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 …
In addition to indicators of a probable rise in gasoline stocks in the United States, traders were concerned that the Federal Reserve’s widely anticipated interest rate hike would put further pressure on crude demand, contributing to the oil prices’ continued declines on Wednesday. By 20:37 ET, U.S. crude West Texas Intermediate futures were down 0.2% …
Tuesday saw a slight increase in oil prices as OPEC+ continued to produce less than their quotas. However, prices were still on track to decline for a fourth consecutive month due to expectations of another increase in U.S. interest rates, which could slow economic growth and fuel demand. At 0939 GMT, the price of Brent …
The price of oil rose on Monday. Meanwhile, supply worries ahead of the EU’s oil embargo on Russia in December outweighed worries about a global recession that could dampen gasoline demand. Brent futures rose 0.5 percent on Friday and then gained 60 cents, or 0.7 percent, to $91.95 a barrel by 0330 GMT. U.S. WTI …
Despite a little increase on Friday, oil prices continued to drop for the week due to concerns over sudden interest rate increases that would hurt the global economy and fuel consumption. As of 03:15 GMT, Brent oil futures were up 24 cents, or 0.3%, to $91.08 a barrel. Still, it had lost 1.9% of its …
On Thursday, the attention shifted away from potential supply disruption and toward weak demand worries about a significant build-up in crude inventories in the US and a strong currency. As a result, oil prices began to drift lower. By 0636 GMT, the benchmark Brent crude futures contract had lost 23 cents, or 0.2%, of its …
Since the start of the Ukraine War, energy has been a major concern in the EU. While the sanctions have halted Russia to a degree, a lot of Europe is still dependent on its energy exports. In a recent push, Europe has decided to stop using Russian gas, but that’s caused further issues. The timing …
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