Oil steadies at $58 on expected US inventory drop

Oil prices held around $58 a barrel on Wednesday, steadying from a slide the previous day driven by U.S. stock market losses, as traders awaited data projected to show falls in U.S. fuel inventories.

U.S. crude for April delivery was trading up 8 cents at $58.01 a barrel by 0352 GMT, after falling 98 cents on Tuesday when it hit a fresh three-week low. London Brent crude was down 5 cents at $60.85 a barrel.

Read more at Reuters South Africa

Oil slumps to below $59

Oil fell more than a dollar to below $59/barrel on Monday, pressured by expectations Opec will not reduce production when it meets this week in Vienna.
US crude was $1.24 lower at $58.78 /barrel by 14:49 GMT. London Brent crude was down 84c at $60.33.

Read more at FIN24.co.za

Oil falls below $60 on Q2 excess supply worries

Oil fell below $60 on Monday, extending the previous session's decline, as investors saw OPEC keeping output steady at its meeting this week despite a seasonal dip in demand in the second quarter.

U.S. crude fell 32 cents to $59.73 a barrel by 0024 GMT, marking the third consecutive session of decline after sliding $1.59 or 2.6 percent on Friday. London Brent crude was down 13 cents at $61.00.

Read more at Reuters.com

Oil dips, but Nigeria, refinery fires check fall

Oil futures slipped on Monday in modest profit taking from a surge late last week on jitters over Nigerian output, but losses were checked by refinery outages and signs that OPEC's supply cuts were helping drain stockpiles.

Front-month U.S. crude for March delivery was down 26 cents at $59.13 a barrel on the Globex electronic trading platform, after falling to as low as $58.87. London Brent crude was trading down 10 cents at $58.85 a barrel.

Read more at Reuters South Africa

Oil edges down, near $58 after US fuel stock fall

Oil prices held close to $58 a barrel on Thursday, underpinned by fund buying as a cold snap in the United States stoked heating fuel demand and further OPEC production cuts looked set to trim supplies.

U.S. light crude for March delivery dipped 29 cents to $57.85 a barrel by 0445 GMT, after Wednesday's $1.17 jump that took gains for the week to over 4 percent. London Brent crude slipped 24 cents to $57.16 a barrel.

Prices have rebounded strongly from a 20-month low of $49.90 seen a fortnight ago as cold weather -- albeit late in the northern winter season -- helped to draw down U.S. distillate fuel stocks for the first time in nearly two months.

Read Full Article at Reuters South Africa

Oil holds at $55

Oil held over $55 a barrel on Thursday, as technical buying and plans to increase emergency US stockpiles offset builds in crude and distillate fuel inventories in the world's top consumer.

US light crude for March delivery was down 23 cents at $55.14 a barrel by 04:17 GMT, having gained 33c on Wednesday. London Brent crude was down 8c to $55.35.

Read Full Article at FIN24.co.za