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Oil gains as US Federal Reserve suspends rate hikes

- Central bank removes "further gradual increases" text from its latest statement

home > Upstream, Stock Market, Americas 31.01.2019 11:05 Övunç Kutlu

Oil gains as US Federal Reserve suspends rate hikes

Crude oil prices were up to begin Thursday on a higher note after the U.S. Federal Reserve put the brakes on further increases in interest rates for now, causing the American dollar to slip.

Brent crude was trading at $62.10 per barrel at 0655 GMT with a 0.7 percent gain after closing Wednesday at $61.67 a barrel.

American crude West Texas Intermediate was at $54.63 at the same time, a 0.2 percent daily increase, after ending the previous session at $54.49 per barrel.

The U.S. Federal Reserve kept its benchmark interest rate unchanged as expected on Wednesday, but removed the text that said "further gradual increases" in interest rates from its January statement that were present in its December statement.

The Fed Chairman Jerome Powell adopted a dovish outlook for possible rate hikes in the future during his press conference after the conclusion of the central bank's two-day meeting, which started on Monday, Jan. 28 in Washington, D.C.

"The case for raising rates has weakened somewhat," Powell said, due to slower growth in American economy and muted inflation.

The Fed's current interest rate target, which stands at 2.25 percent to 2.5 percent, is "appropriate for the state of the economy," he said, adding that the bank will be "patient" before deciding its next move.

With Powell's dovish outlook and an indication that the Fed will put the brakes on further rate hikes, the value of the American dollar plummeted late Wednesday against other major currencies.

The U.S. dollar index, which includes the euro, Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc, fell 0.41 percent on Wednesday. The index was down almost 0.2 percent at 0655 GMT on Thursday.

A decline in the American dollar, to which crude oil prices are indexed, encourages oil demand globally, which in turn pushes crude prices higher.

By Ovunc Kutlu

Anadolu Agency

energy@aa.com.tr



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- Group will meet Friday with OPEC+ nations to discuss contribution on curbing supply
07.12.2018 Upstream , International Organization , Middle East-Africa

Iran looks for exemption from OPEC oil cuts: Official

- Petroleum Minister Zangeneh points to US sanctions and criticizes Washington official
06.12.2018 Upstream , International Organization , Americas , Middle East-Africa

Oil prices down as market awaits OPEC decision

- Cartel is estimated to cut oil production by at least 1 million barrels a day
06.12.2018 Upstream , Stock Market , International Organization , Middle East-Africa

OPEC eyes Iran, Venezeula for output cut decision

- With uncertainty surrounding Iran and Venezuela oil outputs, OPEC+ could make modest cuts to prevent revenue loss
06.12.2018 Upstream , International Organization , Middle East-Africa

Oil & stocks fall with US-China trade skepticism

- Indexes in US stock market post losses of over 3 percent
05.12.2018 Upstream , Stock Market , Asia , Americas

Oil gains with weak dollar, US-China trade truce

- Three-month truce imbues investor optimism
04.12.2018 Upstream , Stock Market , International Relations , Americas

Qatar to withdraw from OPEC early 2019

- Energy Minister says decision is a "technical and strategic" change
04.12.2018 Lng/Lpg , Upstream , International Organization , Middle East-Africa

US oil rig count shows increase in week

- Number of oil rigs rises by two, bringing crude prices down
02.12.2018 Upstream , Americas , General

Crude oil, natural gas reserves in US set new records

- Oil reserves rise 19.5 percent, natural gas reserves increase 36.1 percent in 2017, compared to previous year, according to official data
01.12.2018 Upstream , Americas

Oil gains with North Sea shutdown & OPEC cuts prospect

- Buzzard oilfield in North Sea temporarily shuts down cutting off 3 cargoes each with 600,000 oil barrels
30.11.2018 Upstream , International Organization , Europe

Dutch firm signs deal with Aramco for offshore program

- Investments could be more than $3 billion a year, with a program duration of six years
28.11.2018 Upstream , Middle East-Africa , General

BP starts up Clair Ridge production in North Sea

- Sixth new upstream project to come on stream for BP in 2018 targeting peak production of 120,000 barrels of oil a day
23.11.2018 Upstream , News from companies , Europe

Chevron starts oil, gas prod. in Gulf of Mexico project

- Field is estimated to contain more than 200 million oil-equivalent barrels
30.11.2018 Upstream , Upstream , Americas

Crude prices pull back with oversupply concerns

- Oil prices slightly down with rising crude inventories in US, and Iraq's increased oil exports
30.11.2018 Upstream , Stock Market , Middle East-Africa

US oil rig count shows fall from Nov. 17 to 21

- Number of oil rigs down by three, pushing crude prices higher on Wednesday
23.11.2018 Upstream , Americas

Shell to sell Draugen, Gjoa interests in Norway

- Norwegian oil company OKEA AS agrees to buy energy giant’s interests in offshore fields for $556 million
21.11.2018 Upstream , News from companies , Europe

US oil rig count shows increase in week

- Number of oil rigs rises by two, pushing crude prices higher
19.11.2018 Upstream , Americas

