The dollar increased during early trade on Thursday in Europe as a senior member of the Federal Reserve warned that the U.S. central bank is still far from ending its cycle of interest rate increases. Despite falling more than 3% from a 20-year high in the previous week, the dollar index remained stable at 110.97 …
The Dollar Soars Amid Fed’s Warning on More Rate Hikes 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+ …
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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 …
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 day-long decline to nine-month lows, oil prices increased on Tuesday, indicating that the producer group OPEC+ may reduce output to prevent future price declines. By 0502 GMT, the price of Brent oil futures for November settlement increased by 65 cents, or 0.77%, to $84.71 per barrel. West Texas Intermediate (WTI) crude for November …
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 …
Agri-food companies could lose up to 1/4 of their value by 2030 if they don’t adapt to new regulations and consumer trends related to climate change. Research presented on Tuesday examined 40 large companies. The companies, including food retailers and agricultural producers, could fare under scenarios called “key to reducing emissions,” such as if people …
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 …
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