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.
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.
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.
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
OPEC+ supply constraints and the ongoing increase in global oil demand will likely keep oil prices well supported in the coming months.
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.
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.
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.
Benchmark Brent crude oil futures and WTI both gained around 2% on Thursday, buoyed by record U.S. implied demand.
A stronger dollar, rising ahead of U.S. inflation data due later on Friday, also weighed on fuel prices. Oil typically falls when the dollar firms as it makes oil more expensive for those holding other currencies.
Oil prices extended gains on Thursday on confidence that the omicron coronavirus variant would not dent global growth, even as some governments stepped up curbs to stop its rapid spread. U.S. West Texas Intermediate (WTI) crude oil futures rose 28 cents, or 0.4%, to $72.64 a barrel at 0201 GMT, adding to a 0.4% gain in …
Oil Gains 0.4% Despite Growing Concerns on Europe Lockdowns, China Slowdown Read More »
Oil prices edged lower on Wednesday, reversing gains from earlier the week, as investors tried to assess the full impact of the omicron coronavirus variant on global fuel demand and the effectiveness of existing vaccines. Brent crude futures dropped 25 cents, or 0.3%, to $75.19 a barrel at 0129 GMT, after settling 3.2% higher on Tuesday. U.S. West …
Oil Reverses Gains as Prices Dip 0.3% on GlaxoSmithkline Vaccine Optimism Read More »
A delay in the return of the Iranian oil supply also supported prices. Indirect U.S.-Iran nuclear talks have hit roadblocks. Germany urged Iran on Monday to present realistic proposals in talks over its nuclear program.
Oil prices rose on Thursday, recouping the previous day’s losses, as investors adjusted positions ahead of an OPEC+ decision oversupply policy, but gains were capped amid fears the Omicron coronavirus variant will hurt fuel demand. Brent crude futures rose 85 cents, or 1.2%, to $69.72 by 0402 GMT, having eased 0.5% in the previous session. …
Oil Prices Edge Higher, as Investors Focus on OPEC+ Decision Oversupply Policy Read More »
Oil prices gave up gains on Tuesday, falling more than 2% along with broader financial markets after a media report cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant. The head of drugmaker Moderna told the Financial Times that COVID-19 vaccines are unlikely to be as effective against the Omicron variant …
 Oil prices rebounded on Monday as investors looked for bargains after Friday’s slump and on speculation that OPEC+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant. Brent crude futures climbed $3.11, or 4.3%, to $75.83 a barrel by 0355 …
Oil Rebounds on Speculation that OPEC+ May Pause Output Increase Read More »
Oil prices slid more than 2% on Friday on concerns that a global supply surplus could swell in the first quarter following a U.S.-led coordinated release of crude reserves among major consumers and as a new COVID-19 variant spooked investors. Brent crude futures extended declines for a third session, falling $1.69, or 2.1%, to $80.53 …
Oil Slumps, on Concerns of Surplus Supply in Q1, New Variant Read More »
Oil prices ticked lower on Thursday with investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market, even as data pointed to healthy U.S. fuel demand. U.S. West Texas Intermediate (WTI) crude futures fell 9 cents, or 0.1%, to $78.30 a barrel at 0201 …
Oil Prices Edge Lower, as Investors Wait for OPEC+ Response on U.S-led Crude Release Read More »
Oil prices rose on Friday, after wild swings the day before, on investor concerns that potential coordinated releases by the world’s major economies of their official crude reserves to try to lower prices may have less of an impact than expected. Brent crude was up 53 cents, or 0.7%, at $81.77 a barrel by 0437 …
