Crude oil inventories in the U.S. Strategic Petroleum Reserve (SPR) fell 7.5 million barrels in the week to Sept. 2 to 442.5 million barrels, their lowest since November 1984, according to data from the Department of Energy.
SINGAPORE: Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery. Brent crude rose 45 cents, or 0.4per cent, to US$101.67 a barrel by 0630 GMT. U.S. West Texas Intermediate crude was up 32 cents, …
Oil Prices Rise on Potential OPEC+ Supply Cuts; BP Shuts US Refinery Units Read More »
U.S. oil prices shot above $10 for the first time in about 14 years due to a surge in prices in Europe, where tight supplies persist.
Shares in the Asia-Pacific were mostly higher on Monday as investors monitored market reaction to Chinese economic data. Mainland China markets were mixed. The Shanghai Composite fell slightly to end the day at 3,276.09 and the Shenzhen Component was up 0.33% at 12,460.22. Hong Kong’s Hang Seng index was 0.72% lower in the final hour …
Asian Markets Mixed as China’s Industrial Output Misses Expectations Read More »
A stronger dollar also weighed on oil prices as a firmer greenback makes oil more expensive for holders of other currencies.
Oil prices typically rise when the dollar falls as a weaker dollar makes crude cheaper for buyers holding other currencies.
A sharp fall in purchases by investors pulled global gold demand down 8% in the second quarter compared to the same period in 2021, the World Gold Council said.
Oil Prices also found support as the Group of Seven richest economies aims to have a price-capping mechanism on Russian oil exports in place by Dec. 5.
Oil prices rose in early Asian trade on Wednesday as industry data showed a larger-than-expected drawdown in U.S. crude stockpiles.
U.S. LNG total base load export capacity increased from less than 1 billion cubic feet per day (Bcf/d) in 2015 to about 10.78 Bcf/d at the end of 2021.
Spot gold firmed 0.1% to $1,718.97 per ounce, by 0041 GMT, while U.S. gold futures dipped 0.1% to $1,716.70.
Brent crude futures for September settlement dropped 48 cents, or 0.5%, to $102.72 a barrel at 0205 GMT, down for a fourth day in declining global oil prices.
Tesla’s second-quarter profit fell 32% from record levels in the first quarter, with the company reporting a $2.26bn net profit on Wednesday.
Oil is generally priced in U.S. dollars, so a stronger greenback makes the commodity more expensive to holders of other currencies. Investors also tend to view the dollar as a safe haven during market volatility.
The OPEC+ move to bring forward crude oil output hikes is widely seen as unlikely to meet demand as the increased allocation is spread across all members, including Russia which is facing sanctions.
Brent crude oil futures were on track to fall for the week, and WTI was on course for a 1.6% weekly gain as U.S. supply remained very tight, prompting talk of fuel export curbs or a windfall profits tax on oil and gas producers.
International crude oil benchmark Brent crude futures were last down 1.68% at $114.34 per barrel. U.S. crude futures dropped 1.87% to $113.10 per barrel.
Oil prices eased on Wednesday, giving up earlier gains, after China and Japan reported weak economic data, fueling concerns about growth and oil demand in the world’s top consumers.
The partial easing of Shanghai lockdowns lifted some of the downward pressure that was starting to be felt on worries about Chinese oil demand, she said.
Demand for oil will be affected in China – the world’s biggest oil importer – by pandemic-driven mobility restrictions and in Russia by international sanctions.
Proposed EU sanctions, which the bloc’s 27 member states must approve, would ban buying Russian coal and prevent Russian ships from entering EU ports. Britain also urged G7 and NATO nations to agree a timetable to phase out oil and gas imports from Russia.
Oil prices climbed on Thursday after the International Energy Agency (IEA) said markets could lose three million barrels per day (BPD) of Russian crude and refined products from April. The supply loss would be far greater than an expected one million BPD per day drop-in demand triggered by higher fuel prices, the IEA said in …
Oil Prices Jump 1.9% as EIA Raises Concerns on Supply. Read More »
Oil prices stabilized on Friday and were on track for their biggest weekly drops since November after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers. Brent crude oil futures inched down 16 cents, or 0.15% to $109.17 a barrel at 0434 GMT …
Oil Prices Steady at $109 Amidst U.S Russian Oil Ban. Read More »
Oil prices gained on reports of cyberattacks on several Ukrainian state websites added to fears about escalating tensions with Russia.
Chinese stocks rose in line with global markets amid supportive official comments and a perception that the country’s regulatory crackdown cycle had peaked.
Tight supply was seen in U.S. crude oil stockpiles, which unexpectedly fell 4.8 million barrels in the week to Feb. 4 to 410.4 million barrels as overall refined product demand reached an all-time record.
