• 7 hours Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 7 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 8 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 9 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 9 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 10 hours VW Fails To Secure Critical Commodity For EVs
  • 11 hours Enbridge Pipeline Expansion Finally Approved
  • 12 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 13 hours OPEC Oil Deal Compliance Falls To 86%
  • 1 day U.S. Oil Production To Increase in November As Rig Count Falls
  • 1 day Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 days Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 5 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 7 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
Busting The Lithium Bubble Myth

Busting The Lithium Bubble Myth

Lithium demand continues to grow…

Oil Down at Open Thursday on Profit-Taking

Oil worker

Following three sessions of gains, oil prices dropped a bit Thursday, but the price drop is being credited to traders drawing off profits following earlier sessions.

The drops were not dramatic and prices remained at least close to the peaks that have been brought on by a drop in inventory in the U.S. and disruptions in supply elsewhere.

Michael Hewson, a CMC Markets analyst, commented that energy prices were still above $50 per barrel and that the momentum remained positive. He also attributed the price drops to profit-taking.

Oil prices saw a spike Wednesday. That uptick came on the heels of an EIA report that showed US crude stocks dropping to 532.5 million. It was the third fall in as many weeks.

The weaker dollar continues to bolster oil prices. The dollar has dropped down approximately 2.4 percent for the month of June, making it cheaper for countries using other currencies in terms of dollar-traded fuels.

Despite the fact that Brent has rallied six times in June, some analysts continue to contend that the rise in oil prices is “overblown”.

ANZ bank commented that the rises were “tempered by an increase in (U.S.) crude production of 10,000 barrels per day to 8.75 million barrels per day and the number of active rigs increasing by 9 to 325.”

Related: Shell Unveils New Strategy: ‘Leaner and Deeper’

Others note that $50 to $60 per barrel may indeed constitute a fair price, basing that assessment on the forward curve of Brent crude.

On Thursday morning, international Brent crude futures were trading at $52.38 - a drop of 13 cents. That price was down from an earlier high of $52.86.

U.S. crude (WTI) fell slightly from $51.67 to $51.20.

Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News