Oil Rises as Investors Look Past Possible Reserve Releases Read More »
Oil prices fell on Thursday, adding to an overnight plunge as China said it was moving to release reserves following a Reuters report that the United States was asking big crude consumers to consider a coordinated release of stocks to lower prices. The bid by the U.S. administration to shock markets comes as inflationary pressures, …
Oil Prices Decline as China Readies Release of Crude from Strategic Reserves Read More »
Oil rebounded from a weak start on Tuesday as worries over tight inventories underpinned prices, although optimism was limited by fears over demand following a pickup in COVID-19 cases in Europe. Brent futures added 96 cents, or 1.2%, to $83.01 a barrel, as of 0712 GMT. while U.S. West Texas Intermediate (WTI) crude climbed 80 …
Oil prices slipped on Friday, wiping out gains from the previous session, as the dollar continued to rise on bets the U.S. central bank will bring forward plans to raise rates to tame inflation. U.S. West Texas Intermediate (WTI) crude futures fell 58 cents, or 0.7%, to $81.01 a barrel at 0509 GMT, reversing Thursday’s …
Oil Prices Edge Lower Backed by Higher Dollar in Volatile Week Read More »
Oil prices rose on Wednesday, extending strong gains in the previous session, after industry data showed U.S. crude stocks unexpectedly fell last week just as near term travel demand picked up with pandemic curbs easing. U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.3%, to $84.38 a barrel at 0132 GMT, adding to a …
Oil Climbs on Surprise U.S. Crude Stocks Decline Read More »
Oil prices rose on Monday after Saudi Arabia’s state-owned oil producer Aramco raised the official selling price for its crude, suggesting demand remains strong at a time of tighter supplies. Brent crude was up by 90 cents or 1.1% at $83.64 a barrel, after dropping nearly 2% last week. U.S. oil gained 87 cents or …
Oil Prices Rise More than 1% after Aramco Raises Crude Selling Price Read More »
Oil prices rose around 1% on Friday, staging a partial recovery after OPEC+ producers rebuffed a U.S. call to raise supply and instead maintained plans for a gradual return of output halted by the pandemic. Brent crude rose 72 cents or 0.9% to $81.26 a barrel by around 0452 GMT, after falling nearly 2% on …
Oil Gains Around 1% after OPEC+ Maintained Gradual Supply Plans Read More »
Oil prices extended declines on Thursday after Iran and world powers agreed to resume nuclear talks this month that could lead to the removal of U.S. sanctions on Iranian oil, increasing global supplies. U.S. West Texas Intermediate crude slid for a third day to $80.18 a barrel by 0551 GMT, down 68 cents, or 0.8% …
Oil Declines as Iran Nuclear Talks Set to Resume Read More »
Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply. Brent crude futures fell 71 cents, or 0.9%, to $84.00 a barrel by 0450 GMT, after dropping to …
Oil Prices Edge Lower as Data Shows Unexpected Build in U.S Inventory Read More »
Oil prices were steady on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world’s top crude consumer China ramped up operating rates to meet a spike in diesel demand. Brent crude futures edged higher by 3 cents to $84.74 a barrel by 0507 GMT. while U.S. …
Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world’s largest oil consumer. Brent oil futures fell 69 cents, or 0.8%, to $85.71 a barrel by 0559 GMT after closing at the highest in seven years …
Oil Prices Decline by 0.8% Amidst Increase in U.S Fuel Stockpiles Read More »
Oil prices were mixed on Thursday, paring earlier gains, as some investors scooped up profits from the recent rally while solid demand in the United States and a switch to fuel oil from coal and gas amid surging prices underpinned the market sentiment. Brent crude futures fell 11 cents, or 0.1%, to $85.71 a barrel …
Oil Prices Mixed, as U.S Demand Underpins Market Sentiments Read More »
