U.S. stocks ended higher after a choppy session on Tuesday, as a rebound in U.S. oil prices helped offset concerns about a slowdown in China and the Greek debt crisis.
Tags: Crude oil
Congress to abolish crude export restrictions, oil refiners to receive $3 a barrel tax break
The US Congress is pushing a tax break for oil refiners as a compromise to finally allow unrestricted crude-oil exports. According to The Wall Street Journal, the bill could potentially end the long-time ban on U.S. oil exports, which has been around for forty years.
Asian stocks tumble as commodity fall continues on thin volumes
Asian stocks dropped on low trading volume as commodity producers followed fall in industrial metals and crude oil. Investors and institutions are in the wait and watch mode ahead of US Fed's meeting in December.
Oil prices under pressure amid weaker demand outlook
Crude oil prices continued to trade in low range amid sagging demand and its bleak outlook for remaining part of 2015. Speculators are withdrawing from their previous bets on rising prices. The front-month US crude futures were trading at $44.65 per barrel 12 percent lower than the peak level in October. ANZ Bank forecasts that oil price to remain under pressure for the rest of the year.
Optimistic OPEC secretary-general expects balanced oil market in 2016
By the end of this year and next year, the global oil market will be in a fair and sensible condition. This is according to the expectation of the Organization of the Petroleum Exporting Countries secretary-general on Sunday.
Latest News
Crude oil prices fell on Thursday as players took profits from the past two days of gains, turning bearish after the dollar's rise against the euro on Greek debt worries weighed on demand for commodities.
Crude oil prices dropped on Monday as the dollar rose and on expectations that OPEC production would remain high, stoking worries of oversupply despite declining U.S. rig operations.
OPEC is likely to keep its output target unchanged when it meets on Friday because the global oil market appears to be in good shape and prices are expected to firm up from current levels, a senior Gulf OPEC delegate told Reuters.
Crude oil futures edged lower toward $65 a barrel as the dollar strengthened on Monday, with a public holiday in the United States and much of Europe keeping trading muted.
Crude oil prices bounced back on Wednesday from steep falls in the previous session as industry data showed that U.S. crude stocks fell more than expected last week.
The euro slid to a two-week low and a rally in European shares stalled on Wednesday after a Greek official said the country may not make an upcoming repayment to the International Monetary Fund.
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.
Goldman Sachs has cut its long-term crude oil price forecasts and recommended investors sell shares in two major oil companies, saying that improved U.S. shale efficiency and higher production from OPEC will more than cover future demand.
China overtook the United States as the world's top importer of crude oil for the first time in April, and its purchases are expected to remain strong despite a slowing economy, with far-reaching consequences for global oil and commodities markets.
