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10:52 a.m. Nov. 3, 2021 - By Myra P. Saefong
WTI oil prices fall below $80 a barrel amid reports that Iran nuclear talks will resume late this monthOil futures extended their declines in Wednesday's electronic trading session, pulling benchmark West Texas Intermediate crude prices below $80 a barrel for the first time since mid-October, after a report that said talks surrounding an Iran nuclear deal will begin later this month. Negotiations to revive the 2015 Iran nuclear deal will resume in Vienna on Nov. 29, . The bottom line is that the talks regarding Iran and their nuclear program are "still far from settled, but the market sold off in a weakened state," said Phil Flynn, senior market analyst at The Price Futures Group. December WTI oil a barrel and fell to $79.73 in electronic trading. "Really there's a long way to go before there's going to be any progress in these talks, so I think the selloff based off this headline is obviously overdone," said Flynn.
9:51 a.m. Oct. 28, 2021 - By Myra P. Saefong
Natural-gas futures drop by nearly 7%; U.S. oil prices settle slightly higher Natural-gas futures suffered a drop of almost 7% , with prices pressured by ordered Gazprom to send more natural gas to Europe next month. Oil futures, meanwhile, finished with a modest gain, a day after losing more than 2% on news that on a nuclear deal. December natural gas fell 42 cents, or 6.7%, to settle at $5.782 per million British thermal units. West Texas Intermediate crude for December delivery rose 15 cents, or 0.2%, to settle at $82.81 a barrel on the New York Mercantile Exchange.
9:43 a.m. Oct. 27, 2021 - By Myra P. Saefong
U.S. oil futures fall by more than 2%; natural-gas futures end at more than 3-week highOil futures after the Energy Information Administration in U.S. crude inventories and amid news that Iran may soon renew talks with world powers on a nuclear deal. Iran's chief negotiator, Ali Bagheri, said Wednesday that Iran will return to nuclear discussions before the end of November, . "If this leads to the eventual withdrawal of U.S. sanctions, Iranian oil exports will rise, ending the threat of a supply shortage that has been partly the reason behind the big oil rally," said Fawad Razaqzada, market analyst at ThinkMarkets, in a market update. West Texas Intermediate crude for December delivery fell $1.99, or nearly 2.4%, to settle at $82.66 a barrel on the New York Mercantile Exchange. Natural-gas prices, meanwhile, rallied, getting a boost from some forecasts for colder weather as the November contracts expired. November natural gas rose 32 cents, or 5.4%, to settle at $6.202 per million British thermal units, the highest in just over three weeks. The new front month December contract added 20 cents, or almost 3.3%, to $6.198 per million Btus.
9:41 a.m. Sept. 15, 2021 - By Myra P. Saefong
Oil posts highest price settlement since late July; natural-gas futures up nearly 4%Oil futures on since late July after the Energy Information Administration reported a 6.4 million-barrel weekly drop in U.S. crude supplies. "Oil's rally is nowhere near over as both demand and supply drivers are still mostly bullish: further delays in making progress with the Iran nuclear deal, a cold winter, and further production disruptions from a very active hurricane season," said Edward Moya, senior market analyst at Oanda. West Texas Intermediate crude for October delivery rose $2.15, or about 3.1%, to settle at $72.61 a barrel, the highest front-month finish since July 30, according to FactSet data. The Bureau of Safety and Environmental Enforcement reported Wednesday that an estimated 29.5% of oil production and 39.4% of natural-gas production in the Gulf remains shut in following Hurricane Ida, which made landfall on the Gulf Coast on Aug. 29. Natural-gas futures also rallied, to mark another finish at the highest since February 2014. October natural gas rose 20 cents, or 3.8%, to settle at $5.46 per million British thermal units.
8:11 a.m. July 13, 2021 - By Myra P. Saefong
Oil futures climb to mark session highs in afternoon tradingOil futures to touch fresh highs for the session. "Risk-on money flows" drove the U.S. stock market higher and "we are likely seeing oil move higher in sympathy with other risk assets," said Tyler Richey, co-editor at Sevens Report Research. Nuclear talks between Iran and world powers, meanwhile, aren't expected to resume until mid-August --- after the inauguration of Iran's new president, according to a . Traders have been monitoring progress in the discussions as a nuclear agreement would likely lead the U.S. to lift sanctions on Iran, allowing it to contribute more oil to the world market. "The U.S./Iran headlines may be offering traders an excuse to buy/cover shorts but...the lack of progress on the nuclear front has been largely priced in," said Richey. On the New York Mercantile Exchange, August West Texas Intermediate crude climbed $1.30, or nearly 1.8%, to $75.40 a barrel after touching a high at $75.52.
