Oil prices finish higher, but suffer third weekly decline in a row

referring to It settled at its highest level in a week, but was still down 0.8% from last Friday's finish for a third consecutive weekly loss. September WTI crude CLU8-1.22% which became the front-month contract at the session's end, added 2 cents to finish at $68.26 a barrel. Read: Oil prices could top $120 before year-endThe global benchmark, September Brent crude UK:LCOU8-0.21% settled at $73.07 a barrel, up 49 cents, or 0.7%, on ICE Futures Europe. WTI crude rose Thursday, buoyed after a Saudi Arabian official said the kingdom's crude exports would fall next month in an effort to avoid oversupplying the market. Despite losses for the week, oil bulls shouldn't necessarily fret, said Michael Tran, commodity analyst at RBC Capital Markets.

Oil prices rise as concerns about oversupply ease(Update) - Business News

TOKYO: Oil prices gained on Friday after Saudi Arabia's OPEC governor said the kingdom's exports are likely to fall next month and inventories may be squeezed in the third quarter. U.S. crude prices had reached a session high of $70.17 earlier in the session before paring gains. News that a worker strike at Norwegian drilling rigs has ended also weighed on global oil prices. The U.S. Energy Information Administration said on Wednesday domestic crude production reached a record 11 million bpd last week. A sharp jump in U.S. crude oil inventories also added to the bearish tone in the market.

Oil prices spike after Saudi halts shipments after attack

as declared in The spike came after Saudi Aramco, the kingdom's oil giant, said it was stopping all oil shipments through the Bab El-Mandeb Strait, raising supply concerns. The Houthis, who are fighting a Saudi-led coalition backing Yemen's internationally recognized government, attacked the 2-million-barrel capacity Saudi tankers on Wednesday, causing minimal damage to one. "The targeted attack on the Saudi oil tankers in the Red Sea confirms the necessity to liberate Hodeida from Houthi militias," said Gargash, whose country is part of the Saudi-led coalition. "In the interest of the safety of ships and their crews and to avoid the risk of oil spill, Saudi Aramco has temporarily halted all oil shipments through Bab El-Mandeb Strait with immediate effect," it said. Following the attack, the Saudi coalition said the rebels "had almost caused an environmental disaster," according to the state-run al-Ekhbariya TV channel.

Oil prices PLUMMET as US West Texas drops after biggest high since 2014

Oil prices have tumbled with US West Texas suffering a shocking dayThe price of US crude rose to its highest price since 2014 yesterday afternoon before sharply falling, sparking panic and warnings. One expert warned of an "oil shock" and said there was "little confidence" in the industry escaping a price death spiral, which saw prices fluctuate wildly. Following yesterday's surge and plummet, prices climbed slowly today - although uncertainty in the industry is unlikely to see any consistent growth. John Kilduff, founding partner at energy hedge fund Again Capital, said yesterday: "You're starting to hear talk of oil shock. AdvertisementGETTY US West Texas oil prices hit its biggest high since 2014 today before plummetingUS West Texas rose again to $74.60 during this morning - although any further movement is expected to be limited due to the July 4th celebrations in America.

collected by :Frank Ithan