The shaky U.S. economy has turned oil traders skittish, and Wall Street rallied out of bear territory Thursday as crude crossed back below a symbolic threshold.
Back out such substitutes and crude oil volumes have been flat at around 75 million bpd for four years.
The first is a chart of crude oil going back about six weeks.
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He concluded that the release reduced prices by only 3.5%, largely because oil producers (the Saudis in particular) responded to the new crude by cutting back on production.
The US has sought - so far with only limited success - to persuade South Korea and Japan to scale back their imports of Iranian crude.
Crude oil is back on the rise in the face of slowing demand, a possible breakup of the European Union, and the threat of the fiscal cliff sending the U.S. back into recession.
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Oil-equivalent production slid 5.2% to 4.29 million barrels per day, on the back of declines in both crude and natural gas liquids, and natural gas, which fell a dramatic 8.3% to 12.5 billion cubic feet per day.
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Meantime, crude oil prices did back down from early-session highs, which did help to push gold down from its daily high.
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At that price Exxon and partners will have to sell 240 million barrels of Hebron crude just to pay back construction costs.
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Crude oil bulls and bears are back on a level near-term technical playing field.
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Crude oil bulls and bears are back on an overall level near-term technical playing field.
Chart Analysis : The above chart of the continuous crude oil contract and SPY goes back to the high made in April 2011.
The cost of a barrel of North Sea Brent crude hit a record before pulling back Thursday when priced in euros and British pounds, two currencies that have been weakening of late.
Crude oil bulls and bears are now back on a level near-term technical playing field.
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Consider this: Back in 1944, the first estimate of total global crude oil reserves was 51 billion barrels.
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Beginning in March, crude oil has a seasonal wind at its back.
Production of crude oil and natural gas is booming on the back of the explosion of the fracking industry.
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China imports much of its crude oil from Iran and recently signed a deal to sell back refined fuel.
As crude oil was peaking in early May, the OBV just rallied back to its now declining WMA, which was a sign of weakness.
As crude oil and compensates prices increase, this will push the EBITDA margin back to pre-recession levels.
The dollar was firmer off the back of surprisingly strong U.S. gross domestic product figures on Friday, making crude oil and other commodities less attractive.
It was the left-back's first goal in five years, and his luck continued minutes later when a seemingly crude challenge in the area on Lovenkrands was not spotted by referee Keith Stroud.
France's energy giant Total has stopped buying Iranian crude and Royal Dutch Shell, one of the biggest purchasers of Iranian oil, has cut back sharply, market sources told Reuters.
Crude bulls had gained fresh upside technical momentum following the big gains Tuesday, but gave it all back with big losses Wednesday.
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