Oil rises on tightening supplies; ample U.S. output caps gains

TOKYO/SYDNEY (Reuters) – Oil prices edged higher on Thursday, supported by ongoing OPEC-led supply cuts and a surprise fall in U.S. crude inventories, although gains were capped by strong U.S. production. Brent crude futures were at $71.71 a barrel at 0500 GMT, up 9 cents, or 0.1 percent, from their last close and not far off Wednesday’s five-month high of […]

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Cramer: Chevron's Anadarko merger won't be the only oil deal this year

“Anadarko was the first big oil deal this year, but I bet it won’t be the last,” CNBC’s Jim Cramer says. “That’s why I like Apache, I like Concho, Parsley, and especially Pioneer Nat, because this industry still needs much more consolidation,” the “Mad Money” host says. “We’ve simply got too many publicly traded companies, something that’s only going to […]

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Why Permian Basin-Focused Oil Stocks Are Soaring Today

What happened Shares of Pioneer Natural Resources (NYSE: PXD), Parsley Energy (NYSE: PE), and Concho Resources (NYSE: CXO) had all zoomed around 10% higher as of 11:45 a.m. EDT on Friday. Driving the rally in those Permian Basin-focused oil stocks was the news of Chevron's (NYSE: CVX) stunning $50 billion acquisition deal for Anadarko Petroleum (NYSE: APC). Continue Reading Below […]

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Oil jumps more than 1 percent as U.S. gasoline stock draw overshadows crude build

NEW YORK (Reuters) – Oil prices rallied more than 1 percent on Wednesday after U.S. data showing a deep drawdown in gasoline stocks overshadowed crude inventories rising to 17-month highs, and as sanctions and blackouts in Venezuela helped tighten global supply. International benchmark Brent futures rose $1.09 to $71.70 a barrel, or 1.5 percent, by 12:52 p.m. EDT (1652 GMT), […]

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Oil up on tight supply, but economic slowdown weighs

LONDON (Reuters) – Oil prices rose on Wednesday back toward five-month highs hit the previous day, as OPEC production cuts and U.S. sanctions on Iran and Venezuela continued to tighten supply, though economic worries increased. International benchmark Brent futures were up 18 cents, or 0.25 percent, at $70.79 a barrel by 1220 GMT. U.S. West Texas Intermediate (WTI) crude oil […]

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Oil slips from five-month highs as economic worries counter tight market

SINGAPORE (Reuters) – Oil prices eased on Tuesday, slipping away from 5-month highs reached earlier in the session as a sluggish economic outlook countered an otherwise tight market. International benchmark Brent futures touched their strongest level since last November at $71.34 per barrel on Tuesday, before losing ground to $70.96 per barrel by 0158 GMT, down 14 cents, or 0.2 […]

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Oil prices hit highest in five months as Libya fighting tightens supply

SINGAPORE (Reuters) – Oil prices on Tuesday reached their highest since November as concerns over exports from war-torn Libya stoked tightness in the market, with global supply already hit by OPEC-led production cuts and U.S. sanctions on Iran and Venezuela. International benchmark Brent futures touched their strongest level since last November at $71.34 per barrel on Tuesday, and were still […]

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Oil climbs to five-month high amid OPEC cuts, U.S. sanctions and Libya fighting

SINGAPORE (Reuters) – Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC’s ongoing supply cuts, U.S. sanctions against Iran and Venezuela, fighting in Libya as well as strong U.S. jobs data. International benchmark Brent futures were at $70.62 per barrel at 0716 GMT on Monday, up 28 cents, or 0.4 percent from their […]

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