Posts Tagged ‘West Texas Intermediate Crude’

Oil Prices Fall on Rising Iraq Output and Doubt Over Producer Prospects

Monday, August 29th, 2016

Oil prices fell early on Monday (August 29) as output from Iraq rose and as Iran said it would only cooperate in upcoming producer talks to freeze output if fellow exporters recognised its right to fully regain market share.

International Brent crude oil futures LCOc1 were trading at $49.54 per barrel at 00.43 GMT, down 38 cents from their previous close.

U.S. West Texas Intermediate (WTI) crude futures were down 43 cents at $47.21 a barrel.

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Oil Rises on Talk of Producer Action, but Excess Looms

Monday, August 15th, 2016

Oil prices rose on Monday (August 15) to their highest in nearly a month, with benchmark Brent crude trading more than 10 per cent above the start of August, as speculation intensified about potential producer action to support prices in an oversupplied market.

Brent crude oil futures rose to a high for the month of $47.67 a barrel on Monday (August 15) before dipping back to $47.10 per barrel at 0943 GMT, up 13 cents from their last settlement, and 11.3 per cent above the last close in July.

US West Texas Intermediate (WTI) crude futures rose to a high of $45.15 a barrel before dipping to $44.63 a barrel, still up 14 cents from their last close. WTI has gained more than 7 per cent in August.

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Gold margins getting squeezed

Wednesday, June 26th, 2013

Gold margins decreasing June 2013
Barrick Gold Corp. announced this week that it will lay off approximately a third of its corporate staff in Toronto, which follows the news earlier in the month that Newmont Mining Corp. will divest a similar proportion of its 750-strong Colorado workforce.

Clearly, the gold miners are having their margins squeezed, and future production will likely wane if the commodity continues to fall in price.

In tandem with reduced output, gold producers are also less likely to sell forward in order to hedge exposure, thus reducing at least one source of future selling pressure.
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