Tag Archives: WTI

Oil Hovers in Tight Trading Range Amid Global Supply Tug of War – Bloomberg

Oil held above $53 a barrel, after spending last week in the smallest trading range in 13 years as investors weighed rising U.S. drilling activity against OPEC production cuts.
Futures rose 0.4 percent in New York after fluctuating in the narrowest range since January 2004. U.S. drillers boosted the rig count to the highest since October 2015, Baker Hughes Inc. said Friday. Meanwhile, hedge funds raised net-long positions on West Texas Intermediate and Brent to a record.

Oil has traded above $50 a barrel since the Organization of Petroleum Exporting Countries and 11 other nations started trimming supply on Jan. 1 to ease a global glut. While Goldman Sachs Group Inc. predicts the market will shift into deficit in the first half of this year, U.S. crude stockpiles have increased the past six weeks to the highest level in more than three decades.

Source: Oil Hovers in Tight Trading Range Amid Global Supply Tug of War – Bloomberg

Oil Trades Near $50 as Europe Economic Data Counters Iraq Demand – Bloomberg

Oil traded near $50 as better-than-expected economic data in Europe countered Iraq’s demand that OPEC should exempt it from planned output cuts.Prices rose as much as 0.3 percent in New York. A Purchasing Managers’ Index for manufacturing and services in the euro zone rose to 53.7 in October, the fastest pace since the beginning of this year, IHS Markit said on Monday. Iraq should be exempted from trimming production because it’s embroiled in a war with Islamic militants, Oil Minister Jabbar Al-Luaibi said Sunday in Baghdad. Rigs targeting crude in the U.S. rose for an eighth week, according to Baker Hughes Inc.

Source: Oil Trades Near $50 as Europe Economic Data Counters Iraq Demand – Bloomberg