Oil prices slipped on Wednesday after the Chinese government stepped up efforts to tame record high coal prices and ensure coal mines operate at full capacity as Beijing moved to ease a power shortage. Brent crude futures dropped 43 cents, or 0.5%, to $84.65 a barrel at 0506 GMT, paring a 75-cent rise in the previous …
Oil Slips, China Considers Intervention to Ease Coal Crunch Read More »
Oil prices rose on Tuesday, recouping earlier losses, as falling temperatures in China, the world’s biggest energy consumer, revived concerns about its ability to meet heating demand needs amid power and coal shortages. Brent crude rose 24 cents, or 0.3%, to $84.57 a barrel by 0541 GMT after falling 0.6% on Monday. The contract is …
Oil prices Edge Higher on China Energy Demand Concerns Read More »
 Oil prices climbed on Friday, heading for gains of more than 2% for the week, on increasing signs of robust demand and tighter supplies over the next few months as rocketing gas and coal prices stoke a switch to oil products. Brent crude futures rose 62 cents, or 0.7%, to $84.62 a barrel at 0622 …
Oil Extends Gains on Power Boost, Set for Multi-Week Gains Read More »
Oil prices dropped on Wednesday, after a mixed finish in the previous session, amid worries that soaring coal and natural gas prices in China, India and Europe will stoke inflation and slow global growth, reducing demand. A strong U.S. dollar, trading near a one-year high, also weighed on oil prices, as it makes fuel more …
Oil Edges Lower on Fears that Inflation may Affect Demand Read More »
Oil prices dropped for a second session Thursday, under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand after prices rallied to multi-year highs. U.S. crude dipped 0.34% to $77.17 a barrel, extending a fall from late on Wednesday after hitting a seven-year high of $79.78 earlier that day. Brent …
Oil Edges Lower Amidst Unexpected Rise in U.S Crude Inventories Read More »
U.S. oil prices rose for a fifth day on Wednesday to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets. Brent crude prices also climbed for a fourth day on the supply anxiety, particularly after the Organization of the Petroleum Exporting Countries (OPEC) …
U.S Oil Rises to Above $79, the Highest Since 2014 Amidst Global Supply Concern Read More »
Oil prices climbed on Tuesday, hitting their highest levels in at least three years, extending gains triggered during the previous session after the world’s major oil producers announced they had decided to keep a cap on crude supplies. Brent crude was up by 40 cents or 0.5% at $81.66 a barrel by 0341 GMT, having …
Oil Prices Rise Brent Crude Above $81 as OPEC+ Holds Firm on Supply Restraints Read More »
Oil fell on Monday ahead of a meeting by OPEC and its allies which may determine whether a recent rally in prices amid supply shocks and recovery from the COVID-19 pandemic will be sustained. Brent crude was down 14 cents or 0.2% at $79.14 per barrel by 0505 GMT. It rose 1.5% last week, its fourth …
Oil prices climbed more than 1% on Wednesday, extending overnight gains after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves. U.S. West Texas Intermediate (WTI) crude futures rose 89 cents, or 1.3%, to $71.38 a barrel at 0516 GMT, …
Oil Prices Rise by 1% Amidst Report of Large Draw in U.S Stocks Read More »
Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China’s economy of a crisis at heavily indebted property group China Evergrande. Brent crude gained 52 cents or 0.7% to $74.44 a barrel by 0212 GMT, having …
Oil Prices Rise, Brent Crude above $74.44 Amidst U.S Supply Tightness Read More »
Oil prices fell on Monday, extending losses from Friday after the U.S. dollar jumped to a three-week high and the U.S. rig count rose, although nearly a quarter of U.S. Gulf of Mexico output remained offline in the wake of two hurricanes. U.S. West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.4%, to $71.67 …
Oil Edges Lower, on Stronger Greenback Amidst Rising U.S Rig Count Read More »
Oil prices fell on Friday as more supply came back online in the U.S. Gulf of Mexico following two hurricanes, but both benchmark contracts are on track to post weekly gains of around 4% as the recovery in output is seen lagging demand. Brent crude futures fell 17 cents, or 0.2%, to $75.50 a barrel …
