Energy Financial

Oil prices dip on low US gasoline inventory draw

Oil prices dip on low US gasoline inventory draw

Oil prices, crude inventories down Oil prices fell slightly in trading on Wednesday following data from the US Energy Information Administration showing a smaller-than-expected drop in US gasoline stockpiles. Brent crude was down 39 cents to $53.76 by 11:56 a.m. EDT and US light crude dropped by 30 cents to $51.17. Both benchmarks have gained […]

Oil prices rise on expectation of OPEC supply cut extension

Oil prices rise on expectation of OPEC supply cut extension

Oil prices up, but some investors concerned about stubborn glut Oil prices rose on Friday and were heading for a second week of gains based on growing anticipation that OPEC and some non-cartel members will agree to extend their production cut into 2018. Brent crude was up 77 cents to $53.28 by 9:28 a.m. EDT, […]

Oil prices rise slightly on OPEC deal adherence

Oil prices rise slightly on OPEC deal adherence

Oil prices up despite persistent crude glut Oil prices rose in seesaw trading on Thursday as investors weighed the stubborn global crude glut against optimism that the OPEC supply cut deal will be extended into March of 2018. Brent crude rose 30 cents to $52.51/barrel by 2 p.m. and US crude rose 23 cents as well, […]

Cenovus buys ConocoPhillips Western Canada deep basin gas assets

Cenovus buys ConocoPhillips Western Canada deep basin gas assets

Cenovus issued 208 million common shares to ConocoPhillip ConocoPhillips announced a transaction with Cenovus to sell its 50 per cent non-operated interest in the Foster Creek Christina Lake oil sands partnership,  as well as the majority of its western Canada Deep Basin gas assets, according to a press release. “With the completion of this transformational […]

Oil prices boosted by US crude stocks draw, OPEC meeting

Oil prices boosted by US crude stocks draw, OPEC meeting

Oil prices up, but analysts concerned about increased US production Oil prices rose in trading on Wednesday after the US Energy Information Administration reported a drop in US crude inventories and strong refining activity. The EIA data showed US crude stocks fell for the sixth straight week, dropping by 1.8 million barrels for the week […]

Oil prices flat as market waits for crude stocks data

Oil prices flat as market waits for crude stocks data

Oil prices slightly down at end of day Oil prices rose by pennies in Tuesday trading as investors weighed Kuwait’s pledge to join Saudi Arabia and Russia in supporting an expanded OPEC supply cut into the first quarter of 2018 against pending US crude stocks data. Reuters reports Jim Risserbusch, president of energy advisory firm […]

Oil prices rise after Saudi and Russia back longer supply cut

Oil prices rise after Saudi and Russia back longer supply cut

Oil prices up over 2 per cent Oil prices rose over $52 a barrel on Monday, up to its highest level in over three weeks, after Russia and Saudi Arabia agreed that the OPEC supply cut agreement needed to be extended. Following a meeting in Beijing, Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid al-Falih said […]

Oil prices down slightly on US production concerns

Oil prices down slightly on US production concerns

Oil prices down modestly in Friday trading Oil prices fell slightly in trading on Friday after two days of gains as concerns over rising US production outweighed optimism over the possible extension of the OPEC supply cut deal. Brent was down by 21 cents to $50.56/barrel at 11:19 a.m. and US light crude was down 29 […]

Oil prices up on US drawdowns, support for OPEC cuts

Oil prices up on US drawdowns, support for OPEC cuts

Oil prices up over 1 per cent Oil prices rose over 1 per cent in trading on Thursday on reports of bigger-than-expected drawdowns of US crude inventories and growing support for extending OPEC supply cuts. Brent ended the day up by 55 cents to $50.77/barrel by 12:07 p.m. EDT, after hitting a high of $51.16.  US […]

Oil prices up on crude stocks draw, likely extension of OPEC deal

Oil prices up on crude stocks draw, likely extension of OPEC deal

Oil prices rose following EIA data release Oil prices rose on Wednesday after the US Energy Information Administration released data showing a larger-than-expected drop in US crude stocks last week and Iraq and Algeria announced they support an extension to the OPEC supply cut pact. The EIA reported US crude inventories fell by 5.2 million […]