Oil prices fall with stock market; Brent marks weekly gain - Business News

referring to NEW YORK: Oil prices fell on Friday, weighed down by a drop in the U.S. equities market, but Brent still marked a weekly increase, supported by easing trade tensions and a temporary shutdown by Saudi Arabia of a key crude oil shipping lane.Brent crude futures fell 25 cents to settle at $74.29 a barrel, but notched a 1.8 percent weekly increase, its first increase in four weeks.U.S. West Texas Intermediate (WTI) crude futures fell 92 cents to settle at $68.69 a barrel, and marked a fourth week of declines, falling about 2.4 percent.Depressing oil prices, U.S. stock markets broadly fell on Friday.Crude futures at times track with equities. "That could show some sign of a slowdown in the economy, which could in turn affect oil consumption," said Phillip Streible, senior market strategist at RJO Futures.The oil market largely brushed off government data on Friday that said the U.S. economy grew in the second quarter at its fastest pace in nearly four years. "It was a strong number that suggests strong energy demand into the end of the year," said Phil Flynn, analyst at Price Futures Group in Chicago. U.S. President Donald Trump and Jean-Claude Juncker, president of the European Commission, reached a surprise agreement on Wednesday that alleviated the risk of an immediate trade war.

Oil prices end lower as U.S. crude supplies unexpectedly climb, but output declines

The Energy Information Administration reported Wednesday that domestic crude supplies rose by 3.8 million barrels for the week ended July 27. Analysts surveyed by S&P Global Platts had forecast a fall of 2.4 million barrels, while industry group the American Petroleum Institute had reported late Tuesday a climb of 5.59 million barrels. Total domestic crude production for the week, however, fell by 100,000 barrels a day to 10.9 million barrels a day. In monthly data released Tuesday, the EIA revealed that U.S. oil production in May averaged 10.44 million barrels a day, down from 10.47 million barrels a day in April. Gasoline stockpiles declined by 2.5 million barrels for the week, while distillate stockpiles rose 3 million barrels, according to the EIA on Wednesday.

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

As it stated in 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. AdvertisementUS 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