Wall Street ended sharply lower on Thursday after U.S. consumer prices data came in hotter than expected and subsequent comments from a Federal Reserve official raised fears the U.S. central bank will hike rates aggressively to fight inflation. U.S. Labor Department data showed consumer prices surged 7.5% last month on a year-over-year basis, topping economists’ …
Wall Street Lower on Fears of Aggressive Fed Rate Hikes Read More »
Sources said an OPEC+ technical panel meeting on Tuesday did not discuss a hike of more than the expected 40,000 barrels of crude oil per day from March.
Google parent Alphabet Inc rose 1.7% on wall street ahead of quarterly results published after the bell. Amazon Inc and Meta Platforms Inc are also on deck later this week.
The risk of geopolitical disruptions to oil supply at a time of already tight inventories due to the strong post-pandemic recovery has sent the premium commanded by barrels for prompt delivery soaring, suggesting the current price rally has further to run.
Fed Chair Jerome Powell left open the possibility that global markets policymakers would raise rates in 2022 more than the three quarter-point hikes they had signalled after their December meeting
Oil prices rose on Friday, set for their sixth weekly gain, amid concerns of tight supplies as major producers continue their policy of limited output increases amid rising fuel demand. Brent crude futures climbed 45 cents, or 0.5%, to $89.79 a barrel at 0429 GMT, after falling 62 cents during the previous day. However, prices …
Oil Headed for Sixth Weekly Gain Amid Supply Concerns Read More »
Crude oil prices surged on Wednesday, with Brent climbing to $90 a barrel for the first time in seven years, amid the tensions between Ukraine and Russia, the world’s second-largest oil producer, that has fanned fears of energy supply disruptions to Europe.
Oil prices hit seven-year highs last week on worries that supplies could tighten due to Ukraine-Russia tensions and worries about the conflict in Yemen.
Spot gold was little changed at $1,840.24 per ounce by 0323 GMT. U.S. gold futures were also steady at $1,840.70.
Lower U.S. oil inventories are also providing support, with crude inventories around the NYMEX WTI delivery point at Cushing in Oklahoma at the lowest for the time of year since 2012.
Oil prices jumped on Monday as geopolitical tensions in Eastern Europe and the Middle East heightened concerns about an already tight supply outlook, while OPEC and its allies continued to struggle to raise their output. Brent crude futures rose 87 cents, or 1.0%, to $88.76 a barrel by 0100 GMT, reversing a 0.6% loss on …
Oil Prices Steady at $88.76 as OPEC Struggles to Raise Output. Read More »
Global markets remained mixed this week, with a majority of the investors gaining ground on basis of interest rates rising as mentioned by the Feds, an event that the market has been anticipating for over 18 months.
Falling equity markets also impacted crude oil markets as investors have become increasingly worried about central banks raising interest rates this year to combat inflation
Netflix said it plans for a more back-end weighted content slate in the first quarter, with big premieres set for March.
In Asia, China on Thursday cut its one-year loan prime rate by 10 basis points, while its five-year LPR, which influences the pricing of home mortgages, was cut by 5 basis points, the first time since April 2020.
OPEC officials and analysts say that an oil rally may continue in the next few months, and prices could top $100 a barrel as demand shrugs of the spread of the omicron Covid-19 variant.
OPEC+ supply constraints and the ongoing increase in global oil demand will likely keep oil prices well supported in the coming months.
Benchmark 10-year U.S. Treasury yields touched a two-year peak, while the dollar hit a six-day high earlier in the session, making gold expensive for overseas buyers.
Some oil producers within the Organization of the Petroleum Exporting Countries (OPEC) are struggling to pump at their allowed capacities, due to underinvestment and outages.
With oil prices above $80 a barrel, there is growing political pressure for the White House to lobby OPEC+ to hit their production quotas.
In earnings across Asian companies, Taiwan’s TSMC reported its fourth-quarter results, posting a record of a 16.4% rise in quarterly profit.
Data from the U.S. Energy Information Administration on Wednesday showed oil demand has taken a hit from omicron, with gasoline stockpiles increasing by 8 million barrels in the week to Jan. 7
Chinese markets rose on Wednesday, tracking gains in other Asia-Pacific markets. U.S. markets also rallied overnight as comments from the Fed chief appeared to reassure investors.
Oil prices climbed on Wednesday, extending big gains in the previous session after the U.S. Federal Reserve chief signalled the central bank may raise rates more slowly than expected, which should support oil demand in the near term. Benchmarks Brent and WTI are trading at their highest levels since the super contagious omicron variant of …
Oil Prices Extend Gain by 0.5% After Jerome Powell Signalled Slower Raise on Rates. Read More »
The market is waiting on U.S. oil and product inventory data from the American Petroleum Institute (API), an industry group, due at 2130 GMT on Tuesday, followed by data from the U.S. Energy Information Administration on Wednesday.
