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Crude Oil Dec 20 (CL=F)

NY Mercantile - NY Mercantile Delayed price. Currency in USD
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37.28-2.29 (-5.79%)
As of 2:08PM EDT. Market open.
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Pre. SettlementN/A
Settlement date2020-11-20
Last price39.57
Day's range36.97 - 39.01
  • Q3 GDP Preview: Economic activity likely rose at a record pace after pandemic-induced slump
    Editor's pick
    Yahoo Finance

    Q3 GDP Preview: Economic activity likely rose at a record pace after pandemic-induced slump

    U.S. economic activity likely surged at a record clip for the July through September period, as an initial easing of virus-related lockdowns allowed business activity to return after a historic slump.

  • Oil Sinks With Rising U.S. Oil Stockpiles Adding to Virus Woes

    Oil Sinks With Rising U.S. Oil Stockpiles Adding to Virus Woes

    (Bloomberg) -- Oil tumbled along with broader markets as swelling U.S. crude stockpiles added to uncertainty over the economic impact of the latest resurgence of the pandemic.Futures in New York slid as much as 6.4% on Wednesday, the biggest intraday drop in almost a month. An Energy Information Administration report showed domestic oil inventories rose 4.32 million barrels last week, the most since July. Still, the data showed an unexpected decline in gasoline stockpiles and diesel demand hit the highest since March.Prices plummeted alongside U.S. equities as a renewed surge in virus cases and tighter lockdowns stoked concerns over another hit to the spotty economic rebound. German Chancellor Angela Merkel will impose the toughest restrictions since a national lockdown in the spring, while in the U.S., New York coronavirus cases topped half a million.“This is a slight negative for supply, but it’s more about people’s concern on demand and we’re seeing that really across the energy complex today,” said Quinn Kiley, a portfolio manager at Tortoise, a firm that manages roughly $8 billion in energy-related assets. “A broad Europe shutdown would be a negative for prices and there’s a risk that they take another leg down.”Fresh demand risks due to the resurgent pandemic and the return of Libyan oil output are raising concerns that additional supply from OPEC+ may not find a market. The head of Saudi Aramco’s trading unit warned there may not be enough oil demand to absorb the planned OPEC+ supply increase in January and traders are cautious of taking long positions on crude due to the uncertain outlook. In the U.S., the lack of another round of virus aid before the election is also clouding the picture for an economic rebound.“The ‘risk-off’ tone across global markets is the key driver for oil prices today and the inventory report did little to change that,” said Ryan Fitzmaurice, a commodities strategist at Rabobank. “The continued uptick in virus cases, a lack of fresh stimulus, and political uncertainty amid a tightening U.S. election have all soured the near-term outlook.”The oil market’s structure has weakened markedly in recent days. Brent’s nearest futures contract is at its biggest discount to the next month in about two weeks, as concerns about the market’s health in the near-term grow. WTI’s prompt spread also weakened on Wednesday. Meanwhile, both Brent and WTI strips for 2021 have softened, with Brent’s set to close at its lowest level since May and WTI’s heading for its weakest close since June.Technical signals also flag further caution for prices, with U.S. crude futures testing its lower Bollinger band, a settle below could indicate the market is oversold. At the same time, WTI also risks a breach below its 200-day moving average.Meanwhile, companies operating in the Gulf of Mexico are continuing to prepare for Hurricane Zeta, which is threatening to slam the Louisiana coast south of New Orleans later Wednesday with 90-mile-per-hour winds, massive power outages and floods. The storm has already spurred U.S. Gulf operators to shut in nearly half of their total oil output in the area.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Is Occidental Petroleum Stock a Buy?
    Motley Fool

    Is Occidental Petroleum Stock a Buy?

    Shares of Occidental Petroleum (NYSE: OXY) have plummeted a stunning 77% this year. The oil stock is currently trading right around its lowest point even though it has made some progress on its debt reduction plan and the oil market has improved a bit. Occidental Petroleum has made significant progress on its plan to improve its financial profile.