Oil Prices Edge Lower, as U.S. Storm-Hit Supply Makes Slow Return Read More »
The Energy and Petroleum Regulatory Authority (EPRA) has raised the prices of super petrol by Kes.7.58 per litre to past Kes.130 per litre, an all-time high cost for the commodity in its latest price review. This is while the cost of diesel and kerosene shoots by Kes.7.94 and Kes.12.97 per litre to Kes115.60, and Kes110.82 …
Pain as Fuel Prices Shoot up in the Latest EPRA Review Read More »
Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer, and on expectations that demand will recover as vaccine roll-outs widen. Brent crude oil rose 39 cents, or 0.5%, to $73.99 a barrel by 0133 GMT, U.S. West Texas Intermediate (WTI) crude climbed 44 …
Oil Prices Edge Higher after Drawdown in U.S Stocks Signaling Positive Demand Outlook Read More »
 Oil prices hit a six-week high on Tuesday on concerns that another storm could affect output in Texas this week even as the U.S. industry struggles to return to normal production levels after Hurricane Ida wreaked havoc on the Gulf Coast. Oil prices rallied for a third straight day, with Brent crude hitting the highest …
Oil Hits 6-week High on Fears of U.S. Supply Disruptions From Storm Nicholas Read More »
Oil prices rose for a second session on Monday as concerns over U.S. output following damage from Hurricane Ida supported the market, along with expectations for higher demand. Brent crude rose 33 cents, or 0.5% to $73.25 a barrel. U.S. West Texas Intermediate (WTI) crude also added 32 cents, or 0.5%, to $70.04at 0436 GMT. …
Oil Prices Edge Higher, as U.S Supply Concerns Dominate Read More »
Oil prices rose on Friday on growing signs of tightness in U.S. markets after Hurricane Ida hit offshore output, although benchmarks were heading for weekly losses of about 1% after China announced plans to sell crude from its strategic reserves. Brent crude futures for November rose 44 cents, or 0.6%, to $71.89 a barrel by …
Oil Reverses Losses, as Tight U.S. Supplies Offset China Reserves Sales Plan Read More »
Oil prices rose for a second session on Thursday, recovering from earlier losses as a decline in U.S. Gulf of Mexico output following damages from Hurricane Ida underpinned the market. Brent crude added 23 cents, or 0.32% to $72.83 a barrel at 0221 GMT West Texas Intermediate (WTI) crude rose 15 cents, or 0.22%, to $69.45 …
Oil Edges Higher, as Lower U.S Output Supports Prices Read More »
Oil prices were little changed on Wednesday following overnight losses from a stronger dollar and demand concerns, with a slow production restart in the U.S. Gulf of Mexico providing some support. U.S. West Texas Intermediate (WTI) crude futures rose 11 cents, or 0.2%, to $68.46 a barrel at 0429 GMT, after sliding 1.4% on Tuesday following …
Oil Prices Edge Higher on Slow Return of U.S. Supply After Hurricane Ida Read More »
Oil prices were mixed on Tuesday in quiet trade as some investors scooped up bargains following the recent losses while growing fears over slower demand after Saudi Arabia’s sharp cuts to crude contract prices for Asia weighed on sentiment. Brent crude futures for November rose 31 cents, or 0.4%, to $72.53 a barrel by 0452 GMT, …
Oil Prices Mixed, Fear on Slower Demand for Asia Weighs on Sentiments Read More »
Oil prices extended losses on Monday after the world’s top exporter, Saudi Arabia, slashed crude prices for Asia over the weekend, signalling that global markets are well supplied. Brent crude futures for November fell 57 cents, or 0.8%, to $72.04 a barrel by 0101 GMT, while U.S. West Texas Intermediate crude for October was at $68.73 …
Oil Prices Edge Lower after Saudi Arabia Announces Price Cuts for Asia Read More »
Oil prices were mixed on Friday after a strong rise in the previous session on a weaker dollar and a fall in U.S. crude stocks and were set for modest weekly gains ahead of a highly anticipated U.S. monthly jobs report. Brent crude futures were up 13 cents, or 0.2%, to $73.16 a barrel at …