9:36 a.m. June 21, 2021 - By Myra P. Saefong
Oil futures extends rise to highest finish since 2018Oil futures , with U.S prices extending their gain to the highest levels since 2018. Oil's relentless rise has continued with "positive news in all directions," said Manish Raj, chief financial officer at Velandera Energy. "Continued economic recovery after the pandemic and robust demand growth have resulted in a tight physical market," he said. The recent Iranian election results, meanwhile, "indicate that a nuclear deal with Iran, and hence Iranian supply growth, remain elusive." West Texas Intermediate oil for July delivery rose $2.02, or 2.8%, to settle at $73.66 a barrel on the New York Mercantile Exchange.
9:50 a.m. June 18, 2021 - By Myra P. Saefong
Oil futures end higher, up a 4th straight weekOil futures , with U.S prices posting a gain for a fourth week in a row. Prices shook off much of the losses they saw Thursday on the back of strength in the dollar, which followed the Federal Reserve's suggestion that it may raise interest rates sooner than it previously expected. Traders continued to get a boost from expectations for stronger energy demand and eyed prospects for an Iran nuclear deal that would likely lead to more oil on the global market. Most appeared unconvinced that an agreement can be reached before the inauguration of a new Iran president in August. West Texas Intermediate oil for July delivery rose 60 cents, or 0.8%, to settle at $71.64 a barrel on the New York Mercantile Exchange. Prices based on the front-month contract tacked on 1% for the week.
9:47 a.m. June 7, 2021 - By Myra P. Saefong
Oil futures end lower, with U.S. prices retreating from their highest since 2018Oil futures , with U.S. prices slipping back after ending last week at their highest since October 2018 as traders weigh prospects for demand and the likelihood and timing of an Iran nuclear deal. "The energy market remains fixated over the Iranian nuclear deal talks," said Edward Moya, senior market analyst at Oanda. "At some point this week, a make-or-break moment will present itself over Iranian nuclear talks and that should help determine if bullish momentum continues to send oil much higher." A deal between world powers, including the U.S. and Iran, would likely lead the U.S to lift sanctions on Tehran. That would allow Iran to contribute more oil to the world market. West Texas Intermediate oil for July delivery fell 39 cents, or 0.6%, to settle at $69.23 a barrel on the New York Mercantile Exchange after a gain of 1.2% for Friday's session and a rise of about .
9:40 a.m. June 3, 2021 - By Myra P. Saefong
Oil futures settle a bit lower, with U.S. prices just below a more than 2-year highOil futures , with U.S. prices down just two pennies from a more than two-year high. Prices found support from a more than 5 million-barrel , but government data also revealed an unexpected climb in gasoline inventories. The oil market in the short term is likely "slightly overbought and the risk...is to the downside," said Tariq Zahir, managing member at Tyche Capital Advisors. Traders have been concerned about a loss in oil demand, given the worrisome number of COVID cases in India, the third largest consumer of crude oil, as well as the prospect of a deal with Iran that may bring back Iranian oil to the market later in the year, said Zahir. West Texas Intermediate oil for July delivery shed 2 cents, or 0.03%, to settle at $68.81 a barrel on the New York Mercantile Exchange. Front-month contract prices ended at $68.83 on Wednesday, their highest since October 2018, according to FactSet.
9:50 a.m. June 2, 2021 - By Myra P. Saefong
U.S. oil futures post another finish at the highest since 2018Oil futures , with U.S. prices at their highest in over two and a half years. Most of oil's rise is "driven by expectations that gasoline inventories will take a hit" in supply data due out Thursday, and "anticipation that Americans, who stayed home last year, will be taking to the road again," said James Williams, energy economist at WTRG Economics. The Energy Information Administration will release its weekly supply report on Thursday, a day later than usual because of Monday's Memorial Day holiday. Oil prices, however, appeared to gain more ground during the session following . That followed news that and sank on Wednesday. The events are "raising the overall risk premium in the Middle East," said Phil Flynn, senior market analyst at The Price Futures Group. "The biggest downside risk is the return of Iranian supply and that looks more unlikely." West Texas Intermediate oil for July delivery climbed $1.11, or 1.6%, to settle at $68.83 a barrel on the New York Mercantile Exchange. Front-month contract prices ended at their highest since October 2018, FactSet data show.
