Oil rose towards $69 a barrel on Friday after two sessions of losses, but remained on track for its biggest weekly drop this year due to rising inventories and concerns about an economic slowdown. U.S. crude inventories rose to hit the highest since July 2017, suggesting ample supplies in the world's top consumer. EIA/S Meanwhile, worries that the U.S.-China trade is developing into a more entrenched dispute have also hit prices. Click "read more" below for additional information.
Oil prices dropped on Thursday, extending falls from the previous session amid surging U.S. crude inventories as low refinery runs and ongoing trade tensions weighed on the demand outlook. U.S. crude oil inventories rose last week, hitting their highest levels since July 2017, the government’s Energy Information Administration said on Wednesday. Commercial U.S. crude inventories rose by 4.7 million barrels in the week ended May 17, to 476.8 million barrels, the EIA data showed. Click "read more" below for additional information.
Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and as Saudi Arabia pledged to keep markets balanced. American Petroleum Institute (API) said on Tuesday that U.S. crude stockpiles rose by 2.4 million barrels last week, to 480.2 million barrels, compared with analysts’ expectations for a decrease of 599,000 barrels. Click "read more" below for additional information.
National Average Price for Regular Unleaded – Current: $2.861; Month Ago: $2.831; Year Ago: $2.900. National Average Price for Diesel – Current: $3.098; Month Ago: $3.069; Year Ago: $3.156.
American Dollar to Canadian Dollar = 0.742575; American Dollar to Chinese Yuan = 0.145296; American Dollar to Euro = 1.117343; American Dollar to Japanese Yen = 0.009102; American Dollar to Mexican Peso = 0.052307.
Brent crude futures mark highest finish month to date. Oil futures climbed Thursday, stretching their winning streak to a third session, as investors focused on still percolating Middle East tensions. West Texas Intermediate crude for June delivery rose 85 cents, or 1.4%, to settle at $62.87 a barrel, with prices marking the highest finish for a front-month contract since May 1, according to Dow Jones Market Data. Prices posted a third straight climb and trade roughly 2% higher for the week. The global benchmark, July Brent, added 85 cents, or 1.2%, to $72.62 a barrel on ICE Futures Europe, for the highest finish to date in May. Click "read more" below for additional information.
Oil futures edged up on Wednesday as worries that rising tensions in the Middle East could hit global supplies overshadowed an unexpected build in U.S. crude inventories. U.S. West Texas Intermediate crude futures settled 24 cents higher at $62.02 per barrel. Brent crude futures rose 53 cents to $71.77 a barrel. U.S. crude stocks rose unexpectedly last week to their highest since September 2017, while gasoline stockpiles decreased more than forecast, the Energy Information Administration said. Crude stocks swelled by 5.4 million barrels, surprising analysts who had expected a decrease of 800,000 barrels. Click "read more" below for additional information.
Oil prices rose over 1% on Tuesday after top exporter Saudi Arabia said explosive-laden drones launched by a Yemeni-armed movement aligned to Iran had attacked facilities belonging to state oil company Aramco. That move higher comes as the market waits for a report from the American Petroleum Institute (API), an industry group, which is expected to show U.S. crude stockpiles fell by 800,000 barrels last week, their second decline in a row, according to analysts in a Reuters poll. Brent futures gained $1.01, or 1.4 percent, to settle at $71.24 a barrel, while U.S. West Texas Intermediate crude gained 74 cents, or 1.2 percent, to $61.78. That was the highest settle for Brent since May 6 and WTI since May 8 and caused the closing premium of Brent over WTI to rise to a nine-week high. Click "read more" below for additional information.
Oil futures ended lower on Monday, giving up earlier gains that followed apparent attacks on Saudi crude tankers, as steep declines in the U.S. stock market fed an aversion to so-called riskier assets, which include oil. “It was impressive to have increases [in oil prices] when equities were down more than 2%, so the macroeconoomic downdrafts have caught up with the geopolitical updrafts,” Tom Kloza, global head of energy analysis at the Oil Price Information Service, told MarketWatch. “All things being equal, oil should head higher, but it can’t appreciate in value if we get a stock market meltdown.” Click "read more" below for additional information.
National Average Price for Regular Unleaded – Current: $2.872; Month Ago: $2.761; Year Ago: $2.856. National Average Price for Diesel – Current: $3.103; Month Ago: $3.045; Year Ago: $3.104.