collected by :John Miller On Friday, West Texas Intermediate crude oil trading on the New York Mercantile Exchange CLM7, +2.09% the U.S. benchmark, logged a weekly decline of 6%. Goldman is referencing the current and future relationship between near-term and the long-term price of oil. Higher prices for oil for future delivery than spot prices—a situation known as contango—tends to encourage crude participants to store oil with the expectation of selling the commodity in the future. A faster decline in contracts in the future may result in more oil being pushed out into the market. Goldman writes that although overall stocks have retreated, they may not be declining as fast as the analysts had forecast, which could weigh on prices.
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Crude oil prices were moving in volatile territory in early Friday trading, shifting between modest gains and steep losses before the start of U.S. trading. May 6 (UPI) — Crude oil prices were swinging heavily early Friday as traders balanced strong U.S. labor figures against faltering optimism surrounding an OPEC balancing act. The price for Brent crude oil was down 0.1 percent to $48.34 about a half-hour before the opening bell. Oil prices may be taking a cue from the U.S. labor sector, which found total non-farm payrolls increased by 211,000 in April. Ole Hansen, the head of commodity strategy at Saxo Bank, said in an emailed note that crude oil prices have fallen beneath the floor established in November when OPEC began coordinating the deal.
Risk-tolerant traders looking for leveraged plays on oil prices can consider the newly minted ProShares rolled out the ProShares UltraPro 3x Crude Oil ETF (NYSEArca: OILU) and ProShares UltraPro 3x Short Crude Oil ETF (NYSEArca: OILD), which debuted in March. "This should prevent USA oil production from accelerating at the same rate in the second half of the year". Oil prices stabilized in Asian trading Friday after hitting a five-month low while regio. The Capital Economics analysts say that even though crude oil stocks have been growing, total inventories of petroleum products have been falling sharply in the US. Prices for both contracts crashed 4.8% in Thursday's trade, putting oil at its lowest level since late November, when the Organization of the Petroleum Exporting Countries agreed to cut output for six months.
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Wild ride for oil prices in early Friday trading
Crude oil prices were moving in volatile territory in early Friday trading, shifting between modest gains and steep losses before the start of U.S. trading. May 6 (UPI) — Crude oil prices were swinging heavily early Friday as traders balanced strong U.S. labor figures against faltering optimism surrounding an OPEC balancing act. The price for Brent crude oil was down 0.1 percent to $48.34 about a half-hour before the opening bell. Oil prices may be taking a cue from the U.S. labor sector, which found total non-farm payrolls increased by 211,000 in April. Ole Hansen, the head of commodity strategy at Saxo Bank, said in an emailed note that crude oil prices have fallen beneath the floor established in November when OPEC began coordinating the deal.
Crude oil prices at lowest level in five months – Normangee Star
Risk-tolerant traders looking for leveraged plays on oil prices can consider the newly minted ProShares rolled out the ProShares UltraPro 3x Crude Oil ETF (NYSEArca: OILU) and ProShares UltraPro 3x Short Crude Oil ETF (NYSEArca: OILD), which debuted in March. "This should prevent USA oil production from accelerating at the same rate in the second half of the year". Oil prices stabilized in Asian trading Friday after hitting a five-month low while regio. The Capital Economics analysts say that even though crude oil stocks have been growing, total inventories of petroleum products have been falling sharply in the US. Prices for both contracts crashed 4.8% in Thursday's trade, putting oil at its lowest level since late November, when the Organization of the Petroleum Exporting Countries agreed to cut output for six months.
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