United States Brent Oil (BNO)
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Oil may be near its peak if historical patterns hold true, CNBC's Jim Cramer said Tuesday.
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 2.3 million barrels for the week ended Oct. 22, according to sources. The API also reportedly showed inventory increases of 530,000 barrels for gasoline and 986,000 barrels for distillates.
Oil futures climbed on Tuesday, with U.S. prices posting another finish at their highest since October 2014. With the Organization of the Petroleum Countries and its allies, together known as OPEC+, "clearly in no mood to pump more [oil] than is currently planned, the market is looking very tight," said Craig Erlam, senior market analyst at Oanda.
Oil futures edged higher Tuesday, trading around multiyear highs, with support tied to expectations supplies will remain tight.
There is a strong probability that the price oil will reach US$100 a barrel, according to Larry Fink, chief executive of the world's largest asset manager BlackRock. Addressing the Future Investment Initiative conference in Saudi Arabia on Tuesday, Fink also called on the public and private sectors to collaborate to tackle global challenges such as climate change.
Oil futures ended on a mixed note Monday, with U.S. prices settling unchanged for the session, easing back after touching intraday highs above $85 a barrel, the highest in about seven years. Global benchmark Brent crude posted a slight gain on the back of ongoing concerns over tight global oil supplies.
GasBuddy analyst Patrick De Haan argues prices at the pump will continue to rise if OPEC does not increase production. Subscribe to Fox Business!
Oil futures rose Monday, hitting another round of multiyear highs as investors focused on tight supply, while Saudi Arabia appeared reluctant to further loosen the taps in response to soaring crude prices.
Oil-related exchange traded funds strengthened on Friday as tightening U.S. supplies helped support gains, but falling coal and natural gas prices helped ease fuel switching that had previously added to demand for crude oil products for power generation. On Friday, the United States Oil Fund (NYSEArca: USO), which tracks West Texas Intermediate crude oil futures, [.
Commodities Corner: Why oil stocks at the Cushing, Okla. WTI delivery point appear to be ‘basically empty'2021-10-22 15:58
Backwardation in the futures contracts for U.S. benchmark West Texas Intermediate crude oil implies a shortage of supplies at the Cushing, Okla. delivery hub for the contracts, an analyst told MarketWatch on Friday.