigger strong […]

Oil steadies near $57 per barrel before U.S. crude inventory data

Businessam StaffNovember 8, 2017

Oil steadied in New York before weekly data on crude inventories in the U.S., the world’s biggest oil consumer. Futures were little changed after slipping 0.3 percent on Tuesday, the first decline in four sessions. Crude inventories fell by 1.56 million barrels last week, while motor-fuel stockpiles gained 520,000 barrels, the industry-funded American Petroleum Institute […]

Oil slips after entering bull market on Kurdish export threat

Businessam StaffSeptember 26, 2017

Oil prices slipped after entering a bull market amid heightened geopolitical tensions in the Middle East, while Trafigura Group and Citigroup Inc. both warned of a looming supply squeeze. Crude in New York fell 0.7 percent as traders cashed in after yesterday’s 3.1 percent surge. The oil market is nearing the end of the “lower-for-longer” […]

Oil prices fall after rally prompts profit-taking

Businessam StaffAugust 21, 2017

Oil prices fell around 1 percent Monday as a rally at the end of last week prompted investors to close positions at a higher price, against a backdrop of signs the global market is starting to rebalance. Benchmark Brent crude futures LCOc1 were down 56 cents at $52.16 a barrel at 1342 GMT, after surging […]

Crude market shows enduring strength beyond seasonal peak

Businessam StaffAugust 18, 2017

The market for physical barrels of crude from places as far apart as Oman and Colombia is strengthening beyond the traditional seasonal peak in demand, a positive indicator for global benchmark futures prices that remain stuck near $50. Physical differentials, the price gap between individual grades of crude and widely traded markers like Brent or West Texas […]

China maintains position as world’s top crude oil buyer

Businessam StaffJuly 13, 2017

Posting 8.79 million barrels per day (bpd), China, the earth’s most populous country bought more crude oil than any other country in the world in the month of June, data obtained from customs showed Thursday. A total of 36.11 million tonnes of the commodity was imported into the country for the month and the imports […]