The oil and gas rig count, an early indicator of future output, rose two to 588 in the week to Jan. 7, its highest since April 2020, energy services firm Baker Hughes said in its closely followed report on Friday.
Asian markets were spooked earlier in the week and fell sharply after minutes from the Fed’s December meeting showed officials at the central bank ready to aggressively dial back policy help.
Oil prices edged up on Friday, heading for their biggest weekly gains since mid-December, fueled by supply worries amid escalating unrest in Kazakhstan and outages in Libya.
Global petroleum production increased more slowly than demand, driving higher prices. The slower increase in production was mostly attributable to OPEC+ crude oil production cuts that started in late 2020
Last year, oil prices rose around 50%, spurred by the global economic recovery from the COVID-19 pandemic slump and producer restraint, even as infections reached record highs worldwide.
2021 was a better-than-average year for global markets. Stock market returns, economic growth, policy stimulus and inflation all ran hot while volatility was historically cool.
After rising for several straight days, oil prices stalled on Friday as Covid-19 cases soared to new pandemic highs across the globe.
Oil prices have been underpinned by Ecuador, Libya and Nigeria declaring forces majeures this month on part of their oil production because of maintenance issues and oilfield shutdowns.
Oil gained more ground on Tuesday with prices trading close to last session’s one-month high on expectations that the Omicron coronavirus variant will have only a limited impact on global demand. Brent crude rose 7 cents, or 0.1%, to $78.67 a barrel, by 0115 GMT. U.S. West Texas Intermediate (WTI) crude rose 18 cents, or …
Oil Gains Steady at $78.67 Amidst New Restrrictions in England Read More »
The U.S. dollar index, which tracks the greenback against a basket of its peers in Asia, was at 96.158 after recently declining from above 96.3.
Gold prices inched higher on Monday, staying above the key $1,800 per-ounce level, as slightly weaker U.S. Treasury yields offset an uptick in the dollar.
Russia believes oil prices are unlikely to change significantly next year with demand recovering to pre-pandemic levels only by the end of 2022, Deputy Prime Minister Alexander Novak said on Friday.
In light of the improving global economic outlook, the Reserve Bank of Australia (RBA) may be positioned to end its quantitative easing (QE) initiatives after its February policy meeting.
Shares in Asia-Pacific were mixed on Friday as some major markets in the region, including Hong Kong and Singapore, closed early for Christmas Eve. Hong Kong’s Hang Seng index advanced 0.13% on the day to close at 23,223.76. Mainland Chinese stocks, on the other hand, closed lower. The Shanghai Composite fell 0.69% to 3,618.05 while …
Asian Markets Mixed; Shenzhen Down 1.03%, Hang Seng Rises 0.13%. Read More »
Oil prices fell on Friday in thin, holiday trade after a three-day rally, with investors trying to gauge the omicron coronavirus variant’s impact on demand.
Shares in Asia-Pacific rose in Thursday trade, as fears over the omicron Covid variant eased in Asia and various economic data held fort for investors.
Stocks on Wall Street indexes closed broadly higher on Wednesday after investors cheered positive economic data and the White House said it was resuming talks on a massive social spending and climate change bill with a holdout senator.
Shares in Asia-Pacific were mostly higher in Wednesday trade as investors continued to assess the impact of the omicron Covid variant. Hong Kong’s Hang Seng index gained 0.34% as of its final hour of trading, paring earlier gains of more than 1%. Mainland Chinese stocks closed mixed, with the Shanghai composite slipping slightly to 3,622.62 and the Shenzhen component advancing 0.697% …
Asia Stocks Mostly Rise as Investors Assess Omicron Variant Risk Read More »
Oil prices rose again on Wednesday as the dollar slipped, with risk appetite returning as some governments resist imposing lockdowns to curb the spread of the Omicron COVID-19 variant and as China said it would be able to sustain economic growth. U.S. West Texas Intermediate (WTI) crude futures rose 50 cents, or 0.7%, to $71.62 …
Oil Prices Edge Higher on Weaker Dollar, Amid Omicron Variant Caution Read More »
Shares in Asia-Pacific rose on Tuesday as investors reassessed the situation surrounding the omicron Covid variant. Japanese stocks led gains regionally, with the Nikkei 225 in Japan rising 2.08% on the day to 28,517.59 while the Topix index advanced 1.47% to 1,969.79. South Korea’s Kospi climbed 0.41% to close at 2,975.03. Mainland Chinese stocks closed higher, with the Shanghai composite up …
