Oil prices post weekly loss as supply fears wane - Reuters:
Oil prices fell on Friday and posted a weekly loss on a faster-than-expected recovery in Saudi output, while investors also worried about global crude demand amid slowing Chinese economic growth.
During a volatile session, Brent crude LCOc1 futures fell 83 cents, or 1.3%, to settle at $61.91 a barrel, after dropping to a session low of $60.76 a barrel.
U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 50 cents, or 0.9%, to settle at $55.91 a barrel. It hit a session low of $54.75 a barrel.
Brent fell 3.7% for the week, its biggest weekly loss since early August. WTI lost 3.6%, its steepest loss since mid-July.
Friday 27 September 2019
Oil prices head for big weekly loss as supply fears wane - Reuters
Oil prices head for big weekly loss as supply fears wane - Reuters:
Oil prices fell on Friday and were heading for a weekly loss on a faster than expected recovery in Saudi output while slowing Chinese economic growth dampens the demand outlook.
Brent crude LCOc1 fell 93 cents to $61.81 a barrel by 1102 GMT while U.S. crude CLc1 sliped by 65 cents to $55.76. Both were down almost 4% over the week, representing WTI’s biggest weekly loss in 10 weeks and Brent’s biggest in seven.
Brent and WTI were also hit by a Wall Street Journal report citing unnamed sources saying that Saudi Arabia had agreed a partial ceasefire in Yemen, said analysts in the Reuters Global Oil Forum.
Oil prices fell on Friday and were heading for a weekly loss on a faster than expected recovery in Saudi output while slowing Chinese economic growth dampens the demand outlook.
Brent crude LCOc1 fell 93 cents to $61.81 a barrel by 1102 GMT while U.S. crude CLc1 sliped by 65 cents to $55.76. Both were down almost 4% over the week, representing WTI’s biggest weekly loss in 10 weeks and Brent’s biggest in seven.
Brent and WTI were also hit by a Wall Street Journal report citing unnamed sources saying that Saudi Arabia had agreed a partial ceasefire in Yemen, said analysts in the Reuters Global Oil Forum.
Oil Set for Worst Week Since July as Saudis Restore Production - Bloomberg
Oil Set for Worst Week Since July as Saudis Restore Production - Bloomberg:
Oil is heading for the biggest weekly loss since July on indications Saudi Arabia is restoring lost crude production quicker-than-expected after attacks on its key energy infrastructure.
Futures slid as much as 0.6% in New York on Friday. The kingdom is about a week ahead of its repair schedule and is pumping more than 8 million barrels a day, according to people familiar with the matter. Further price losses may be capped by the prospect of escalating tension in the Middle East. The U.S. said it will send an additional Patriot missile battery and 200 more personnel to Saudi Arabia, extending the region’s air defense in the wake of the Sept. 14 assault.
Oil is heading for the biggest weekly loss since July on indications Saudi Arabia is restoring lost crude production quicker-than-expected after attacks on its key energy infrastructure.
Futures slid as much as 0.6% in New York on Friday. The kingdom is about a week ahead of its repair schedule and is pumping more than 8 million barrels a day, according to people familiar with the matter. Further price losses may be capped by the prospect of escalating tension in the Middle East. The U.S. said it will send an additional Patriot missile battery and 200 more personnel to Saudi Arabia, extending the region’s air defense in the wake of the Sept. 14 assault.
Aramco picks SMBC Nikko Securities as first Japanese bookrunner for IPO: sources - Reuters
Aramco picks SMBC Nikko Securities as first Japanese bookrunner for IPO: sources - Reuters:
Saudi Aramco has chosen SMBC Nikko Securities as a bookrunner for its initial public offering (IPO), the first Japanese financial firm to grab a role in the mega deal, three sources familiar with the matter said.
Aramco has hired over a dozen banks including U.S. and European banks to manage its IPO as it seeks to tap a wider global investor base for a potential $20 billion local listing in Riyadh of around 1% of the company’s shares.
The selection of a Japanese financial player comes amid speculation about Tokyo being a possible overseas destination for the Aramco listing.
Saudi Aramco has chosen SMBC Nikko Securities as a bookrunner for its initial public offering (IPO), the first Japanese financial firm to grab a role in the mega deal, three sources familiar with the matter said.
Aramco has hired over a dozen banks including U.S. and European banks to manage its IPO as it seeks to tap a wider global investor base for a potential $20 billion local listing in Riyadh of around 1% of the company’s shares.
The selection of a Japanese financial player comes amid speculation about Tokyo being a possible overseas destination for the Aramco listing.
Oil sinks amid threats to demand growth, fading #Saudi supply concerns - Reuters
Oil sinks amid threats to demand growth, fading Saudi supply concerns - Reuters:
Oil prices fell on Friday as economic headwinds revived concerns of slowing global demand growth and a faster-than-expected recovery in Saudi crude oil output eased worries over potential major supply disruptions.
The International Energy Agency (IEA) said on Friday it may cut its growth estimates for global oil demand for 2019 and 2020, should the global economy weaken further.
“It will depend on the global economy. If the global economy weakens, for which there are already some signs, we may lower oil demand expectations,” IEA Executive Director Fatih Birol told Reuters.
Brent crude LCOc1 futures fell 55 cents, or 0.9%, from the previous session’s close to $62.19 a barrel by 0653 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 fell 30 cents, or 0.5%, to $56.11 a barrel.
Oil prices fell on Friday as economic headwinds revived concerns of slowing global demand growth and a faster-than-expected recovery in Saudi crude oil output eased worries over potential major supply disruptions.
The International Energy Agency (IEA) said on Friday it may cut its growth estimates for global oil demand for 2019 and 2020, should the global economy weaken further.
“It will depend on the global economy. If the global economy weakens, for which there are already some signs, we may lower oil demand expectations,” IEA Executive Director Fatih Birol told Reuters.
Brent crude LCOc1 futures fell 55 cents, or 0.9%, from the previous session’s close to $62.19 a barrel by 0653 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 fell 30 cents, or 0.5%, to $56.11 a barrel.
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