Oil Futures Prices Were Mixed Oil futures were mixed on Friday, buoyed by hopes of further easing of COVID restrictions in China. That could help revive demand in the world’s second-largest economy, but a stronger dollar limited gains. Brent crude futures were down one cent, or 0.01%, to $86.87, after rising to $87.40 earlier. WTI …
OPEC Oil Output Drops in November After the OPEC+ alliance promised drastic output cuts to support the market in the face of a deteriorating economic outlook, OPEC oil output fell in November, with Saudi Arabia, the organization’s top exporter, and other Gulf members leading the decline. According to the survey, the Organization of Petroleum Exporting …
Oil Has Increased by More than 2% On Wednesday, oil prices increased by more than 2% due to tighter supply, a falling dollar, and hope for a recovery in Chinese demand. The gains were, however, constrained by the likelihood that OPEC+ will maintain output at its upcoming meeting. Brent crude futures were up $2.06, or …
US Treasury yields fell on Tuesday as investors focused on developments in China and Federal Reserve officials’ comments on monetary policy plans. More than three basis points recently reduced the benchmark 10-year Treasury yield to 3.666%. After falling by more than three basis points, the two-year Treasury yield was last trading at around 4.4381%. Yields …
Oil Prices Are Rising Oil futures rose on Tuesday, supported by signs that China may relax COVID-19 restrictions following protests that sent crude prices tumbling the previous session. Early on Monday, oil prices dropped sharply. They briefly wiped out their gains from 2022, as protests in China over the country’s stringent COVID-19 restrictions sparked worries …
Oil Has Dropped Below $2 per Barrel Oil futures fell more than $2 a barrel on Monday. WTI hit an 11-month low as demand picked up as protests against tough COVID-19 regulations hit top importer China. Brent crude fell $2.16, or 2.6%, to $81.47 per barrel at 0230 GMT after falling to $81.161 earlier in …
The G-7 May Impose a Price Cap on Russian Oil The Group of Seven is negotiating a cap on Russian oil prices between $65 and $70 per barrel, but analysts claim that even if it is approved, it won’t impact Moscow’s oil revenues much. Prices at those levels are comparable to what Asian markets currently …
Oil Prices Have Dropped Oil prices fell to their lowest level in two months on Thursday as questions arose over how much the G7 would limit the offer for Russian oil prices. Higher-than-expected fuel inventories in the US and tighter coronavirus controls in China weighed on oil prices. Brent crude futures fell 52 cents, or …
Tuesday saw a rise in oil prices as top exporter Saudi Arabia indicated OPEC+ was continuing to output curbs and might take more measures to balance the market, outweighing concerns about a global recession and the rising number of COVID-19 cases in China. Prince Abdulaziz bin Salman, the energy minister for Saudi Arabia, was cited …
According to Europe’s top energy exchanges, they said that a planned restriction on natural gas prices poses a severe danger to the region’s supply security and financial stability and would do little to decrease energy costs. The Association of European Energy Exchanges stated in a joint letter that the European Commission’s intention to propose a …
The price of oil continued to fall on Thursday as anxieties about global unrest subsided and concerns about demand in China, the world’s largest petroleum importer, increased because of an increase in COVID-19 cases. Fears of the conflict between Russia and Ukraine spilling over the border were eased when Poland and NATO indicated that the …
Ease of Geopolitical Tensions Drags Oil Prices Down Read More »
Oil prices rose on Wednesday, paring earlier losses after an incident involving a merchant ship near Oman. However, increasing cases of COVID-19 in China are hindering progress. By 0854 GMT, WTI oil futures in the United States were up 35 cents, or 0.4%, to $87.27 per barrel. Meanwhile, Brent crude futures added 65 cents, or …
Tuesday saw a decline in oil prices as growing COVID-19 cases in China increased worries about decreased gasoline use from the top crude importer in the world. After finishing 3% down on Monday, Brent oil futures dropped 78 cents, or 0.84%, to $92.36 a barrel at 1225 GMT. U.S. West Texas Intermediate crude dropped by …
Commodity costs have soared to a staggering start to the month, with their largest back-to-back weekly increases since 1960. Twenty-seven commodities, ranging from metals to energy to agriculture, have recorded spectacular double-digit single-day gains this quarter, outperforming every asset class. Commodities are commonly experiencing 10% or more in back-to-back gains virtually every week, which we …
A stronger U.S. dollar and rising coronavirus cases in China dampened expectations for a quick reopening of the economy in the largest crude importer in the world, respectively. Oil prices dipped on Monday. After rising 1.1% on Friday, Brent oil futures were down 91 cents, or 1%, at $95.08 a barrel at 1301 GMT. WTI …
