Search

Client support: Phone: (+357) 22314160

FX & CFD trading involves significant risk

News

Show news:
  • All news
  • Currencies
  • Stocks
  • Commodities



03.02.2015 16:40

Oil rose for a fourth day

Oil rose for a fourth day, the longest run of gains since August, amid speculation reduced investment will curb production.

BP Plc said today it will cut spending by 13 percent after oil slumped. U.S. drillers idled 94 rigs last week, the most in data starting in 1987, according to Baker Hughes Inc. Hedge funds and other speculators held the largest number of short contracts in WTI in four years last week. A U.S. refinery strike, which started Feb. 1, has halted one plant while management has taken control of operations at six others.

Brent crude is poised to enter a bull market after rebounding from a collapse. Prices are down 52 percent since June. Chevron Corp. and Royal Dutch Shell Plc lowered their spending targets for this year as the industry cut more than $40 billion from budgets since Nov. 1. Futures rose as much as 4 percent in New York, extending a 2.8 percent gain yesterday.

"We're rising for a fourth consecutive day as the market corrects after its huge decline," Gene McGillian, a senior analyst at Tradition Energy in Stamford, Connecticut, said by phone. "The BP spending plans are probably putting the focus on the rig count and what that'll mean for future output."

West Texas Intermediate for March delivery rose $1.59, or 3.2 percent, to $51.16 a barrel at 10:29 a.m. on the New York Mercantile Exchange. Futures touched $51.55, the highest level since Jan. 5. WTI closed at $44.45 on Jan. 28, the lowest since March 2009. The volume of all futures traded was 59 percent above the 100-day average for the time of day.

Brent for March settlement climbed $1.35, or 2.5 percent, to $56.10 a barrel on the London-based ICE Futures Europe exchange. That's 20 percent higher than its Jan. 13 close of $46.59, the lowest in almost six years. A gain of 20 percent in closing prices is commonly referred to as a bull market. Volume was about twice the 100-day average. The North Sea crude is heading for the longest stretch of gains since May.

The European benchmark oil grade traded at a $4.94 premium to WTI.

BP expects to cut spending to $20 billion this year, compared with previous guidance of $24 billion to $26 billion. It spent about $23 billion in 2014.

Oil will probably trade from $40 to $60 a barrel for the next three years, BP Plc Chief Executive Officer Bob Dudley said in an interview with Bloomberg Television on Tuesday.

Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
March 2017
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002

Quotes

All posted material is a marketing communication solely for informational purposes and reliance on this may lead to loss. Past performance is not a reliable indicator of future results. Please read our full disclaimer.

To maximize our visitors browsing experience TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies. If you disagree, you may change your browser settings at any time. Read more

  • © 2011-2017 TeleTrade-DJ International Consulting Ltd

    TeleTrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.

    The company operates in accordance with Markets in Financial Instruments Directive (MiFID).

  • The information on this website is for informational purposes only. All the services and information provided have been obtained from sources deemed to be reliable. TeleTrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.

  • TeleTrade cooperates with SafeCharge Limited, which is an electronic money institution authorized and regulated by the Central Bank of Cyprus and is a principal member of MasterCard Europe and Visa Europe. We also cooperate with Moneybookers and Neteller, which offer electronic e-wallet services authorized and regulated by the Financial Conduct Authority.

    Please read our full Terms of Use.

  • To maximize our visitors browsing experience TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies. If you disagree, you may change your browser settings at any time. Read more

    TeleTrade-DJ International Consulting Ltd currently does not provide its services to residents or nationals of the USA, and also doesn't provide retail Forex and CFD accounts to residents or nationals of Belgium.

Connect with Us
Share on
social networks
Online
consultant
Request a callback
Top Page