Latest news with #crude
Bloomberg
2 hours ago
- Business
- Bloomberg
Oil Holds Gains With Focus on US Inventories, Canada Wildfires
Oil steadied after two days of gains as a US industry group signaled a decline in nationwide crude inventories and rain slowed the growth of some blazes that had shut in Canadian production. West Texas Intermediate traded near $63 a barrel after adding more than 4% in the previous two sessions, while Brent closed above $65. The American Petroleum Institute reported stockpiles fell by 3.28 million barrels last week, according to a person familiar. That would be the biggest draw since March if confirmed by official data later on Wednesday.
Wall Street Journal
22-05-2025
- Business
- Wall Street Journal
Oil Futures Extend Losses on Supply-Demand Concerns
0921 ET – Oil futures are lower for a third straight session as the recent geopolitical boost recedes and focus is back on supply and demand. Ritterbusch sees 'nothing significantly bearish' about yesterday's EIA report of U.S. crude and product inventory builds, 'especially when the non-representative West Coast region was excluded.' What is bearish for oil is the monthly production increase of more than 400,000 barrels a day from OPEC+, which 'will become even more negative once the boost in OPEC supply becomes more transparent,' the firm adds. WTI and Brent are both down 1.3% at $60.75 and $64.05 a barrel, respectively. ( 0754 GMT – Oil prices extend losses after a surprise build in U.S. crude stockpiles fueled demand concerns. In early trade, Brent crude and WTI are both down 1.6% to $63.89 and $60.59 a barrel, respectively. 'The inventory build suggests weaker demand or stronger-than-expected production, contrasting with many analysts' forecasts that anticipated a stock drawdown due to rising springtime consumption,' Antonio Di Giacomo, analyst at says. Meanwhile, OPEC+ members are discussing the possibility of making another large output hike in July, although no final agreement has been reached yet, according to a Bloomberg report. A substantial production increase could exacerbate concerns of an oversupplied market, particularly as uncertainties surrounding trade talks and the broader economic outlook continue to cloud sentiment. (
Wall Street Journal
22-05-2025
- Business
- Wall Street Journal
Oil Falls, Weighed by Unexpected Increase in U.S. Crude Inventories
0019 GMT — Oil falls in the early Asian session, weighed by an unexpected increase in U.S. crude inventories. Data released Wednesday by the EIA showed commercial crude oil stocks excluding the Strategic Petroleum Reserve rose by 1.3 million barrels in the week ended May 16. Analysts surveyed by The Wall Street Journal had predicted an 800,000 barrel decline. Sentiment hasn't been helped by the EIA data, ANZ Research analysts say in a research report. There's also a risk-off tone sparked by weak U.S. Treasurys' auction, the analysts add. Front-month WTI crude oil futures are 0.5% lower at $61.25/bbl; front-month Brent crude oil futures are 0.5% lower at $64.56/bbl. (
Bloomberg
21-05-2025
- Business
- Bloomberg
Oil Extends Drop as US Stockpile Build Amplifies Glut Concerns
Oil extended a decline as higher US crude stockpiles reinforced worries about an oversupplied market, with geopolitical concerns also in focus. West Texas Intermediate fell toward $61 a barrel after shedding almost 2% over the previous two sessions, with Brent crude closing below $65. Commercial inventories of crude rose for a second week, with gauges of both gasoline and distillate demand also weak — even as the summer driving season fast approaches.
Zawya
19-05-2025
- Business
- Zawya
Oil retreats as US and China growth concerns weigh
Oil slipped on Monday, weighed down by Moody's downgrade of the U.S. sovereign credit rating and official data that showed slowing growth in China's industrial output and retail sales. Both developments raised concerns over the outlook for the world's two biggest economies and oil consumers a week after Beijing and Washington's agreement to roll back most tariffs on each other's goods pushed oil prices higher. "The weaker than expected Chinese data is not helping crude oil, although I would describe the setback as modest," said UBS analyst Giovanni Staunovo. Brent crude futures lost 46 cents, or 0.7%, to $64.95 a barrel by 0943 GMT while U.S. West Texas Intermediate crude slipped by 26 cents, or 0.4%, to $62.23. The nearby June WTI contract expires on Tuesday. Both contracts rose more than 1% last week. Also weighing on the market were comments from U.S. Treasury Secretary Scott Bessent that President Donald Trump will impose tariffs at the rate he threatened last month on trading partners that do not negotiate in "good faith". "Today's weakness is simply a continuation of crude's wild ride going nowhere, with the latest move triggered by the Moody's downgrade and not least Scott Bessent's warning," said Ole Hansen of Saxo Bank. The official Chinese data on Monday showed growth in industrial output slowed in April, though performance was still better than economists had expected. Investors are keeping an eye on progress in the Iran-U.S. nuclear talks, with uncertainty over the outcome limiting losses in oil prices. U.S. special envoy Steve Witkoff said on Sunday that any deal must include an agreement not to enrich uranium, a comment that swiftly drew criticism from Tehran. "The U.S.-Iran nuclear negotiations are not clear cut and may take many months," said John Evans of oil broker PVM. (Reporting by Alex Lawler Addiitional reporting by Florence Tan and Emily Chow Editing by David Goodman)
