West Texas Intermediate for October delivery fell as much as $1.05 to $47.05 a barrel on the New York Mercantile Exchange and was at $47.08 at 12:34 p.m. in London. The contract rose 69 cents to close at $48.10 on Tuesday. Total volume traded was about 22 percent above the 100-day average. Brent for October settlement lost as much as 89 cents, or 1.8 percent, to $49.07 a barrel on the London-based ICE Futures Europe exchange. Prices climbed 1.6 percent to $49.96 on Tuesday. The global benchmark crude traded at a $2.21 premium to WTI. Prices jumped yesterday after Reuters reported that Iran is sending “positive signals” it may support joint action to bolster the oil market, citing unidentified people in OPEC and the oil industry. Iran hasn’t decided whether to join any action, according to the people. A spokesman for the country’s oil ministry on Wednesday told Bloomberg that Iran’s decision to attend the meeting in Algiers in September could be made as late as one day before the event. click read more below for the rest of the article
American Dollar to Canadian Dollar = 0.830945; American Dollar to Chinese Yuan = 0.156690; American Dollar to Euro = 1.224094; American Dollar to Japanese Yen = 0.009138; American Dollar to Mexican Peso = 0.050224.
Futures were little changed after earlier sliding 1.1 percent in New York. U.S. crude inventories rose by 2.7 million barrels last week, the American Petroleum Institute was said to report. While OPEC has pledged to trim production, key members Iraq and Venezuela are disputing estimates of how much they’re pumping. West Texas Intermediate for November delivery held steady at $50.19 a barrel on the New York Mercantile Exchange as of 10:49 a.m. London time after earlier falling as much as 56 cents to $49.62. The contract slid 61 cents to $50.18 on Wednesday. Total volume traded Thursday was 15 percent below the 100-day average. click Read More below for more of the story
Futures in New York added as much as 1.6 percent after rising 1.3 percent Monday. Saudi Arabia will cap shipments at 6.6 million barrels a day in August, 1 million lower than a year earlier, said Energy and Industry Minister Khalid Al-Falih. In the U.S., Halliburton Co. and Anadarko Petroleum Corp. signaled that the investment in shale fields may finally be succumbing to the oil price slump. “Yesterday’s Saudi decision to cut exports still lingers in the market,” said Bjarne Schieldrop, chief analyst for commodities at SEB Markets. The headlines that the U.S. shale oil boom is easing are also driving futures higher, he said. Click Read More below for more of the story.