Oil prices rise slightly as investors away OPEC meeting By Reuters | Mon, 30th November 2015 - 01:16
TOKYO (Reuters) - Crude oil prices rose in early Asian trade on Monday, although gains were limited as investors look ahead to an OPEC meeting where ministers from the oil producing group will set policy in the face of a market still in glut.
Oil prices are heading for declines of as much as 10 percent this month as optimistic assessments that the overhang in the market would ease have proved wrong.
U.S. crude was up 18 cents at $41.88 a barrel at 0047 GMT after falling more than 3 percent on Friday. The contract is heading for a 10 percent fall in November.
Brent crude was up 4 cents at $44.90 a barrel following a decline of 1.3 percent on Friday. The global benchmark is on track for a 9.4 percent decline this month.
OPEC officials have called into question an upbeat forecast from the group's researchers last week before the gathering of oil ministers on Dec. 4, with some sceptical there will be a quick easing of the supply glut in 2016.
The research team expects higher demand for OPEC oil next year as supply from producers such as the United States declines, potentially reducing the glut, with world oil demand seen rising by 1.25 million barrels a day.
Prices have slumped by more than half since the middle of last year because of the overhang.
OPEC last year made a historic decision to refuse to prop up prices by cutting supply and focussed on defending market share. The shift was led by Saudi Arabia, supported by other Gulf OPEC members, but doubts about the policy among less wealthy members are growing.
Still, officials told Reuters last week it is unlikely the group will change that policy.
Brent, U.S. crude flat on light U.S. Thanksgiving trade By Reuters | Thu, 26th November 2015 - 03:56
SINGAPORE (Reuters) - Brent and U.S. crude oil futures were nearly flat on Thursday on light trading due to the U.S. Thanksgiving holiday.
U.S. crude's West Texas Intermediate (WTI) futures had risen 16 cents, or 0.37 percent, to $43.20 a barrel as of 0337 GMT. They finished the previous session up 17 cents, or 0.4 percent, at $43.04 a barrel.
Brent edged up 3 cents, or 0.06 percent, to $46.20 a barrel. It settled up 5 cents, or 0.11 percent, at $46.17 a barrel the day before, after falling more than $1 to a session low $45.03.
The flat to slightly positive moves in benchmark prices appear to be in line with sideways trading for the dollar index <.DXY>, said Ric Spooner, chief market analyst at CMC Markets in Sydney, after a few volatile sessions.
The index, which measures the greenback against a basket of currencies, was down around 0.07 percent in late morning trade, after touching an eight-month high earlier. The euro also recovered after touching a seven-month low.
U.S. crude edged higher earlier in the day, supported by a smaller-than-expected build in U.S. inventories. Stocks rose 1 million barrels in the week to Nov. 20, the ninth consecutive week, compared with analyst expectations for a 1.2 million barrel rise, according to the U.S. Energy Information Administration. [EIA/S]
Analysts say U.S. crude was also boosted by a fall in oil rigs, a sign that drillers were waiting for higher prices before returning to the well pad. Drilled cut rigs for the 12th week in the last 13, data from services company Baker Hughes showed.
Asian stocks advanced on Thursday as the euro remained under pressure on growing bets that the European Central Bank would deliver further stimulus steps. Those expectations come even as the U.S. Federal Reserve looks set to raise interest rates. U.S. markets will be closed Thursday and most of Friday afternoon.
lol stis....erm no! Only playing with smaller amounts, keeping the retirement pot safeguarded and well away from share purchases :)
Rob, someone (who had been 'stalking' property for years as I later found out!) called in and asked if I wanted to sell. The price is right, come on down, so have moved out! That's us set up now, so long term share holds are for the kids :)
Got 10 years or so until a University 'drain' is required, so will MAGP have been sold by then lol
Great stuff and what a stroke of luck selling the business, house and all, huge liquidity now but be causious with it because it is more easily spent than made, as you very well know, good luck with your investments and hold plenty for a rainy day.
Though have sold the rental cottages, had done them up to a shell, then someone offered me big bucks for house and cottages, so have just moved out!! Hence, I have a little more time on hands, upgraded to a red rosette and hoping to do a bit of hobby trading from now on.
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