• 2 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 2 days Mexico Blames Brazil For Failing Auction
  • 2 days Norway Allows Eni To Restart Goliat Oil Field In Barents Sea
  • 2 days Malaysia Suggests Muslim Countries Stop Trading Oil In U.S. Dollars
  • 3 days Kinder Morgan Wins Appeal To Start Trans Mountain Work
  • 3 days Mexico Cancels Deepwater JV Tender Due To Lack Of Interest
  • 3 days Oil Drillers Give Cold Shoulder To Alaska Bidding Round
  • 3 days Budweiser Bets On Tesla To Replace Its Fleet
  • 3 days Forties Pipeline And Nearby Terminal Disrupted After Oil Leak
  • 3 days Major Nigerian Union Threatens Strike After Mass Firing Of New Members
  • 4 days China’s Sinopec Sues Venezuela’s PDVSA Over Unpaid Debts
  • 4 days Chevron Cuts Total 2018 Capex, Boosts U.S. Shale Investment
  • 4 days Shell Idles Six Nigerian Power Plants After Gas Shortage
  • 4 days London Firms To Visit Saudi Arabia As Battle For Aramco Listing Continues
  • 4 days East Timor Is Running Out of Oil
  • 4 days Withdrawal From OPEC Deal Could Take 6 Months To Negotiate
  • 4 days India’s Largest Refiner Looks To Ditch Oil In Favor Of Renewables
  • 4 days Protestors Shut Down A Minnesota Wells Fargo Over Oil Investments
  • 4 days U.S. Energy Secretary Discusses LNG Exports To Saudi Arabia
  • 5 days China’s CNOOC Spends Big In Panic Hoard of LNG
  • 5 days Asia May Return To Mid-East Crude As Mexican Supply Tightens
  • 5 days Enbridge Restarts Controversial Line 5 After Shutdown
  • 5 days South Sudan Stills Owes $1.3B Oil Payments To Sudan
  • 5 days Oil Prices Fall After API Reports Huge Build In Gasoline Inventories
  • 6 days Rosneft Takes On Massive Debt As US Sanctions Mount
  • 6 days Kinder Morgan Announces Further Trans Mountain Pipeline Delays
  • 6 days API Announces Voluntary Methane Reduction Program
  • 6 days Statoil Plans $6B Development At Huge Arctic Oil Field
  • 6 days South Sudan Hopes Higher Oil Prices Will Restore Ravaged Economy
  • 6 days China Launches New Gas Pipeline Amid Soaring Demand
  • 6 days Total’s $16B Ultra-Deepwater Project In Jeopardy
  • 6 days OPEC’s November Output Drops 300,000 Bpd
  • 6 days Exxon’s Beaumont Refinery To Remain Partially Offline
  • 6 days Engie To Ditch Natural Gas By 2050
  • 6 days Aberdeen University Launches World’s First Oil Decommissioning Simulator
  • 7 days China Orders Regions To ‘Regulate’ Surging Natural Gas Prices
  • 7 days Exxon Looks To Enter Egypt’s Upstream Oil And Gas
  • 7 days Tax Bill Supports Oil And Gas Industry, API President Says
  • 9 days Blackstone Teams Up With Brazilian Partner To Buy $6B Gas Pipeline
  • 9 days Tesla Faces New Sales Challenges In Germany
Alt Text

Russia Ups Oil Price Forecast For 2018

Russia’s Economy Ministry will increase…

Alt Text

Saudi Oil Minister Hints At Post OPEC Deal Strategy

OPEC and its non-OPEC partners…

Forex Pros

Forex Pros

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house…

More Info

Poor GDP Data Erases Oil Futures Gains

Poor GDP Data Erases Oil Futures Gains

Crude oil futures erased gains on Thursday, retreating from a two-week high after worse-than-expected U.S. GDP data and an unexpected rise in weekly jobless claims fuelled concerns over the pace of the U.S. economic recovery.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at USD100.88 a barrel during U.S. morning trade, shedding 0.17%.    

It earlier rose as much as 0.8% to USD101.90 a barrel, the highest price since May 11.

Crude futures turned lower after the U.S. Commerce Department said its second estimate of gross domestic product growth was unrevised at annual rate of 1.8% in the three-months to March, below economists' expectations for a 2.1% increase.

In a separate report, the Labor Department said the number of individuals filing for initial jobless benefits in the week ending May 21 unexpectedly rose by 10K to a seasonally adjusted 424K, from an upwardly revised 414K in the preceding week. Analysts had expected initial jobless claims to fall to 400K.

The disappointing data triggered fears over a slowdown in demand from the world’s largest crude consumer.

However, losses were limited as the U.S. dollar was broadly weaker following the data. The dollar index was down 0.69% to hit 75.48, after earlier dropping to 75.44, the lowest since May 19.

Dollar-denominated oil futures contracts tend to rise when the dollar falls, as this makes oil cheaper for buyers in other currencies.

Meanwhile, global financial service provider Societe Generale said that oil may rise to USD106 a barrel in the coming weeks as prices mirror an early-May pullback in 2010 that launched a rally during the rest of that year.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for July delivery eased up 0.05% to trade at USD114.81 a barrel, up USD13.93 on its U.S. counterpart.

By. ForexPros.com

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house experts, and a widely used economic calendar.




Back to homepage


Leave a comment

Leave a comment




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