Oil prices fell on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many U.S. refiners, a key source of crude demand, remained offline. Brent crude was down by 16 cents, or 0.2%, at $71.43 a barrel by …
Oil Prices Edge Lower as OPEC+ Sticks to Raising Supply Amidst Demand Doubts Read More »
Oil prices fell on Tuesday on concerns that power outages and flooding in Louisiana after Hurricane Ida will cut crude demand from refineries at the same time global producers plan to raise output. U.S. West Texas Intermediate (WTI) crude futures were down 41 cents, or 0.6%, to $68.80 a barrel at 0245 GMT, reversing most …
Oil Prices Slip as U.S Refiners Shutdown due to Effects of the Hurricane Ida Read More »
Oil prices pared early gains on Monday, off more than three-week highs reached earlier in the session as a powerful hurricane ploughing through the Gulf of Mexico forced shutdowns and evacuations of hundreds of offshore crude platforms. U.S. gasoline prices rose more than 3% as power outages added to refinery closures on the Gulf coast. …
Oil prices rose on Friday, on track to post big gains for the week, on worries about near term supply disruptions as energy companies began shutting in production in the Gulf of Mexico ahead of a potential hurricane forecast to hit on the weekend. U.S. West Texas Intermediate (WTI) crude futures climbed 16 cents, or 0.2%, to …
Oil Prices Rise, Storm Approaches Gulf of Mexico Production Hub Read More »
Oil fell on Thursday for the first session this week as renewed concerns about demand amid rising COVID-19 infections cut short a three-day rally and as production returned in Mexico. Brent crude was down 29 cents, or 0.4%, at $71.96 a barrel by 0649 GMT, rising 1.7% on Wednesday. U.S. oil was down 44 cents, …
Oil Prices Decline ending a Four-day Rally Amidst Rising COVID-19 Concerns. Read More »
Oil prices reversed out of a seven-day losing stretch on Monday as investors punted on crude at bargain levels, though lingering fears over how a surge in global Covid-19 cases might affect fuel demand combined with a firmer U.S. dollar to limit gains. Brent crude futures climbed 60 cents, or 0.9%, to $65.78 a barrel by …
Oil Prices Rebound 0.9% Despite Dim Demand Outlook and Surging Covid-19 Cases Read More »
Oil prices fell more than 1% on Monday, dropping for a third session after official data showed that refining throughput and economic activity slowed in China in an indicator that fresh COVID-19 outbreaks are crimping the world’s no.2 economy. Brent crude was down 80 cents, or 1.1 per cent, at USD 69.79 a barrel by 0046 …
Oil Prices Fall by over 1% Amidst Rising COVID-19 Cases in China Read More »
Oil prices fell for a second day on Friday after the IEA warned that demand growth for crude and its products had slowed sharply as surging cases of Covid-19 worldwide has forced governments to revive restrictions on movement. Brent crude was down 31 cents, or 0.4%, at $71.00 a barrel by 0046 GMT, after dropping 13 cents …
Oil Slips for Second Day as EIA Demand Outlook Turns Negative; WTI Drops 0.5% Read More »
Oil prices were steady on Thursday following two days of gains after a call from the United States, the world’s top oil consumer, for major producers to boost output reinforced supply concerns as economies ease their coronavirus restrictions. They were also boosted by a pullback in the U.S. dollar, which can send speculative investors into …
Oil Prices Steady, U.S Urges Producers to Increase Output Read More »
Crude Oil prices slid on Friday, and were on track for steep weekly declines on concerns over the impact on fuel demand from travel restrictions to curb the spread of the Delta variant of COVID-19. Brent crude futures slid 71 cents, or 1%, to $70.58 per barrel and U.S. West Texas Intermediate (WTI) crude futures …
Oil Set for Steep Weekly Loss as Brent, WTI Slip over 1.00% Read More »
Oil prices edged higher on Thursday, supported by tensions in the Middle East, but failed to regain most of the previous day’s losses.
