Oil prices

By Neanda Salvaterra WSJ Mon., May 13, 2019 Conflict—whether it’s between regional rivals in the Persian Gulf or corporate foes in the Permian Basin—is seeping back into the oil business. Oil prices shot upward Monday after Saudi Arabia said two of its oil tankers came under attack Sunday near the Strait of Hormuz, the waterway in and out of the Persian Gulf -- a critical avenue for crude transportation. “The geopolitical risk premium increased over the weekend,” said consultancy Global Risk Management in a note. That became evident once markets opened in London this morning. Brent crude, the global oil benchmark, was up about 2% and West Texas Intermediate, the U.S. oil standard, was last up more than 1.5%. The attacks came days after the U.S. said it would heighten its military presence in the Persian Gulf to counter what it said is a growing threat from Iran. Saudi Arabia has pledged to help balance global oil markets as Washington … [Read more...] about Oil Prices Jump After Attack on Saudi Tankers—Energy Journal

Oil price hikes not yet a threat to economy — NEDA Czeriza Valencia (The Philippine Star) - May 3, 2019 - 12:00am MANILA, Philippines — The rise in oil prices is not yet considered a big threat to economic growth in the succeeding quarters as the increases remain gradual, the National Economic and Development Authority (NEDA) said. “It has less of an effect than food prices, food price inflation is more deleterious to inflation in general than oil because oil price increase is gradual and haven’t really reached the peak yet,” Socioeconomic Planning Secretary and NEDA chief Ernesto Pernia told reporters. He noted that fare hikes for jeepneys – which is more patronized by the masses – has remained stable so far. The effect of oil price hikes in the world market will mostly be felt by owners of private vehicles. Growth in the first quarter of the year, however, likely settled within the … [Read more...] about Oil price hikes not yet a threat to economy — NEDA

Oil prices fell on Thursday, pulled down by record U.S. crude production that led to a surge in stockpiles. Outside the United States, however, oil markets remained tense as exemptions to U.S. sanctions on Iran expired, a political crisis in Venezuela escalates, and as producer club OPEC keeps withholding supply. Spot Brent crude oil futures were at $71.91 per barrel at 0239 GMT, 27 cents, or 0.4 percent, below their last close. U.S. West Texas Intermediate (WTI) crude futures were down 19 cents, or 0.3 percent, at $63.41 per barrel. "Crude oil prices fell sharply as stockpiles in the U.S. rose to their highest level since 2017," ANZ bank said on Thursday. "This comes as U.S. refineries head into the spring maintenance period, stoking fears that crude oil demand will be soft and stockpiles will continue to rise," it added. U.S. crude stockpiles last week rose to their highest since September 2017, jumping by 9.9 million barrels to 470.6 barrels, as production set a record high of 12.3 … [Read more...] about Oil prices dip on record U.S. output, but global market tense