Oil, Gold & Silver Prices
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Oil price dips as banks caution on impact of producers' meeting
Brent crude futures (LCOc1), the global benchmark, were down 12 cents at $41.82 (29 pounds) a barrel at 1022 GMT, retreating from a three-week high reached on Friday. Oil prices rallied more than 6 percent last week after data showed U.S. energy firms had cut oil rigs for a third straight week to the lowest since November 2009.
U.S. WTI crude (CLc1) also eased on Monday, falling to $39.50 a barrel, down 22 cents from the prior session.
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Reject BP's chief's pay, shareholder group says
ShareSoc said Bob Dudley’s pay was too high for a company that suffered a record loss last year and has underperformed rivals for a long time. It also reflects a convoluted incentive scheme that should be simplified, it said.
Dudley’s pay rose 20% last year to $19.6m as the oil company racked up a record $6.5bn loss caused by the tumbling oil price and cut thousands of jobs. His pay was increased by a more than doubling of pension payments to $6.5m from $3m that has displeased investors.
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Commodities rise as dollar slips
Safe-haven gold hit a three-week high while the yen hit its highest against the dollar in almost a year and a half, as investors remained anxious about the strength of the global economy. The yen's strength pushed Tokyo to warn it could again intervene against its currency's rally.
On Wall Street stocks gave up gains in late trading to end lower, with miners and banks the only gainers ahead of the unofficial start to quarterly reporting season.
Earnings at S&P 500 companies are expected to have fallen 7.7 percent in the first quarter from a year ago. Excluding the energy sector, reeling from the slide in crude prices since mid 2014, the S&P earnings decline estimate improves to minus 2.6 percent according to Thomson Reuters I/B/E/S data.
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Brent hits 4-month high on reports of oil output freeze deal
Russia's Interfax news agency quoted a diplomatic source in Doha saying that Russia and Saudi Arabia reached a consensus on Tuesday about an output freeze and that the final decision will not depend on Iran.
The output freeze news came as the U.S. government said that U.S. crude output was forecast to fall by 560,000 barrels per day in 2017 to 8.04 million bpd, underscoring that the 21-month price rout is picking up steam.
"People are now realizing that this OPEC meeting could be a historic turning point for the market," said Phil Flynn, an analyst at Price Futures Group. "Now, with U.S. production cuts, our sense is that we're entering a new cycle upwards."
Brent crude prices settled up $1.86, or 4.3 percent, at $44.69 a barrel.
U.S. crude settled up $1.81, or 4.48 percent at $42.17 a barrel.
In post-settlement trade, both Brent and WTI pared gains under pressure from a larger-than-expected build in U.S. oil inventories suggested by data from the American Petroleum Institute, a trade group. . Brent retreated to $44.19 by 4:50 p.m. EDT (2050 GMT), while WTI pulled back to $41.64.
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Getting 8 dollars a barrel dream is shattered.
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- nihal123Top contributor
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Re: Oil, Gold & Silver Prices
-------------------- LAST
Crude Oil---------41.17 $
Brent Crude------43.52 $
Gold------------1234.9 $
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Re: Oil, Gold & Silver Prices
-------------------- LAST
Crude Oil---------42.06 $
Brent Crude------44.47 $
Gold------------1232.7 $
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Re: Oil, Gold & Silver Prices
-------------------- LAST
Crude Oil---------38.56 $
Brent Crude------41.32 $
Gold------------1237.5 $
http://markets.wsj.com
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Saudis Won't Shed Any Tears Over Doha
The meeting in Doha to formalize the freeze ended in failure with Saudi Arabia refusing to agree unless other nations, particularly Iran, joined from the beginning. Iran, the one country with the determination and ability to boost output this year, wasn't even at the gathering.
Iran and its neighbor Iraq have together added more than 1 million barrels a day to their crude oil exports in the first two weeks of April, compared with their March average. For Iraq, much of that comes from restoring disrupted Kurdish exports, but for Iran it's part of an ongoing drive to restore output to its claimed pre-sanctions level of 4 million barrels a day.
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Re: Oil, Gold & Silver Prices
Failed DOHA Agreement
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Kuwait Refineries Cut Back on Second Day of Oil Workers Strike
Kuwait National Petroleum Co. is processing about 510,000 to 520,000 barrels of oil a day, Khaled Al-Asousi, spokesman for the state-oil company, said by phone on Monday. All three refineries are operating, he said. They have a combined capacity of about 900,000 barrels a day. A call and text message to the labor union weren’t answered.
Kuwait’s crude production on Sunday dropped to 1.1 million barrels a day, Saad Al-Azmi, deputy chief executive for finance and spokesman at Kuwait Oil Co., said in posts on Instagram and Twitter on Sunday.
Kuwait Petroleum Corp., the parent company for KOC and other operating units, will provide fuel to the local market and can meet demand from international customers for exports, it said on Twitter on Sunday. KPC and KOC spokesmen were not immediately available for comment on Monday.
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Safe-haven bids buoy gold
A deal to freeze oil output by OPEC and non-OPEC producers fell apart on Sunday after Saudi Arabia demanded that Iran join in despite calls on Riyadh to save the agreement and help prop up crude prices.
U.S. crude futures slid as much as 6.8 percent to $37.61 a barrel, while Brent futures dropped 7 percent to $40.10 a barrel.
Asian shares fell, dragged down by the drop in crude oil futures, while the safe-haven yen soared.
