Oil rally continues as Brent tops US$50 a barrel

Oil prices continued to rally on Thursday with Brent oil topping US$50 a barrel following data showing lower US crude stockpiles.

Brent North Sea crude for delivery in October rose US$1.04 to US$50.89 a barrel in London, its first close above US$50 in nearly two months.

US benchmark West Texas Intermediate for September delivery gained US$1.43 to US$48.22 a barrel on the New York Mercantile Exchange.

Thursday's gains continued the upward trend in place for most of August, due in part to talk from Saudi Arabia and other producers that major oil exporters could agree to cap output next month.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Oil prices up in Asia on Russia-Saudi talks

Crude prices rose in Asia on Tuesday after Russia and Saudi Arabia pledged to work on addressing a global supply glut, but analysts said gains would likely be limited after the two sides provided scant detail about their plans.

Saudi Energy Minister Khaled Al-Falih and his Russian counterpart Alexander Novak agreed to "act together" to steady the market but stopped short of agreeing to a production freeze.

On the sidelines of the G-20 summit in China, the ministers said they will act "together or in cooperation with other oil productions" and agreed to set up a "joint monitoring group" to offer recommendations to prevent price fluctuations.

News that the two sides were about to make an announcement sent both contracts soaring Monday but the gains were all but wiped out after the statement.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Gold holds monthly drop as payrolls in focus for data-driven Fed

Gold held last month's decline as investors await US jobs data due Friday for further clues on the timing of an interest rate increase.

Bullion for immediate delivery was little changed at US$1,309.70 an ounce at 9:15am in Singapore, according to Bloomberg generic pricing. The metal dropped to US$1,304.29 on Wednesday, the lowest level since June 24, and lost 3.1 per cent in August.

Gold's gains in 2016 have been dented after Federal Reserve officials indicated a greater likelihood of further monetary tightening before the end of the year.

Traders will scrutinise Friday's nonfarm payrolls report in light of Fed Vice Chairman Stanley Fischer'scomments on Tuesday that the central bank will base decisions at its Sept 21 meeting on economic data.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Oil falls near US$47 a barrel as US crude rig count unchanged

Oil fell near US$47 a barrel as the number of US rigs drilling for oil remained unchanged and Royal Dutch Shell Plc said production isn't affected by storm preparations in the Gulf of Mexico.

Futures in New York dropped as much as 1.2 per cent after advancing 1.9 per cent over the previous two sessions on speculation informal Opec talks next month could result in some kind of output freeze.

A tropical depression near Florida, forecast to become a storm on Monday, is expected to move into the Gulf of Mexico, according to the National Hurricane Center.

West Texas Intermediate for October delivery fell as much as 59 US cents to US$47.05 a barrel on the New York Mercantile Exchange and traded at US$47.09 a barrel at 8 am Tokyo time.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Oil holds losses near one-week low after surprise stockpile gain

Oil held losses near the lowest close in a week as US crude stockpiles unexpectedly increased, keeping supplies at the highest in at least three decades with the peak summer demand period approaching its end.

Futures were little changed in New York after falling 2.8 per cent Wednesday. Inventories rose by 2.5 million barrels last week, according to the Energy Information Administration.

The median forecast in a Bloomberg survey had projected a decline. Iraq will attend informal Opec talks next month in Algiers, Deputy Oil Minister Fayyad Al-Nima said in a phone interview.

Oil entered a bull market on Aug 18, less than three weeks after tumbling into a bear market. Prices surged partly on speculation that informal discussions among members of the Organisation of Petroleum Exporting Countries and other producers may lead to action to stabilise the market.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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Stocks Edge Higher After Fed Minutes

U.S. stocks rose slightly after minutes from the Federal Reserve’s July meeting shed little light on when the central bank might next raise interest rates.

The minutes showed Fed officials are seeking to keep their options open, with some of them wanting a rate increase but others pushing for more information.

The Dow Jones Industrial Average rose 21.92 points, or 0.1%, to 18573.94, reversing earlier losses. The S&P 500 added 4.07 points, or 0.2%, to 2182.22 and the Nasdaq Composite rose 1.55 points, or less than 0.1%, to 5228.66.

All three indexes are hovering near records, confounding some traders and analysts.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg

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OIL UPDATE OF 10th AUG'2016 BY EPIC RESEARCH

Oil futures pulled back from a two-week high Tuesday to settle modestly lower as traders weighed continued concerns about a global supply glut versus prospects for an agreement by major producers to curb output.

On the New York Mercantile Exchange, crude futures for delivery in September  fell 25 cents, or 0.6%, to close at $42.77 a barrel. October Brent crude on London’s ICE Futures exchange lost 41 cents, or 0.9%, to settle at $44.94 a barrel.

Oil flipped between gains and losses in a choppy session, but were dragged lower around midday after the U.S. Energy Information Administration, in its monthly short-term energy outlook, said it expects U.S. crude oil production to decline to 8.73 million barrels a day in 2016 from 9.43 million barrels in 2015. In July, the agency had forecast 2016 production of 8.61 million barrels.

The change comes amid an uptick in the number of domestic rigs drilling for crude oil.

Futures, however, were locked in a relatively tight trading range ahead of weekly supply data, with some support attributed to a planned meeting of oil-producing nations in September despite skepticism over the prospects for curbing output.

Traders “continued to eye the possibility that [Organization of the Petroleum Exporting Countries] members may hold talks in September to consider production caps,” wrote strategists at Tradition Energy.

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Oil Market Update : Epic Research Singapore

Crude-oil futures finished lower, with ongoing concerns over a global glut of supplies keeping prices for the U.S. benchmark under $60 a barrel.

On the oil front, July crude CLN5, +0.94%  fell 44 cents, or 0.7%, to end at $59.52 a barrel, following a gain of 1.4% last week.

July Brent crude LCON5, -1.97% which expired at the end of the session, fell $1.26, or 2%, to $62.61 a barrel on London’s ICE Futures exchange, while the more actively traded August crude finished at $63.95 a barrel, down 69 cents, or 1.1%.

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