9:44 a.m. May 27, 2021 - By Myra P. Saefong
Oil futures up a 5th session for longest winning streak since February Oil futures , stretching their streak of consecutive gains to a fifth session, the longest run since an eight-session climb ended on Feb. 10. The price climb followed that revealed a decline in U.S. supplies of crude, gasoline and distillates. Traders, however, continue to eye developments tied to talks over the Iran nuclear deal, as an agreement would likely lead the U.S. to lift sanctions on Tehran, allowing it to raise oil exports. The Organization of the Petroleum Exporting Countries and their allies, meanwhile, will hold a meeting on Tuesday to discuss plans for production. West Texas Intermediate oil for July delivery climbed by 64 cents, or 1%, to settle at $66.85 a barrel on the New York Mercantile Exchange.
9:39 a.m. May 26, 2021 - By Myra P. Saefong
Oil futures finish with a modest gain, up a 4th straight session Oil futures to tally a fourth gain in a row. Despite the bullish fundamentals for oil, including the , concerns about the potential addition of Iranian oil, as well as the impact from the Chinese crackdown on retail commodity investors remain, said Phil Flynn, senior market analyst at The Price futures Group. China's crackdown is "leading to some long liquidation that is weighing on the market sentiment," he said. And when it comes to Iran, the key is the decision by the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, at their meeting on Tuesday, Flynn told MarketWatch. West Texas Intermediate oil for July delivery edged up by 14 cents, or 0.2%, to settle at $66.21 a barrel on the New York Mercantile Exchange.
9:41 a.m. May 25, 2021 - By Myra P. Saefong
U.S. oil futures finish slightly higher as traders continue to eye Iran nuclear deal developments U.S. oil futures settled as traders continued to watch developments tied to talks aimed at reviving the Iran nuclear deal. The market weighed the likelihood and timing of a prospective deal that would lead the U.S. to lift sanctions on Iran, allowing it to contribute more oil to the world market. West Texas Intermediate oil for July delivery inched up by 2 cents, or 0.02%, to settle at $66.07 a barrel on the New York Mercantile Exchange, with prices for the front-month eking out another settlement at the highest since May 17, according to FactSet data.
9:51 a.m. May 24, 2021 - By Myra P. Saefong
U.S. oil futures end at highest in a week as some doubts over an Iran nuclear deal surfaceOil futures moved sharply higher on Monday, with U.S. prices posting their highest settlement in a week, buoyed by some doubts that an Iran nuclear deal will be reached anytime soon. A lack of cooperation by Iran, as well as "skeptical comments about Iranian compliance" by U.S. Secretary of State Antony Blinken, both "lower the odds that a new agreement is reached and therefore, suggest sanctions are not likely to be lifted in the near to medium term," said Tyler Richey, co-editor at Sevens Report Research. If a deal is reached and U.S. lifts sanctions on Iran, that would lead to more oil in the global market. West Texas Intermediate oil for July delivery rose $2.47, or 3.9%, to settle at $66.05 a barrel on the New York Mercantile Exchange, the highest front-month finish since May 17, FactSet data show.
9:44 a.m. May 21, 2021 - By Myra P. Saefong
Oil rallies for the session amid possible Gulf of Mexico storm, prices fall for the weekOil futures rallied , finding support from a potential storm in the Gulf of Mexico. Prices still posted a loss for the week as traders continued to eye developments toward an Iran nuclear deal. The "possibility of the return on Iranian oil," pressured prices for the week, said Phil Flynn, senior market analyst at The Price Futures Group. On Friday, however, prices got a boost from concerns about a weather system , he said. "A tropical disturbance is a reminder that [Atlantic] hurricane season is upon us, and it seems to want to start early." Next week, oil traders are likely to "focus on the Iran deal, but also get a sense of the demand expected for the Memorial Day Holiday -- the unofficial kickoff to the summer driving season," said Flynn. West Texas Intermediate oil for July delivery rose $1.64, or nearly 2.7%, to settle at $63.58 a barrel on the New York Mercantile Exchange. For the week, prices based on the front-month contract, fell about 2.7%, according to FactSet data.
9:42 a.m. May 20, 2021 - By Myra P. Saefong
Oil futures settle lower as traders assess apparent progress in talks over Iran nuclear dealOil futures , down for a third consecutive session, with U.S. prices at their lowest since late April. Prices have declined on the "premise that Iranian supply could find its way back on to the market," said Michael Hewson, chief market analyst at CMC Markets UK. European Union officials reportedly "expressed confidence that a deal could be reached in anticipation that the U.S. could ease some of the sanctions on Iran," and Iranian President that an agreement has been reached on a number of key issues, although some other smaller issues remain, Hewson said. West Texas Intermediate oil for June delivery , which expired at the end of the session, fell $1.31, or 2.1%, to end at $62.05 a barrel on the New York Mercantile Exchange. Front-month contract prices marked their lowest finish since April 26, according to FactSet data. July WTI oil , which is now the front month, lost $1.41, or 2.2%, to settle at $61.94.