Spot gold rose to a session high of $1,239.30 an ounce, before giving up some gains to trade up 0.2 percent at $1,236.20 by 0639 GMT.
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Saudi's Other Warning Makes Oil Traders Sweat After Doha Failure
It was Mohammed Bin Salman’s repeated assertions that the kingdom wouldn’t join an output freeze without Iran that derailed talks between 16 producing countries on April 17. In interviews with Bloomberg News, the prince cautioned that if other producers increased output, Saudi Arabia could respond in kind. Iran is restoring exports after international sanctions over its nuclear program were lifted in January.
“It was an indication to Iranians that, look guys, if you’re not joining the table we have enough power to crank up production,” Abhishek Deshpande, an analyst at Natixis SA in London, said in a Bloomberg Television interview Monday. “You can question how much more they can crank it up by, but the chances are that, now there’s no freeze, the Saudis will go ahead and increase their production as they were planning.”
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U.S. crude oil investors piled on bearish option bets on Monday, fearing prices may retest 12-year lows as futures prices sank almost 7 percent after talks by major exporters collapsed without agreement, erasing hopes the worldwide glut in oil would be eased.
Open interest in the June puts that allow the holder to sell at $35 per barrel hit a record high above 36,000, up 8 percent from Thursday and more than double levels seen in January.
Turnover in the contract, the most liquid on the massive U.S. options market, was high, too, with more than 10,000 lots traded by early afternoon, equivalent of 100,000 barrels of oil worth about $3.7 million, as prices sank to as low as $37 per barrel.
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Brent @ US $ 25. Wow.
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- nihal123Top contributor
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Re: Oil, Gold & Silver Prices
------------------ LAST
Crude Oil---------40.17 $
Brent Crude------43.35 $
Gold------------1255.9 $
http://markets.wsj.com
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Why Did Oil Prices Rise This Morning?
Oil prices rose early today because of the oil workers’ strike in Kuwait. At 4:55 EST, crude futures for June delivery were trading at $41.47 per barrel, a gain of 0.68%. Brent crude for June delivery was trading at $43.24 per barrel, a gain of 0.77%.
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- nihal123Top contributor
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Join date : 2014-02-24
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Re: Oil, Gold & Silver Prices
------------------ LAST
Crude Oil---------43.09 $
Brent Crude------44.57 $
Gold------------1235.3 $
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Join date : 2014-02-24
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Re: Oil, Gold & Silver Prices
----------------- LAST
Crude Oil---------42.63 $
Brent Crude------44.28 $
Gold------------1235.3 $
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World Bank Raises 2016 Oil Price Forecast, Revises Down Agriculture Price Projections
The crude oil market rebounded from a low of $25 per barrel in mid-January to $40 per barrel in April following production disruptions in Iraq and Nigeria and a decline in non-Organization of the Petroleum Exporting Countries production, mainly U.S. shale. A proposed production freeze by major producers failed to materialize at a meeting in mid-April.
“We expect slightly higher prices for energy commodities over the course of the year as markets rebalance after a period of oversupply,” said John Baffes, Senior Economist and lead author of the Commodities Markets Outlook. “Still, energy prices could fall further if OPEC increases production significantly and non-OPEC production does not fall as fast as expected.”
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- nihal123Top contributor
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Join date : 2014-02-24
Age : 58
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Re: Oil, Gold & Silver Prices
----------------- LAST
Crude Oil---------45.70 $
Brent Crude------47.39 $
Gold------------1265.9 $
http://markets.wsj.com
- nihal123Top contributor
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Join date : 2014-02-24
Age : 58
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Re: Oil, Gold & Silver Prices
----------------- LAST
Crude Oil---------45.71 $
Brent Crude------47.39 $
Gold------------1294.9 $
http://markets.wsj.com
- nihal123Top contributor
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Join date : 2014-02-24
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Re: Oil, Gold & Silver Prices
----------------- LAST
Crude Oil---------45.51 $
Brent Crude------46.85 $
Gold------------1296.1 $
http://markets.wsj.com
- nihal123Top contributor
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Join date : 2014-02-24
Age : 58
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Re: Oil, Gold & Silver Prices
----------------- LAST
Crude Oil---------43.84 $
Brent Crude------45.05 $
Gold------------1284.2 $
http://markets.wsj.com
- nihal123Top contributor
- Posts : 6327
Join date : 2014-02-24
Age : 58
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Re: Oil, Gold & Silver Prices
----------------- LAST
Crude Oil---------45.50 $
Brent Crude------46.04 $
Gold------------1286.9 $
http://markets.wsj.com
- nihal123Top contributor
- Posts : 6327
Join date : 2014-02-24
Age : 58
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Re: Oil, Gold & Silver Prices
----------------- LAST
Crude Oil---------43.55 $
Brent Crude------43.76 $
Gold------------1266.5 $
http://markets.wsj.com
- nihal123Top contributor
- Posts : 6327
Join date : 2014-02-24
Age : 58
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Re: Oil, Gold & Silver Prices
----------------- LAST
Crude Oil---------43.66 $
Brent Crude------44.08 $
Gold------------1268.0 $
http://markets.wsj.com
- nihal123Top contributor
- Posts : 6327
Join date : 2014-02-24
Age : 58
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Re: Oil, Gold & Silver Prices
----------------- LAST
Crude Oil---------46.14 $
Brent Crude------47.63 $
Gold------------1276.1 $
http://markets.wsj.com