US crude oil production posts new record high w/e Nov 9

- Crude output in US reaches 11.7 million barrels per day
30.11.2018 Upstream , Americas

US oil, gas production rises despite fewer wells: EIA

- Oil and gas wells fall 4.6 percent but production rises by around 6 percent
30.11.2018 Upstream , Upstream , Americas

Turkey announces start-date for offshore operations in Mersin

- Rowan Norway drillship will conduct drilling activities starting Nov. 14
15.11.2018 Upstream , Upstream , Turkey , General

Global oil production rises in October

- OPEC crude oil production in October increases by 127 thousand barrel per day to average 32.90 million barrel per day
14.11.2018 Oil , Finance , Upstream , Americas , Middle East-Africa , General

Drillship on mission in conflict zone offshore Cyprus

- ExxonMobil-commissioned Stena Icemax vessel is preparing to conduct drilling as of November 15 despite Turkey's warnings
14.11.2018 Upstream , Upstream , Turkey

Trump hopes OPEC will refrain from oil production cuts

- The call comes as crude prices enter bear market territory
30.11.2018 Upstream , International Organization , Americas

Global energy demand to grow by over 25% by 2040

- Urbanization, population and economic growth in developing economies are main sources of energy demand surge: IEA's report
14.11.2018 Oil , Upstream , Europe , Asia , Americas , Middle East-Africa , General

Eni, Total, Sonatrach partner to explore oil in Algeria

- Companies sign two agreements during Algeria Future Energy Summit; another signed between Eni, Sonatrach for onshore exploration
31.10.2018 Upstream , Upstream , News from companies , Middle East-Africa

Eni makes new oil discovery in offshore Norway

- Estimated size of discovery range between 50 and 60 million barrels of oil in place according to preliminary estimates
30.10.2018 Upstream , Europe

Shell adds new, deep-water production in Brazil

- Oil and gas production underway at Lula Extreme South in Brazilian Santos Basin, company says
25.10.2018 Upstream , Upstream , News from companies , Americas

Eni acquires new oil exploration rights in Mozambique

- Contract is for exclusive exploration and development rights of offshore block A5-A in Northern Zambezi Basin
19.10.2018 Upstream , News from companies , Middle East-Africa

Saipem wins $400 mln. engineering & construction deals

- Italian company has secured offshore contracts in Azerbaijan, the North Sea and the Republic of Congo, company announces
17.10.2018 Natural Gas , Upstream

US crude oil production hits new record high level

- Country's crude output reaches 11.2 million barrels per day for week ending Oct. 5
12.10.2018 Upstream , Americas

Petrobras, Murphy form JV for Gulf of Mexico assets

- Joint venture estimated to produce about 75 thousand barrels of oil equivalent per day in 4th quarter of 2018, Petrobras says
13.10.2018 Upstream , News from companies , Americas

Eni, BP, NOC agree to resume oil exploration in Libya

- Agreement will see Eni acquire 42.5 percent stake and become operator of three of BP's Libyan oil exploration areas
10.10.2018 Upstream , News from companies , Middle East-Africa

Northern Iraq's Peshkabir oil output up to 50,000 bpd

- Production meets end-2018 target ahead of schedule and below budget, says Tawke Production Sharing Contract operator DNO ASA
09.10.2018 Upstream , News from companies , Middle East-Africa

Iraq's oil exports down nearly 4 percent in September

- Over 106 million barrels exported last month, according to Oil Ministry
03.10.2018 Upstream , Middle East-Africa

US crude oil production rises 30th time in 36 weeks

- Crude output sees increase of 118,000 barrels a day for week ending Sept. 14
20.09.2018 Upstream , Americas

Turkey is capable of overcoming economic woes: BP Pres.

- We still have great belief in Turkey. Every economy has its short term problems and Turkey will get through this: BP Pres.
19.09.2018 Upstream , Downstream , Energy Diplomacy , Turkey , General

Egypt inks $1B exploration deal with Shell, Petronas

- Companies to drill 8 wells in West Nile Delta to explore oil and gas
18.09.2018 Upstream , Upstream , Middle East-Africa

China's crude oil output up after almost 3 years

- National Bureau of Statistics announces energy figures for month of August, and period covering January to August
15.09.2018 Electricity , Coal , Upstream , Upstream , Asia , General

Petrofac secures $20 million well engineering contracts

-Company awarded series of contracts around the world
14.09.2018 Upstream , News from companies , World

Saudi Aramco awards Chinese firm oil drilling contract

- China Harbour Engineering to construct two man-made drilling islands to support Berri oil field production capacity
12.09.2018 Upstream , News from companies , Middle East-Africa

Turkey, Sudan ink deals on oil exploration, agriculture

- Turkish Petroleum Corporation to make investments in Sudan worth $100 million, says agriculture and forestry minister
11.09.2018 Upstream , Turkey , Middle East-Africa , General

Oil rig count in US shows decline this week

- Number of oil rigs falls by two
09.09.2018 Upstream , Americas
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