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 »
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 …
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 …
The world’s largest crude importer, China, may be loosening its rigorous COVID-19 limits, but there are conflicting indications about this. As a result, oil prices declined Monday, trimming gains after soaring to more than two-month highs. Brent oil futures closed at $97.92 per barrel after losing 65 cents. They increased to $99.56 a barrel earlier …
How Are the China’s COVID Policies Still Shaping the Market? Read More »
While this week, investors await major data amid corporate earnings and CPI print & US midterm elections show signs of a Republican tilt, the major indexes gain momentum: The S&P 500 advanced 1%. In comparison, the technology-heavy Nasdaq Composite rose 0.9%. Stocks finished rallying with losses the previous week – with a rather gloomy outlook …
The dollar rose on Thursday due to a rise in U.S. interest rates, heightening concerns about a potential global recession that would reduce gasoline demand. However, worries about a supply shortage restrained losses in the oil market. By 11:35 GMT, West Texas Intermediate (WTI) oil futures in the United States had lost $1.31, or 1.5%, …
The U.S. Rate Hikes Aggravate the Oil Demand Concerns Read More »
In a forthcoming key report, OPEC should retain its position that global oil consumption will rise for another ten years. This is longer than many other forecasts estimate. That is despite the increasing importance of renewable energy sources and electric vehicles, according to two OPEC sources. On October 31, the Organization of the Petroleum Exporting …
After industry data revealed that U.S. crude stocks increased more than anticipated on Wednesday, oil prices dropped, though supply concerns limited losses. By 0635 GMT, December Brent oil futures were down $1.03, or 1.1%, to $92.49 per barrel after closing 26 cents higher the previous day. The December contract for West Texas Intermediate (WTI) oil …
How Are the Oil Prices Changing Amid Supply Struggles? Read More »
On Wednesday, oil prices increased marginally but cautiously as bearish considerations like unclear Chinese demand growth and dropping gas costs offset optimistic signs like declining U.S. crude stocks. By 0913 GMT, the price of Brent oil futures for December settlement increased by 60 cents, or 0.7%, to $90.63 per barrel. Brent saw a low of …
Pressure on the Oil Market Becomes Increasingly More 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 …
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+ …
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 »
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 …
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