1. Most Discussed
  2. Gainers & Losers

News: Crude oil makes it three wins in a row

  1. Crude oil futures closed higher today for a third straight session.

    A continued drop in U.S. rig counts helped ease market worries over the nation's supply glut and the Organization of the Petroleum Exporting Countries (OPEC) upped its 2015 expectations for world oil demand growth.

    West Texas Intermediate for March delivery rose 2.3% to settle at US$52.86 a barrel on the New York Mercantile Exchange.

    OPEC forecast demand for the cartel's oil will average 29.21 million barrels per day (bpd) in 2015, up 430,000 bpd from its previous forecast.

    In its monthly report, the group also slashed its outlook for crude supply growth in non-OPEC countries, citing a slowdown in the U.S. shale boom and lower capital investment by energy firms.

    Meanwhile, data from U.S. oil services firm Baker Hughes on February 6 showed that the number of rigs drilling for oil in the United States fell to 1,140 last week, the lowest since December 2011.


Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.


Thank you for visiting HotCopper

We have detected that you are running ad blocking software.

HotCopper relies on revenue generated from advertisers. Kindly disable your ad blocking software to return to the HotCopper website.

I understand, I have disabled my ad blocker. Let me in!

Need help? Click here for support.