9:38 a.m. May 18, 2021 - By Myra P. Saefong
Oil futures settle lower on potential progress in Iran nuclear talks Oil futures settled with a after a implied that progress had been made in the Iran nuclear talks, and said that important news regarding the talks would be announced by Wednesday. to the United Nations Security Council, tweeted that "significant progress" has been achieved, but "unresolved issues still remain." U.S. oil prices had finished Monday at their highest in over two years, but the price rise has now been slowed in part by the "Iranian talk breakthrough rumors," said Phil Flynn, senior market analyst at The Price Futures Group. June West Texas Intermediate crude fell 78 cents, or 1.2%, to settle at $65.49 a barrel on the New York Mercantile Exchange.
7:41 a.m. May 18, 2021 - By Myra P. Saefong
Oil futures fall sharply following a BBC Persia report that implies progress in the Iran nuclear talksOil futures fell sharply to fresh intraday lows on Tuesday, with traders attributing the losses to a BBC Persia report that implies progress in the Iran nuclear talks. translated to English using Google said that Mikhail Ulyanov, Russia's envoy to the United Nations Security Council in Vienna told BBC Persia that important news will probably be published by tomorrow. Kasra Naji, a special correspondent for BBC Persian TV, Ulyanov told him there's "been a significant development in the talks & there may be an important announcement tomorrow." Talks between Iran and world powers have been ongoing, aimed at a return to the 2015 Iran nuclear deal to limit Tehran's nuclear activities. A deal would likely lead the U.S. to lift sanctions on Iran, allowing the country to boost oil exports. fell $1, or 1.5%, to $65.27 a barrel on the New York Mercantile Exchange, after trading as low as 64.11. July Brent crude lost 99 cents, or 1.4%, to $68.47 a barrel on ICE Futures Europe.
9:39 a.m. April 21, 2021 - By Myra P. Saefong
Oil ends at lowest in a week as traders eye India's fuel demand, Iran nuclear deal developmentsOil futures ended at their , with India's difficulty to contain the pandemic raising expectations for a slowdown in fuel demand. Traders also watched developments tied to discussions toward a nuclear deal with Iran. on Wednesday, citing people familiar with the matter, that President Joe Biden's administration has signaled its openness to easing sanctions on parts of Iran's economy as negotiations for an agreement continue. June West Texas Intermediate crude fell $1.32, or 2.1%, to settle at $61.35 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since April 13, FactSet data show.
9:37 a.m. April 15, 2021 - By Myra P. Saefong
Oil futures up 4 sessions in a rowOil futures a fourth session gain in a row. A higher forecast for global oil demand from the International Energy Agency and recent data from the Energy Information Administration showing a third straight weekly decline in U.S. crude inventories continued to provide support for prices. Traders also eyed the latest . May West Texas Intermediate crude rose 31 cents, or 0.5%, to settle at $63.46 a barrel on the New York Mercantile Exchange after climbing 4.9% on Wednesday. Prices for the front-month contract logged another finish at their highest since March 17, FactSet data show.
9:40 a.m. April 12, 2021 - By Myra P. Saefong
Oil futures finish higher, but off session highsOil futures , but off the day's highs. Prices found support on increasing tensions in the Middle East, following reports that Yemen's Iran-backed Houthi rebels attacked oil facilities in Saudi Arabia. Traders continued to show concern over the outlook for energy demand on the back of a global rise in COVID-19 cases, though some progress in the rollout of vaccinations and prospects for an economic recovery in parts of the world helped to offset those concerns, analysts said. May West Texas Intermediate crude rose 38 cents, or 0.6%, to settle at $59.70 a barrel on the New York Mercantile Exchange after trading as high as $60.77.
9:43 a.m. April 8, 2021 - By Myra P. Saefong
U.S. oil prices post a modest loss as traders eye demand, U.S.-Iran nuclear deal developmentsU.S. oil futures , pressured as rising cases of COVID-19 threatened to slow global economies, and demand for energy. Traders also looked for any signs of progress toward a U.S.-Iran nuclear deal that would likely lead to more oil in the world market. West Texas Intermediate crude for May delivery fell by 17 cents, or 0.3%, to settle at $59.60 a barrel on the New York Mercantile Exchange.
