Crude oil rose on Tuesday after a forecast that U.S. shale oil output would record its first monthly decline in more than four years and on tension in Yemen, where top oil exporter Saudi Arabia is embroiled in a civil war.
Tags: Crude oil
Oil on verge of weekly decline despite strong China imports
Crude oil prices edged down on Friday, set for their first weekly decline in more than a month as concerns over a global supply glut outweighed strong Chinese crude imports.
U.S., UK, China manufacturing all in slow lane
Manufacturing activity growth remained sluggish in some of the world's major economies in April, suggesting that global economic growth remains "moderate and uneven," as the International Monetary Fund described it in its World Economic Outlook in April.
Dollar dips, trade thins on May Day after stormy week
A holiday in most of Europe thinned trade on Friday after a tumultuous week when the dollar dove, bond yields soared and stock markets in Europe and the United States weakened.
World shares hit new high but Europe rally fades on Greece
World shares hit a new high on Monday, led by China, though the global rally faded in Europe as investors looked ahead to central bank meetings in the United States and worried over Greece.
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A shock fall in Chinese exports hammered the Australian dollar on Monday, though expectations of fresh economic stimulus from Beijing helped Asian stocks higher
European stock markets made solid starts to the second quarter on Wednesday as data pointing to a gradual recovery in the euro zone economy gave investors fresh impetus after their blowout first few months of the year.
The euro rose and European shares edged up on Tuesday, responding to signs the euro zone economy is gaining momentum, while a slowdown in factory activity in China kept oil and commodities-linked assets under pressure.
U.S. producer prices recorded their biggest drop in more than five years in January as the cost of energy and a range of other goods tumbled, hinting at a disinflationary trend that could argue against the Federal Reserve raising interest rates.
U.S. wholesale inventories barely rose in December, the latest suggestion that economic growth in the fourth quarter was even slower than initially thought.
Crude oil prices fell for the first time in four sessions on Tuesday after the International Energy Agency (IEA) warned that ample supplies will raise global inventories before investment cuts begin to significantly dent production.
The recent rout in oil prices could delay the onset of "peak oil demand," or zero global demand growth, by around five years to beyond 2030, Bank of America Merrill Lynch (BofA) said.
A small but heavily subscribed pipeline that transports 42,000 barrels a day of crude oil from North Dakota's Bakken region is expected to remain closed on Tuesday after a weekend breach that spilled 1,200 barrels of crude into the Yellowstone River near Glendive, Montana.
U.S. stock index futures edged higher on Tuesday following the largest losses on Wall Street since early October and ahead of a large data batch that will show the momentum of the U.S. economy at the end of last year.
