Goldman Sachs cuts oil forecast

Crude oil higher as Russia announces plans to cut supply

By Peter Nurse   

Investing.com -- Oil prices soared Friday, boosted by the news Russia plans to reduce oil production next month in response to Western price caps on the country's crude products.

By 09:15 ET (14:15 GMT), U.S. crude futures traded 0.9% higher at $78.72 a barrel, while the Brent contract rose 1.1% to $85.39 a barrel. Both contracts are now on course for weekly gains above 8%.

Deputy Prime Minister Alexander Novak announced Friday that Russia plans to cut its March oil production by 500,000 barrels a day,... More

Oil falls belatedly on U.S. stock build, but dollar dip saves bulls’ hide

By Barani Krishnan

Investing.com -- Oils fundamentals-defying rally came to a stop on Thursday. But a drop in the dollar prevented a harder selloff in crude contracts that bucked beefy stockpile builds across the U.S. petroleum complex last week.

New York-traded West Texas Intermediate, or WTI, crude for March settled down 41 cents, or 0.5%, at $78.06 per barrel.

The U.S. crude benchmark rose nearly 7% in the past three sessions to almost erase last weeks 7.5% drop. That plunge came on the back of recession... More

Crude oil heads lower, consolidating after U.S. inventories build

By Peter Nurse   

Investing.com -- Oil prices edged lower Thursday, handing back some of the weeks healthy gains after U.S. crude stocks rose strongly, raising further doubts about the strength of demand in the worlds largest consumer.

By 09:45 ET (14:45 GMT), U.S. crude futures traded 1.1% lower at $77.62 a barrel, while the Brent contract fell 1% to $84.19 a barrel. 

Official data, from the Energy Information Administration, showed on Wednesday that U.S. oil inventories grew for a seventh consecutive week, the longest such streak... More

Dow futures rise 220 pts; Disney soars after strong results

By Peter Nurse

Investing.com -- U.S. stocks are seen opening higher Thursday, boosted by well-received quarterly results from entertainment giant Walt Disney (NYSE: DIS) ahead of the release of weekly unemployment data.

At 07:00 ET (12:00 GMT), the Dow futures contract was up 220 points, or 0.7%, S&P 500 futures traded 33 points, or 0.8% higher, and Nasdaq 100 futures climbed 150 points, or 1.2%.

The main U.S. averages have... More

U.S. crude oil inventories up 2.4M, rising 7th week in row to new 20-month highs

By Barani Krishnan

Investing.com -- U.S. crude stockpiles rose last week in line with expectations and for a seventh straight week, reaching their highest in 20 months.

U.S. crude inventories rose by 2.423 million barrels during the week ended Feb. 1, the Energy Information Administration, or EIA, said in its Weekly Petroleum Status Report.

Industry analysts tracked by Investing.com... More

Crude Inventory Increased 2.4 Million Barrels Last Week - EIA

(Updated - February 8, 2023 10:32 AM EST)

Crude Inventory 2.42M Barrels vs 2.03M ExpectedCushing 1.04MGasoline 5M vs 717K ExpectedDistillate 2.93M vs 314K Expected

Summary of Weekly Petroleum Data for the week ending February 3, 2023

U.S. crude oil refinery inputs averaged 15.4 million barrels per day during the week ending February 3, 2023 which was 448 thousand barrels per day more than the previous weeks average. Refineries operated at 87.9% of their operable capacity last week. Gasoline production decreased last week, averaging 9.1 million barrels per day. Distillate fuel production slightly... More