Oil prices fell on Friday but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence in coronavirus cases worldwide. Brent crude futures fell 40 cents, or 0.5%, to $75.65 a barrel by 0151 GMT, following a 1.75% jump on Thursday. U.S. West …
Oil Prices Drop but Heads for Strong Weekly Gain on Higher Demand Read More »
Oil prices slipped but remained near $75 per barrel on Thursday as crude stockpiles in the United States, the world’s top oil consumer, fell last week to their lowest since January 2020 and imports and production dropped. Brent crude futures fell 5 cents, or 0.1%, to $74.69 a barrel by 0108 GMT U.S. West Texas Intermediate (WTI) crude …
Oil Prices Slip But Remain above $75 a barrel Despite Large Inventory Drawdown Read More »
Oil prices climbed on Wednesday after industry data showed U.S. crude and product inventories fell more sharply than expected last week, reinforcing expectations that demand will outstrip supply growth even amid a surge in Covid-19 cases. U.S. West Texas Intermediate (WTI) crude futures rose 43 cents, or 0.6%, to $72.08 a barrel at 0119 GMT, reversing Tuesday’s …
Oil Prices Edge Higher, U.S Crude Inventories Fall Sharper than Expected Read More »
Oil prices were steady on Tuesday with investors betting tight supply and rising vaccination rates will help offset any impact on demand due to surging COVID-19 cases worldwide. Brent crude futures climbed 13 cents, or 0.2%, to $74.63 a barrel at 0128 GMT, extending a 0.5% gain on Monday. U.S. West Texas Intermediate (WTI) crude futures rose …
Oil Prices Edge Higher, Vaccination Outweighs Virus Concerns Read More »
Oil prices were lower on Monday as investors balanced concerns about fuel demand from the spread of COVID-19 variants and floods in China against expectations of tight supplies through the rest of the year. Brent crude futures for September fell 3 cents to $74.07 a barrel by 0153 GMT while the U.S. Texas Intermediate crude was at …
Oil Prices Decline as Rise in COVID-19 Cases Threatens Supply Read More »
Oil prices trimmed overnight gains on Friday but were poised to end the week largely steady after rebounding from a sharp drop, underpinned by expectations supply will remain tight as demand recovers. Brent crude futures fell 7 cents, or 0.1%, to $73.72 a barrel at 0147 GMT, after jumping 2.2% on Thursday. For the week, Brent was …
Oil Prices Decline, Investors Watch Out for Tight Supply Read More »
Oil prices fell on Thursday after an unexpected rise in U.S. crude oil inventories and as rising COVID-19 infections threaten demand, but prices held on to most of their gains from the previous session on expectations that supplies will remain tight through year-end. Brent crude fell 32 cents, or 0.4%, to $71.91 a barrel at 0347 …
Oil Prices Drop as Rising COVID-19 Infections Threaten Demand Outlook. Read More »
Oil prices fell on Wednesday after an industry report showed an unexpected build-up in U.S. oil inventories last week, which heightened worries about a resurgence in COVID-19 infections potentially dampening fuel demand. Brent crude futures fell 52 cents, or 0.8%, to $68.83 a barrel at 0354 GMT, giving up Tuesday’s 1.1% gain. U.S. West Texas …
Oil Prices Retreat on Unexpected Rise in U.S Stock Read More »
Oil prices fell more than $1 a barrel on Monday after the OPEC+ group of producers overcame internal divisions and agreed to boost output, sparking some concerns about a crude surplus as COVID-19 infections continue to rise in many countries. Brent crude was down $1.08, or 1.5%, at $72.51 a barrel by 0220 GMT, after …
Oil Prices Fall More than 1% Despite OPEC+ Decision to Increase Oil Supply Read More »
Oil prices fell a third day on Friday as supply concerns continued to haunt the market, with OPEC likely to add more barrels amid expectations that demand is returning as more countries recover from the pandemic. Brent crude was down 20 cents, or 0.3%, at $73.27 a barrel by 0018 GMT and is heading for a …
Oil prices fell nearly 1% on Thursday, extending losses as investors braced for more supplies following a compromise between top OPEC producers and as U.S. fuel stocks rose, raising concerns about demand in the world’s largest consumer. Brent crude futures for September dropped 59 cents, or 0.8%, to $74.17 a barrel by 0409 GMT U.S. …
