Oil prices rise on unexpected shocks

according to The price for Brent crude oil was up 1.68 percent as of 9:20 a.m. EDT to $79.38 per barrel. West Texas Intermediate, the U.S. benchmark for the price of oil, was up 0.85 percent to $74.48 per barrel. The price of oil will be influenced later in the morning when the U.S. Energy Information Administration publishes its latest monthly forecast. EIA in its last report raised its forecast for the price of Brent crude oil. A survey from S&P Global Platts revealed an expected drain of 4.8 million barrels of oil from the U.S. market last week, which would be further supportive of oil prices if it's accurate.

Oil prices rise, but post sharp weekly loss amid expectations for rising Libyan output

Futures MoversOil prices rise, but post sharp weekly loss amid expectations for rising Libyan outputWTI oil futures settle with weekly loss of 3.8%Oil prices climbed on Friday, but posted sharp losses for the week, as traders weighed concerns over resurgent Libyan supply and global trade disputes against indications of tighter crude supply and shrinking spare output capacity. Prices also briefly hit lows Thursday under $70 a barrel for the first time in over two weeks. Some analysts point out that any extra Libyan supply could be mitigated by ongoing outages in other countries and an expected eventual sharp drop in Iranian oil exports following the reintroduction of U.S. sanctions. The Saudis pumping more oil along with Russia, and possible exemptions on U.S. sanctions on Iranian oil leading to less oil off the markets later in the year "could halt the recent rise we have seen in spot prices," said Zahir. August heating oil HOQ8-0.47% added 0.5% to $2.133 a gallon, for a weekly loss of around 1.6%.

Oil prices notch modest gains as traders weigh potential for change in global output

as informed in Futures MoversOil prices notch modest gains as traders weigh potential for change in global outputBrent crude ends higher after Monday's 4.6% dropOil prices notched modest gains Tuesday after dropping more than 4% a day earlier, as traders remained concerned about changes in global production and an uncertain economic and political backdrop. The selloff in oil futures came after reports that President Donald Trump's administration was considering releasing oil from the U.S. Strategic Petroleum Reserve and reports Saudi Arabia has offered to increase output for Asian customers. Also, "worries about a scarcity of supply have receded as Saudi Arabia and Russia both declared that they would increase oil supply, and U.S. President Trump threatened to tap into the U.S. oil reserves," the analyst said. "Libya cannot be counted on yet to be a reliable supplier," said Phil Flynn, senior market analyst at Price Futures Group. On Nymex Tuesday, August gasoline RBQ8-0.47% settled $2.026 a gallon, up 1.2%, while August heating oil HOQ8-0.4% settled up 0.8% at $2.00 a gallon.

collected by :Frank Ithan