Oil slipped on Monday as a rallying dollar and concerns of growing oversupply weighed on the market after Saudi Arabia reported its highest crude exports in nearly a decade.
Brent Crude
- Amazon, Google Suspend Green Card Applications Amid Mass Layoffs in IT Departments
- Millions of Americans Exposed to Gas Stoves Face Higher Risk of Breathing More Unhealthy Nitrogen Dioxide: Study
- Ex-Donald Trump Aide Testifies He Told Her to Deny Stormy Daniels Affair, Michael Cohen Paid the Porn Star Without Telling Him
European shares fell on Monday, weighed down by worries over a looming cash crunch in Greece, while the dollar rebounded after concern over the U.S. economy drove the currency to four-month lows on Friday.
Brent crude oil steadied below $67 a barrel on Friday after reports that a growing supply glut is boosting inventories worldwide.
World bond and stock markets rose on Friday after a bruising week and sterling jumped to a two-month high after the business-friendly Conservative party won Britain's national elections.
U.S. shares rebounded sharply on Friday on gains in healthcare and technology stocks, while the dollar rose from nine-week lows on signs that the U.S. economy may be stabilizing.
U.S. crude oil hit a five-month high on Thursday as the dollar slipped to its lowest since February and as more evidence emerged of a gradual balancing of the U.S. domestic market.
Stocks fell in Europe on Wednesday, following Asian stocks lower, while the dollar held near two-month lows before a Federal Reserve policy statement expected to show the U.S. central bank in no hurry to raise interest rates.
Whisper it, but the next challenge for financial markets and policymakers may not be deflation, but the remarkable surge in oil prices from the six-year low touched in January.
Brent crude prices held near a 4-1/2 month high above $65 a barrel on Monday, supported by concerns about fighting in Yemen disrupting Middle East supplies and signs that U.S. shale output may have started to decline.
European stocks fell on Wednesday, failing to extend an overnight rally in Asia as investors looked to Greece's debt crisis and lurch towards possible default as an excuse to cash in gains chalked up earlier in the week.
Brent crude oil steadied around $63 a barrel on Tuesday, not far below the 2015 high, supported by worries that a civil war in Yemen could destabilize the Middle East, affecting oil supplies.
Brent crude oil prices rose above $59 a barrel on Wednesday amid tension in the Middle East and signs of a dip in U.S. production, but gains were capped by a report from the International Energy Agency (IEA) indicating that supplies would take longer to tighten than previously expected.
The drop in big oil companies' profits in the past eight months isn't just a function of lower crude prices – it also reflects strategic choices.
Oil prices rallied more than 2 percent on Thursday, clawing back part of a 6 percent slump triggered by a jump in U.S. crude inventories and record Saudi output, although analysts said sentiment remained bearish.
Royal Dutch Shell (RDSa.L) agreed to buy smaller rival BG Group (BG.L) for 47 billion pounds ($70 billion) in the first major energy industry merger in more than a decade, closing the gap on market leader U.S. Exxon Mobil (XOM.N) after a plunge in prices.
Subscribe to VCpost newsletter
Most Popular
- Joe Biden Administration Sanctions Hundreds of Companies to Choke Russia's Supplies of Military Technology
- Oil Prices Drop Below $80 After US Oil and Petroleum Reserve Reach Highest Level
- Affordable Connectivity Program: Congress Fights to Refuel Low-Cost Broadband Program Amid Looming Expiration
- US Accuses Russia of Quietly Shipping Refined Petroleum to North Korea at Levels Violating UN Cap
- Former Trump Aide Hope Hicks to Marry Goldman Sachs Exec Jim Donovan
- Tyson Foods Found Dumping Million Pounds of Toxic Pollutants into US Waterways
- Trump Justifies Earning Millions from Foreign Governments During Presidency
- Dollar Drops to Three-Week Low Against Japanese Yen as US Jobs Data Boosts Fed Cut Bets