Oil prices fell as a stronger dollar and weak oil data from top oil importer China reversed momentum after a five-day rally. Brent oil crude futures were down 41 cents, or 0.49%, at $85.78 a barrel by 1250 GMT. The price of WTI oil fell by 40 cents, or 0.55%, and amounted to 80.07 USD. …
Oil prices reverse momentum after five-day rally Read More »
Oil fell, paring earlier gains, as signs of heavy supply, and a rise in U.S. crude inventories countered expectations of higher demand from China. The American Petroleum Institute reported that U.S. crude stockpiles increased by 6.3 million barrels in the week concluding on Feb. 24, preceding the Energy Information Administration’s official supply data. Brent crude …
Oil prices fall, despite signs of improved China demand Read More »
US oil prices have risen, receiving support from the hope that a solid economic removal in China will promote fuel demand, which influences US interest rates in the world’s largest economy. Brent futures increased by 87 cents on Tuesday due to Tuesday’s exhaustion, and the barrel was up to $83.33. More active can reach a …
Oil extended its longest losing streak this year ahead of the release of Federal Reserve, which could provide further clues on monetary tightening in the U.S. West Texas Intermediate fell to $75 a barrel after falling for a fifth straight session. The prospect of more aggressive interest rate hikes from the Fed to tame inflation …
Oil prices were lower, although the decline was limited due to worries about Russia‘s exports to Poland through the major pipeline. Benchmark Brent crude futures fell 25 cents, or 0.32%, to $82.92 a barrel, while US WTI decreased 19 cents, or 0.23%, to $76.14. At the close of the day, both indices were over 90 …
Oil prices rose for a second time, this time because of lower exports from Russia and concerns about global economic activity. Brent crude oil experienced an 80 cents, or 1.4% rise. It settled at $83.02 a barrel. Meanwhile, US WTI crude futures were up 43 cents, or 0.6%, at $75.83. On the anniversary of Russia …
Oil prices extended increased for a second session Read More »
Since China ended its zero-covid policy, traders have been waiting for China’s oil demand to start picking up. Many oil price forecasts for 2023 were based on a significant increase in oil demand from China. Analysts had expected prices to rise to triple digits, based mainly on increased demand from China. However, oil prices have …
Brent crude oil edged lower in a volatile session as concerns of a global economic slowdown outweighed supply constraints, prompting investors to take profits on the previous day’s gains. The broader financial market are focused release of minutes from the US Fed’s latest meeting. Global benchmark Brent crude was down 44 cents, or 0.52%, at …
Oil prices went up because people were optimistic about Chinese demand, producers cutting production, and Russia cutting supplies. Brent crude increased 51 cents, or 0.64%, to $83.52 a barrel. Meanwhile, U.S. WTI crude for March delivery, which ends on Tuesday, was up 43 cents, or 0.63%, at $76.78. At the same time, the more active …
Oil fell 3.4% on Friday, heading for a weekly decline, driven by concerns that further interest rate hikes could weigh on demand and signs of insufficient supply. Two Fed officials warned Thursday that additional borrowing costs must bring inflation down to desired levels. The dollar got stronger because people expected more rate hikes, making oil …
he International Energy Agency said the bans and price caps on Russian oil are having an “intended effect” despite surprising production and exports in recent months. The EU embargo on Russian oil went into effect on February 5, based on the $60 oil price ceiling that the G-7 implemented on December 5. In particular, India, …
On Wednesday, oil prices fell for a second day on signs of heavy U.S. supply and expectations of further interest rate hikes. However, forecasts of higher demand growth in 2023 and a potential tightening of market losses pared losses. According to the American Petroleum Institute (API), U.S. crude oil inventories increased by more than forecast …
Oil prices fell after the U.S. government announced it would release crude from the Strategic Petroleum Reserve, while traders eyed inflation data for further clues. Brent crude futures were down 90 cents, or 1.4%, at $85.72 a barrel at 1320. The DOE thought it would sell too much and so it was going to stop …
Oil prices down while speculators await inflation data Read More »
Oil prices dropped because investors were worried about short-term demand. They were also worried about U.S. inflation data. Brent crude was down 68 cents, or 0.72%, at $85.72 a barrel, after rising 2.23% on Friday. US WTI crude was down 60 cents, or 0.72%, at $79.13, after rising 2.12% in the previous session. Oil prices …
Oil falls on demand fears before the US inflation data Read More »
Oil prices rose Friday after Russia announced a 500,001-barrel cut in March oil production. Crude oil prices ended the week with an overall gain. However, prices started to increase even more in the week as the Fed signaled that rate hikes would continue and Chinese demand didn’t impress. The announcement by Russia means that oil …
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