Oil advanced for a third session as a pause in some exports from Iraqi Kurdistan fueled fears of a tightening supply and, as fears of a global banking crisis faded, supported challenges in broader markets. The Iraqi government in Baghdad has halted the export of 450,000 barrels of oil per day from the semi-independent Kurdistan …
Oil held its highs as tensions between Iraq and the Kurdistan region halted exports, while expectations for the fallout from the banking crisis dampened. West Texas Intermediate futures climbed to nearly $73 per barrel on Monday, following a 4.8% surge after recently dipping. A legal disagreement between Iraq, Kurdistan and Turkey has halted the production …
Oil prices remain high as Iraq-Kurdistan tensions halt exports Read More »
Oil prices advanced as investors weighed efforts by authorities to contain fears about the global banking system. At the same time, the Russian president’s plans to deploy tactical nuclear weapons in Belarus raised tensions in Europe. Brent crude oil futures rose $1.13, or 1.49%, to $76.12 a barrel. West Texas Intermediate American crude oil advanced …
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Oil prices fell sharply amid lower European bank stocks and after the U.S. Energy Secretary said it could take several years to replenish the country’s strategic oil reserve, dampening the outlook for demand. The price of Brent crude decreased by $1.56 (or 2.3%) yesterday. At the same time, WTI U.S. crude futures dropped $1.49, dropping …
Oil prices were relatively stable after the U.S. dollar retreated ahead of the U.S. Federal Reserve’s crucial interest rate decision. Brent crude futures saw a 3% increase this week, rising to a total of 18 cents, or 0.25%, to hit $75.52 per barrel. U.S. West Texas Intermediate crude futures rose 17 cents, or 0.25%, to …
Oil prices retreated, halting a three-day rally, after a surprise rise in U.S. crude inventories and as the Federal Reserve underscored the dangers of a global hike. U.S. crude futures were trading 0.22% lower at $70.76 a barrel, while the Brent contract was back 0.22% at $76.56. Benchmarks posted gains in the first three days of …
Oil prices advanced from 15-month lows earlier in the day as Credit Suisse’s bailout eased fears of global banking sector turmoil that could weigh on economic growth and fuel demand. After initial volatility on Monday, sentiment in financial markets increased following UBS’s takeover of Credit Suisse. Brent oil prices advanced by 52 cents, or 0.72%, …
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Brent crude oil fell below $72 a barrel in domestic trade amid volatility in the banking sector. The Brent contract for May delivery was trading at $71.65 a barrel, down $1.33 from Friday’s close. WTI Nymex was 65.52 dollars per barrel in April, 1.23 less than the previous settlement. Oil prices have come under pressure …
Oil prices were firm on Friday after a meeting between Saudi Arabia, and Russia cheered markets amid expectations of stronger Chinese demand. Still, it edged toward its biggest weekly decline since December as the banking crisis rattled global financial and oil markets. Brent crude futures were up $1.12 at $75.78 a barrel, up 1.5% on …
Oil prices firm despite banking crisis: OPEC+ meeting in focus Read More »
Oil prices extended losses, trading near monthly lows in more than a year after the European Central Bank raised interest rates and tensions over the global banking crisis weighed on the outlook for demand. Brent crude oil futures were down $1.15, or 1.6%, at $72.54 a barrel. West Texas Intermediate crude futures were down $1.27, …
Oil extended its slide on Wednesday, falling 3.9% to its lowest level over a year as jitters over Credit Suisse rattled global markets and overshadowed expectations of a recovery in Chinese oil demand. After Credit Suisse’s largest investor announced that they would not be able to offer additional support to assist the Swiss bank in …
OPEC further raised its forecast for China’s oil demand growth in 2023 as the country’s COVID-19 restrictions ease, though it left the global total steady, citing possible risks to world growth. World oil demand will rise by 2.34 million barrels per day, or 2.4%, in 2023, the Organization of the Petroleum Exporting Countries said. This …
Oil retreated by $4, along with stocks, as the collapse of Silicon Valley Bank increased fears of a new financial crisis. Brent crude futures fell $3.97, or 4.9%, to settle below $78.83 a barrel. West Texas Intermediate U.S. crude oil futures fell $3.87, or 5%, to settle at $72.83 a barrel. Brent hit its lowest …
Oil prices retreated for a fourth session, heading for their widest weekly loss in five weeks on fears the prospect of a big US interest rate hike would dampen demand for the fuel. Brent was down 63 cents, or 0.83%, at $80.97 a barrel by 1140 GMT. The price of US WTI crude fell by …
Oil fell earlier in the week after China set a modest increase target for this year and avoided any major stimulus. At the same time, there were concerns about further monetary tightening by the Federal Reserve. West Texas Intermediate saw a decrease to $79 a barrel after witnessing a 5% increase in closing last week. …
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