Tariq Zahir News

Oil prices were up as much as 2 percent on Wednesday after a third surprise weekly drop in U.S. crude stockpiles helped assuage fears over a global oil glut. Oil was also supported by an industry strike in Norway that threatened to cut North Sea crude output and a weaker dollar ahead of a Federal Reserve policy announcement at 2:00 p.m. EDT (1800 GMT), where the central bank was expected to keep U.S. interest rates unchanged. The U.S. Energy Information Administration (EIA) said crude inventories fell 6.2 million barrels last week, versus a 3.4 million-barrel drop forecast in a Reuters poll. Crude stocks in the United States, the world's largest oil consumer, have fallen since 14.5 million barrels were drawn in the week to Sept.

Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories. It was a second straight day of gains for oil, which has risen nearly 8 percent since Monday's settlement to recover almost all of what it lost after Britain's shock vote to exit the European Union. Fading concerns over the so-called Brexit, potential for an oil workers' strike in Norway and a crisis in Venezuela's energy sector were among factors supporting Wednesday's rally. While spot contracts in Brent and U.S. crude surged, the premium for longer-dated oil spiked too as traders bet crude in storage will fetch better prices in coming months. The U.S.

Oil rocketed as much as 10 percent higher on Thursday, posting its biggest one-day rally since 2009 as recovering equity markets and news of diminished crude supplies set off a short-covering surge by bearish traders. Snapping back from a deep two-month slump that reached 6-1/2 year lows this week, oil climbed as world stock markets rose on hopes Chinese government measures to stimulate the economy would pay off, while the dollar strengthened as risk aversion eased. The rally…

Oil rose more than 3 percent on Tuesday as oversold conditions brought some buyers back to the market, but a lingering supply glut and worries about the slowing economy in top commodities consumer China kept crude prices near 6-1/2-year lows. Futures of U.S. crude and Brent, the global oil benchmark, are both down more than 16 percent on the month. About half of those losses were incurred in the past two sessions as plummeting Chinese equities sparked a selloff across global markets. China cut interest rates on Tuesday and lowered the amount of reserves banks must hold in its latest move to stimulate growth, aiding a recovery in European and Wall Street shares. Brent was up 68 cents at $43.37 a barrel by 12:07 p.m.

U.S. crude oil prices on Friday dove below $40 a barrel for the first time since the 2009 financial crisis, notching their longest weekly losing streak in 29 years after a further rise in U.S. drilling and a drop in Chinese manufacturing. Oil prices pushed briefly below the $40-pivot mark following weekly data that showed U.S. energy firms added two oil drilling rigs last week, the fifth increase in a row. The rise in rigs, which is emerging now after a second quarter lull in prices, is adding to concerns U.S. shale production is proving slow to respond to falling prices, prolonging a global glut. "Everyone is still looking at it saying 'Wow, you still don't have production coming down,'" said Tariq Zahir, founder at Tyche Capital in Laurel Hollow, New York.

U.S. crude settled at a more than six-year low on Tuesday after China's currency devaluation raised questions about oil demand from the No.2 consumer, and a new OPEC estimate showed non-member producers were likely to keep output high despite low prices. A BP refinery outage in Whiting, Indiana that could last at least a month, idling some 240,000 barrels per day of crude distillation, added to the bearish sentiment, traders said. U.S. crude fell $1.88, or more than 4 percent, to $43.08 a barrel, its lowest settlement since March 2009, and about $1 above the 2015 contract low on March 18. Brent fell $1.23, or 2.4 percent, to $49.18 a barrel, paring more than half of its gains in a rally on Monday.

U.S. oil prices rose to near one-month highs on Monday as a weak dollar prompted buying a day before the June contract's expiration, while Brent prices fell as slumping global equities outweighed the impact of low Libyan output. The U.S. dollar fell to its lowest level in more than three months against the yen, which is supportive for oil and commodities priced in dollars. Asian and European equities fell after data released late on Sunday showed growth in average new home prices in China slowed to a near one-year low in April. Meanwhile, Libya's major western oilfields, El Sharara and El Feel, remained shut a week after the government said it reached a deal with protesters to reopen them.

Global oil prices surged on Tuesday as a weaker U.S. dollar boosted buying, while expectations for bullish inventory reports in the U.S. and fresh unrest in eastern Ukraine lent support. As the U.S. dollar plunged to session lows against the Japanese yen and the euro, U.S. crude oil spiked $2 to a session high of $102.44 per barrel. Brent rose as much as $1.48 to a session high of $107.30 per barrel. A weaker U.S. currency encourages the buying of dollar-priced commodities like oil, which become cheaper. "We are seeing some build-up in crude oil from the weakness in the dollar, but we're still within the trading range we've seen," said Tariq Zahir, analyst Tyche Capital Investors. As of 1:14 p.m. EDT (1714 GMT), U.S. crude was up $1.64 at $102.08 per barrel.