U.S. crude oil ended higher for a third session Thursday, tracking rising global equity markets with some upbeat initial claims data for U.S. unemployment benefits and ahead of the crucial jobs data for January due tomorrow. Oil prices also found support with demand for heating oil continuing to soar, while crude oil inventories fell much less than expected last week, coupled with supply disruptions from Libya.
On the economic front, the European Central Bank on Thursday left its main lending rate unchanged at 0.25%, in line with expectations. The ECB indicated continuation of its low interest rates, while terming the economic recovery as uneven and fragile. As well, the Bank of England left its bond-buying program unchanged while holding on to its key lending rate at a record low of 0.5%.
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Short-term disruptions and lower exports from OPEC members offset signs of stronger US oil production to help give crude oil prices a lift early Tuesday.
Crude oil prices have been volatil
Iraq and some other oil producers taking part in global output cuts think they should reduce supply by an additional 1 percent to help re-balance the market, according to Iraqi Oil Minister Jabbar al
Oil prices traded close to five-month highs on Tuesday after fresh data showed key Middle Eastern producers continued to cut supply in line with an OPEC-led deal aimed at ending a crude glut.
Oil held gains near $50 a barrel before U.S. crude stockpile data as refiners delay scheduled maintenance after Hurricane Harvey hit the Gulf Coast and shuttered almost a quarter of the nation’s refi
West Texas Intermediate (WTI) and Brent oil prices have increased to $50 and $55, respectively, and bullish oil signs continue to accumulate. Joint Organisations Data Initiative (JODI) just announced