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Oil up on U.S. inventories and then down on export numbers

Oil up on U.S. inventories and then down on export numbers

Oil started the day rallying on a report by the U.S. Energy Information Administration for a draw down of 6 million barrels in U.S.crude inventories for the week ended September 29. And then oil fell on reports of a surge in U.S. oil experts large enough to raise...
Oil market can’t decide what “facts” count

Oil market can’t decide what “facts” count

Sometimes a market will move in response to a new fact reaching traders and investors. Sometimes, though, a financial market will change direction because traders and investors choose to emphasize a different set of facts today than yesterday. And that’s where...
Today it’s all about oil–again

Today it’s all about oil–again

As of noon New York time, U.S. benchmark set Texas Intermediate was off 2.9% to $42.92 a barrel–below, again, not just $45 but the $43 a barrel level that has provided support. International benchmark Brent crude was off 2.56% to $45.71. A break in Brent below...
Oil markets disappointed as OPEC does the expected

Oil markets disappointed as OPEC does the expected

OPEC and allied non-OPEC producers have agreed to extend oil production cuts at current levels for nine more months through March 2018. Oil markets, which had been expecting exactly this result for days now, fell on disappointment that OPEC didn’t go further and...
Saudis reverse 1/3 of production cuts; oil market trembles

Saudis reverse 1/3 of production cuts; oil market trembles

Saudi Arabia has told OPEC that it will not play sucker to countries that won’t meet OPEC’s targets for production cuts. Russia, Iraq, and the United Arab Emirates have not yet delivered the production cuts they agreed to. Saudi Arabia has said that it...