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Oil plunges 9% as major producers slash prices on demand weakness - Business Insider

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Oil plunges 9% as major producers slash prices on demand weakness - Business InsiderOil plunges 9% as major producers slash prices on demand weakness - Business InsiderPosted: 08 Sep 2020 12:00 AM PDTGary Kazanjian/APOil futures tumbled on Tuesday as major producers cut prices to shore up market demand.West Texas Intermediate crude contracts for October delivery sank as much as 9.2%, to $36.13 a barrel, before stabilizing. Brent crude tanked as much as 6.7%, to $39.79, at intraday lows.The world's most traded commodity has fallen under new pressure in recent sessions amid signs that coronavirus fallout continues to weigh on the energy sector. Reopenings through the summer prompted a moderate rally and held contracts around $43 per barrel, but prices have since slipped on concerns the market may take longer than expected to bounce back.Selling kicked off on Sunday after industry giant Saudi Aramco slashed prices for October crude amid lasting demand weakness, Bloomberg first report…

ConocoPhillips: Strong Assets, But Dividend Coverage Could Be Flakey Long Term - Seeking Alpha

ConocoPhillips: Strong Assets, But Dividend Coverage Could Be Flakey Long Term - Seeking AlphaConocoPhillips: Strong Assets, But Dividend Coverage Could Be Flakey Long Term - Seeking AlphaPosted: 19 Sep 2020 01:08 AM PDT[unable to retrieve full-text content]ConocoPhillips: Strong Assets, But Dividend Coverage Could Be Flakey Long TermSeeking Alpha You are subscribed to email updates from "condensate oil price,oil price chart" - Google News.
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String Of Bullish News Sends Oil Rallying Above $40 - OilPrice.com

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Oil prices were set for a weekly gain early on Friday, capping a week of several days of gains that saw both benchmarks rebound to above $40 a barrel.   As of 10:11 a.m. EDT on Friday, WTI Crude was up 0.63 percent at $41.19 and Brent Crude was up 0.05 percent at $43.28.  This week’s sentiment on the market has been more bullish than the previous week, when fears of waning demand recovery had overtaken the news cycle and a sell-off sent oil prices to below $40 a barrel.This week started with OPEC and the International Energy Agency (IEA) revising down their respective demand outlooks for this year due to a more fragile outlook on economic recovery amid the continued uncertainty about the pandemic.But the inventory draw in U.S. crude oil stocks sent oil prices higher late on Tuesday and through Wednesday, while platform evacuations in the Gulf of Mexico ahead of Hurricane Sally also supported prices in the middle of the week.On Thursday, market participants turned to the meeting of the…

Oil Price Outlook: Crude Recovery Vulnerable below Trend Resistance - DailyFX

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Crude Oil Technical Forecast: WTI Weekly Trade LevelsCrude Oilupdated technical trade levels – Weekly ChartWTI ranges below long-term downtrend resistance– risk for further losses while below 43New to Oil Trading? Get started with this FreeHow to Trade Oil-Beginners GuideOil prices are poised to snap a two-week losing streak after stalling at a key resistance range for nearly seven-weeks. The recovery keeps price below this critical threshold and leaves the rally vulnerable while below long-term downtrend resistance. These are the updated targets and invalidation levels that matter on theoil priceweekly chart.Reviewmy latestStrategy Webinarfor an in-depth breakdown of thiscrude oil pricesetup and more.Starts in:Live now:Sep 21( 12:09 GMT ) Live Weekly Strategy Webinars on Mondays at 12:30GMTWeekly Scalping Webinar Register for webinarJoin nowWebinar has ended Crude Oil Price Chart – WTI WeeklyChart Prepared byMichael Boutros, Technical Strategist;Crude Oil (WTI) on TradingviewNotes:Crude…

China's Crude Oil Imports Are Slowing Down - OilPrice.com

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China’s imports of crude oil have been trending much lower in September than in the past four months, while the rest of Asia is also significantly slowing imports this month with demand still under pressure, IHS Markit said on Friday.  Crude oil discharged at Chinese ports in the last two weeks were below 8 million barrels per day (bpd), at levels similar to what China imported in March and April, Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime & Trade, at IHS Markit, said in an analysis.So far in the third quarter, China’s crude oil imports have stayed strong, with high congestion at many major crude ports.“But activity so far in September suggests that the world’s biggest importer of crude oil has been absorbing much less than a month ago,” Katsoulas said.Earlier this year, China imported record volumes of crude oil in May and June, as the oil-hungry nation attempted to benefit from the low oil prices in April. The record-breaking crude oil imports supported oil prices…

String Of Bullish News Sends Oil Rallying Above $40 - OilPrice.com

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Oil prices were set for a weekly gain early on Friday, capping a week of several days of gains that saw both benchmarks rebound to above $40 a barrel.   As of 10:11 a.m. EDT on Friday, WTI Crude was up 0.63 percent at $41.19 and Brent Crude was up 0.05 percent at $43.28.  This week’s sentiment on the market has been more bullish than the previous week, when fears of waning demand recovery had overtaken the news cycle and a sell-off sent oil prices to below $40 a barrel.This week started with OPEC and the International Energy Agency (IEA) revising down their respective demand outlooks for this year due to a more fragile outlook on economic recovery amid the continued uncertainty about the pandemic.But the inventory draw in U.S. crude oil stocks sent oil prices higher late on Tuesday and through Wednesday, while platform evacuations in the Gulf of Mexico ahead of Hurricane Sally also supported prices in the middle of the week.On Thursday, market participants turned to the meeting of the…

Crude oil futures rise on spot demand - Economic Times

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Crude oil futures rise on spot demand - Economic TimesCrude oil futures rise on spot demand - Economic TimesOPEC cuts oil demand forecasts, BP sees 'peak oil' in 2020s - WHSVCrude oil prices to rise as markets become balanced - talkbusiness.netWTI Drops Below $40 Amid Stock Market Rout - OilPrice.comCrude oil futures rise on spot demand - Economic TimesPosted: 18 Sep 2020 03:26 AM PDT New Delhi: Crude oil prices on Friday rose by Rs 7 to Rs 3,031 per barrel as participants widened their positions on firm spot demand. On the Multi Commodity Exchange, crude oil for delivery in September traded higher by Rs 7, or 0.23 per cent, at Rs 3,031 per barrel in 2,998 lots.Analysts said raising of bets by participants kept crude oil prices higher in the futures trade. Globally, West Texas Intermediate crude oil rose by 0.88 per cent to USD 41.33 per barrel, while Brent crude was trading up 0.79 per cent at USD 43.64 per barrel in New York. OPEC cuts oil demand forecasts, BP sees …