• 1 hour LNG Glut To Continue Into 2020s, IEA Says
  • 3 hours Oil Nears $52 With Record OPEC Deal Compliance
  • 6 hours Saudi Aramco CEO Affirms IPO On Track For H2 2018
  • 8 hours Canadia Ltd. Returns To Sudan For First Time Since Oil Price Crash
  • 10 hours Syrian Rebel Group Takes Over Oil Field From IS
  • 3 days PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 3 days Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 3 days Syrian Rebels Relinquish Control Of Major Gas Field
  • 3 days Schlumberger Warns Of Moderating Investment In North America
  • 3 days Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 3 days Energy Regulators Look To Guard Grid From Cyberattacks
  • 3 days Mexico Says OPEC Has Not Approached It For Deal Extension
  • 3 days New Video Game Targets Oil Infrastructure
  • 3 days Shell Restarts Bonny Light Exports
  • 3 days Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 4 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 4 days British Utility Companies Brace For Major Reforms
  • 4 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 4 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 4 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 4 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 4 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 4 days Rosneft Signs $400M Deal With Kurdistan
  • 4 days Kinder Morgan Warns About Trans Mountain Delays
  • 5 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 5 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 5 days Russia, Saudis Team Up To Boost Fracking Tech
  • 5 days Conflicting News Spurs Doubt On Aramco IPO
  • 5 days Exxon Starts Production At New Refinery In Texas
  • 5 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 6 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 6 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 6 days China To Take 5% Of Rosneft’s Output In New Deal
  • 6 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 6 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 6 days VW Fails To Secure Critical Commodity For EVs
  • 6 days Enbridge Pipeline Expansion Finally Approved
  • 6 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 6 days OPEC Oil Deal Compliance Falls To 86%
  • 7 days U.S. Oil Production To Increase in November As Rig Count Falls

Breaking News:

LNG Glut To Continue Into 2020s, IEA Says

Alt Text

IEA: Oil Prices To Hit A Ceiling In 2018

Global oil markets appear to…

Alt Text

UK Oil And Gas Costs To Rise 100% If Brexit Fails

Brexit negotiators’ failure to secure…

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

Thinly Traded Crude Oil Futures Trim Gains

Thinly Traded Crude Oil Futures Trim Gains

Crude oil futures trimmed gains in holiday-thinned trade on Monday, easing off a two-day high after the U.S. dollar erased losses against the euro following a warning by ratings agency Standard & Poor’s on a proposal to rollover Greek debt.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at USD95.01 a barrel during European late afternoon trade, edging 0.25% higher.         

It earlier rose as much as 0.6% to hit USD95.48 a barrel, the highest price since June 30. 

Trade was expected to be slim as the NYMEX floor trading was to remain closed for the U.S. Independence Day holiday. Electronic trades were to be booked with Tuesday’s transactions for settlement purposes.

The euro pulled back from a one-month high against the greenback after Standard & Poor’s said earlier that a proposed debt rollover plan for Greece may place the country in “selective default” under the ratings firm's criteria.

The dollar index, which measures the performance of the greenback against a basket of major currencies, rebounded from a three-week low to trade at 74.64, up 0.06%.  

Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies.

Meanwhile, Emad al-Ateeqi, a member of Kuwait's Supreme Petroleum Council said at an industry event in Kuwait City on Sunday that crude prices were likely to stay in a range between USD90 and USD100 until the end of 2011 due to the International Energy Agency's emergency stock releases.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for August delivery eased down 0.05% to trade at USD111.50 a barrel, up USD16.49 on its U.S. counterpart.

On Friday, influential Wall Street investment bank Goldman Sachs lowered its 2011 Brent oil average price forecast by USD6 to USD8 a barrel from its current forecast of USD117, as a result of the IEA’s release of supply from strategic reserves.   

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