The copper markets anticipated quarterly output numbers from some of the biggest miners in the world, coming later this week. Meanwhile, gold prices edged up on Monday but remained capped below critical support levels as investors worried about additional interest rate hikes by the Federal Reserve. According to statistics, inflation in the United States is …
According to an examination of power statistics, Europe’s electricity use reached levels last seen during the worst COVID-19 epidemic. However, several nations still need to reduce consumption to prepare for a potential energy supply shortage this winter. Following a fall in Russian gas supplies due to Western sanctions, European countries are rushing to save energy …
How Will Winter Be Like for Europeans Amid Energy Crisis? Read More »
The International Energy Agency said on Thursday that OPEC+’s agreement to reduce supply last week has increased prices and placed the world economy at risk of recession. The Paris-based organization, made up of the United States and other major oil consumers, said that the persistent decline in the global economy and higher prices brought on …
Will OPEC+ Supply Cuts Drive Us Into a Global Recession? Read More »
With supply concerns resulting from OPEC+’s output target reduction last week, oil futures recovered some losses on Wednesday after falling 2% the previous day. However, the strengthening dollar dampened confidence. After reaching a session low of $93.33, Brent oil futures were up 36 cents, or 0.4%, at $94.65 a barrel at 0920 GMT. After hitting …
To prevent power rationing or blackouts from becoming unavoidable, Europe must pay a premium for liquefied natural gas imports, hope for a mild winter, and reduce its energy use. Even if Europe can stay warm and maintain power this winter, it will have significantly greater challenges to replenish depleted storage the next year than it …
Europe’s Energy Crisis Worsen as Winter Gets Closer Read More »
Poland accused Germany of being “selfish” in response to a winter energy shortfall spurred on by Russia’s conflict in Ukraine. On Friday, disputes between European Union leaders over national rescue plans and controlling gas prices reappeared. Most EU states have asked Brussels to establish a limit on gas prices, even if they disagree on the …
In anticipation of EU energy embargoes, the OPEC+ nations agreed to their largest output drop since 2020. As a result, anxieties over skyrocketing inflation are projected to rise as the world’s oil supply is predicted to become constricted. The move widened the diplomatic rift between the Saudi-backed bloc and the West. The Western nations fear …
OPEC+ Cuts Supply Before the Upcoming Winter Inflation Read More »
Despite pressure from the U.S. and other countries to increase oil output, OPEC+ appears to cut its output target significantly when it meets on Wednesday. Oil prices have fallen to around $90 from $120 three months ago amid concerns about a slowing global economy, rising U.S. interest rates, and a stronger currency. A possible OPEC+ …
What To Expect from OPEC+ Significant Supply Cuts Read More »
Oil prices rose on Tuesday as optimism over OPEC+’s potential Wednesday agreement to significantly reduce petroleum supply outweighed worries about the state of the world economy. After rising by more than 4% the previous day, Brent crude was up 64 cents, or 0.7%, to $89.50 per barrel at 0823 GMT. After increasing by more than …
OPEC+ Supply Cuts, Drives Oil Prices Significantly Higher Read More »
As OPEC+ contemplates lowering output by more than 1M BPD, for its greatest decrease since the epidemic, to bolster the market, oil prices increased by more than 3% in early Asian trade on Monday. By 0622 GMT, Brent oil futures had recovered $2.36, or 2.8%, from their Friday low of $87.50 a barrel. After falling …
OPEC+ Biggest Output Cut Since 2020 Shakes the Market Read More »
OPEC+ sources said that the group’s oil producers are considering reducing its output target at a meeting on October 5. They aim to reduce between 500,000 and 1M barrels per day (BPD) to stabilize the market. An OPEC source estimated the likely number was closer to 500,000 BPD earlier this week. However, a source familiar …
Following a remarkable recovery from multi-year lows, gold prices slightly declined on Thursday as investors remained cautious of a further rise in the currency and Treasury rates. By 19:35 ET, spot gold prices were down 0.3% to $1,655.86 per ounce, while gold futures were down 0.3% to $1,664.35 per ounce (23:35 GMT). On Wednesday, both …
The oil price increased by around $2 per barrel on Tuesday from a nine-month low, helped by supply restraints in the American Gulf of Mexico ahead of Hurricane Ian and a weakening of the currency from its highest point in two decades. Analyst predictions of potential supply cutbacks from the Organization of the Petroleum Exporting …
Following a steep decline last week, oil prices remained close to eight-month lows on Monday as investors worried that a weakening global economy would reduce demand for petroleum. By 21:30 E.T., U.S. West Texas Intermediate futures were steady at $78.67 per barrel, and London-traded Brent oil futures were up 0.3% to $85.29 per barrel (01:30 …
Oil prices rose more than 2 percent on Wednesday after Russian President Vladimir Putin announced a partial military mobilization that escalated Ukraine’s civil war and raised concerns about falling oil and gas supplies. After losing $1.38 the day before, Brent oil futures increased $2.28, or 2.5%, to $92.90 a barrel at 0707 GMT. U.S. West …
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