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Oil Price Falls on U.S. Output Concerns

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Wall Street Sees Mixed Open Amid Oil Price Decline, Fed Speakers on Tap

Wall Street Sees Mixed Open Amid Oil Price Decline, Fed Speakers on Tap*/

– U.S. stocks were pointing to a mixed open on Monday amid a decline in oil prices , with investors also looking ahead to a couple of Fed speakers.Oil prices slipped with global benchmark Brent Crude down 2% recently, and U.S. benchmark West Texas Intermediate also down 2% as increased exports from Iran and increased drilling activities in the U.S. appeared to weaken the efforts by other producers to curtail global oversupply.At 3:00 p.m., data are expected to show consumer credit rising $18.5 billion in November compared to October’s increase of $16 billion.
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Oil Price Falls on U.S. Output Concerns

Oil Price Falls on U.S. Output Concerns*/

– Oil prices tumbled on Monday as rising U.S. production and record Iraqi crude exports offset the optimism over OPEC’s effort to cut global supply.Global crude benchmark Brent for March deliveries fell as much as 4 percent to $54.83 a barrel by 3:29 p.m. on London’s ICE Futures exchange.While U.S. West Texas Intermediate future for February deliveries also dropped 3.91 percent to 51.88 a barrel on New York Mercantile Exchange.
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U.S. Producers Drill Into OPEC’s Oil Price Gains

U.S. Producers Drill Into OPEC's Oil Price Gains*/

– Full Show: Bloomberg Markets Middle East (01/09)39:54 – Bloomberg Markets Middle East hosted by Yousef Gamal El-Din and Shery Ahn.Guests include Zhu Min, former deputy managing director at the IMF, Jaap Meijer, managing director and head of equity research at Arqaam Capital, and Trita Parsi, National Iranian American Council founder and chief executive officer.(Source: Bloomberg)
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Crude Oil Price Dives on Huge Build in Gasoline, Distillate Stockpiles

Crude Oil Price Dives on Huge Build in Gasoline, Distillate Stockpiles*/

– The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Thursday morning, one day later than usual due to the New Year’s Day holiday.U.S. commercial crude inventories decreased by 7.1 million barrels last week, maintaining a total U.S. commercial crude inventory of 479 million barrels.The commercial crude inventory remains near the upper limit of the average range for this time of year.
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Oil Price Rebound May Come Too Late For UK Oil Sector

Oil Price Rebound May Come Too Late For UK Oil Sector*/

– The ‘lower for longer’ oil price reality of the past two years has spared virtually no one in the industry, and the UK’s oil and gas companies have been among the hardest hit, strained by the oil price slump in the high-cost production area of the North Sea.Troubles with refinancing and declining capital investment in North Sea projects have taken their toll, especially on smaller independents, a report by accountancy firm Moore Stephens shows.A total of 16 UK-based oil and gas companies became insolvent in 2016, compared to just 2 businesses that went bust in 2015, to 6 insolvencies in 2014, 1 in 2013, and not a single one in 2012.
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Stocks still are up 9.2 million barrels from 493.7 million barrels one year ago picture-13396-310x165

Stocks still are up 9.2 million barrels from 493.7 million barrels one year ago

Cushing — home to the country’s largest commercial storage hub — saw storage levels drop …