9:46 a.m. April 6, 2021 - By Myra P. Saefong
Oil ends higher as U.S., Iran reportedly make little progress toward reviving a nuclear dealOil futures , getting a boost as economic data from China hinted at better prospects for energy demand. Meanwhile, at bringing the U.S. back into a nuclear deal with Iran appeared to make little progress. The to reach an agreement. The U.S. and Iran aren't meeting directly and representatives from European and other nations are serving as go-betweens instead. Through those intermediaries, the U.S. and Iran agreed to establish two working groups to try to get both countries back into compliance with the 2015 Iran nuclear deal, Tuesday. West Texas Intermediate crude for May delivery rose 68 cents, or 1.2%, to settle at $59.33 a barrel on the New York Mercantile Exchange.
9:40 a.m. April 5, 2021 - By Myra P. Saefong
U.S. oil prices drop nearly 5% on expectations for a rise in suppliesOil futures , with U.S. prices down almost 5%. The decline follows a decision by the Organization of the Petroleum Exporting Countries and their allies last week to incrementally increase production from May through July. There's also a "reduced demand outlook with COVID cases rising dramatically in India and several other countries," said Tariq Zahir, managing member at Tyche Capital Advisors. Meanwhile, , with the U.S. possibly easing sanctions on Iran and potentially getting back into the nuclear deal, may lead to higher global supplies of oil, said Zahir. West Texas Intermediate crude for May delivery fell $2.80, or 4.6%, to settle at $58.65 a barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since March 25, FactSet data show.
8:36 a.m. March 19, 2021 - By Myra P. Saefong
Oil prices climb toward session highs on report of an attack on Saudi oil facilityOil futures climbed toward their highest levels of the , buoyed by reports that an oil facility in Saudi Arabia was attacked by drones. said drones struck an oil facility in the capital of Riyadh Friday and ignited a fire, though authorities did not name the facility. Tensions in the Middle East have climbed this month. s on Yemen's rebel-held capital Sanaa earlier this month following attacks on Saudi Arabia's oil and military facilities that have been blamed on Iran-backed Houthi rebels. April West Texas Intermediate crude rose $1.10, or 1.8%, to trade at $61.10 a barrel on the New York Mercantile Exchange, while May Brent crude added 94 cents, or 1.5%, to $64.22 a barrel on ICE Futures Europe.
3:46 p.m. Feb. 25, 2021 - By Mark DeCambre
Stock-market futures and oil hold steady as U.S. launches attack against Iran-backed militia in SyriaU.S. stock-market index and oil futures Thursday night were seeing muted moves amid news that the Biden administration had launched airstrikes in Syria, targeting facilities near the Iraqi border used by Iranian-backed militia groups. Futures for the Dow Jones Industrial Average were down less than 0.1% at 31,364, those for the S&P 500 index were also off less than 0.1% at 3,827.75, while Nasdaq-100 futures were down 0.4% at 12,787.50. The strikes were retaliation for a rocket attack in Iraq earlier in February that killed one civilian contractor and wounded a U.S. service member and other coalition troops, according to the Pentagon, the . U.S. crude-oil futures were off 0.7% at $63.04 a barrel and global benchmark Brent crude was trading 0.9% lower at $65.59 a barrel on Globex. Equity markets on Thursday ended sharply lower amid a rapid rise in bond yields, with the 10-year Treasury note touching around 1.6%, undercutting appetite for assets percieved as risky like stocks against risk-free government debt. On Thursday, the Dow booked its steepest one-day slide since Jan. 29, the S&P 500 index closed down 2.5% to mark the biggest daily slump in three weeks and the Nasdaq Composite Index ended the session off 3.5% to mark its worst day since October.
9:42 a.m. Feb. 12, 2021 - By Myra P. Saefong
Oil futures end higher as Middle East tensions raise stability concerns Oil futures on news of rising tensions between the Iran-backed Houthis political group in Yemen and Saudi Arabia. that the Houthis' military spokesman tweeted that the Houthis' air force hit an airport and air base in Saudi Arabia with drones. Also on Friday, the Biden administration revoked the State Department's terrorist designations of the Houthi rebels, . "As the Biden administration no longer considers the Iran-backed Houthis as a terrorist organization, this action diminishes U.S. alliance with Saudi Arabia," said Manish Raj, chief financial officer at Velandera Energy. "Since the Saudis have been instrumental in balancing global oil trade in the recent times, there is a fear that they may be less motivated to balance oil markets in the future." March West Texas Intermediate crude rose $1.23, or 2.1%, to settle at $59.47 a barrel on the New York Mercantile Exchange. For the week, front-month prices gained roughly 4.7%, according to FactSet data.
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