Crude Oil Falls 1% on Prospects of Increased Supply Read More »
Oil prices fell on Wednesday on future demand concerns after data showed that China’s first-half crude imports dropped, but were still holding near a one-week high amid concerns about supplies as the world recovers from the coronavirus pandemic. Brent crude was down 8 cents, or 0.1%, at $76.41 a barrel by 0141 GMT, after gaining 1.8% …
Oil Prices Decline as Drop in China’s Crude Imports Signals Demand Risk Read More »
Oil prices climbed on Tuesday, reversing some of the previous day’s losses, as tight supply and expectations of a further draw in U.S. crude inventories provided support, although fears over the spreading COVID-19 variant capped gains. Brent crude for September rose 19 cents, or 0.3%, to $75.35 a barrel by 0421 GMT, after losing 0.5% …
Oil Rises on Expectations of Further Decline in U.S Crude Inventories Read More »
Oil prices were lower in early Asian trade on Monday as the dispute in talks among key producers to raise output in coming months kept supplies tight, offsetting concerns about coronavirus’ impact on the global economy. Brent crude for September fell 4 cents to $75.51 a barrel by 0032 GMT U.S. West Texas Intermediate crude for …
Oil Edges Lower as Concern on OPEC+ Supply talks Lingers Amidst Rising COVID-19 Cases Read More »
Oil prices were mixed on Friday after a boost from a drop in U.S. crude and gasoline inventories but were still set for a weekly decline on concerns that an OPEC+ impasse could swell global crude supplies. Brent crude oil futures were down 9 cents, or 0.1%, at $74.03 a barrel by 0140 GMT. U.S. …
Oil Prices Mixed, U.S Crude and Gasoline Inventories Headed for a Weekly Decline Read More »
Oil prices fell for a third day on Thursday amid anxiety that supply may rise after the collapse of this week’s talks among major producers, potentially causing the current output agreement to be abandoned. Brent crude futures were down 43 cents, or 0.6%, at $73 a barrel by 0158 GMT. U.S. West Texas Intermediate futures …
Oil Prices Edge Lower, Investors Seek Clarity on OPEC+ Read More »
Oil jumped to its highest level in nearly three years after talks between OPEC, and its oil-producing allies were postponed indefinitely, with the group failing to reach an agreement on production policy for August and beyond. On Tuesday, U.S. oil benchmark West Texas Intermediate crude futures advanced 2.06%, or $1.55, to $76.71 per barrel, its highest level …
Oil Prices Rise to Multiyear High, OPEC+ Meeting Called Off Read More »
Oil prices held steady on Friday after OPEC+ ministers delayed a meeting on output policy as the United Arab Emirates baulked at a plan to add back 2 million barrels per day (BPD) in the second half of the year. U.S. West Texas Intermediate (WTI) crude futures were up 5 cents at $75.28 a barrel at 0155 …
Oil prices edged higher on Thursday, supported by lower U.S. inventories, as investors waited for a decision from key producers on whether they would maintain or ease supply cuts in the second half of the year. Brent crude for September gained 17 cents, 0.2%, to $74.79 a barrel by 0355 GMT U.S. West Texas Intermediate …
Oil prices on Wednesday extended the previous day’s small gains after an industry report showed U.S. crude stockpiles fell last week, overriding trader and investor concerns about transportation curbs in some countries as COVID-19 cases surge. Brent crude was 42 cents, or 0.6% at $75.16 a barrel by 0122 GMT, after edging higher on Tuesday. U.S. …
Oil Prices Edge Higher Despite Falling U.S Stockpiles Read More »
Oil prices dropped for a second day on Tuesday on worries about slower fuel demand growth as outbreaks of the highly contagious COVID-19 variant Delta sparked new mobility restrictions around the world. Brent crude futures fell 35 cents, or 0.5%, to $74.33 a barrel by 0706 GMT, after slumping 2% on Monday. U.S. West Texas Intermediate …
Oil Prices Drop as Surge in COVID-19 Threatens Demand Growth Read More »
Stocks in Asia-Pacific were mixed on Monday, as Hong Kong saw a shorter trading day following a morning pause due to severe weather conditions. The Hang Seng index slipped fractionally on Monday to 29,268.30. Trading in Hong Kong’s markets resumed Monday afternoon in the city after an earlier severe weather warning was lowered. Hong Kong Exchanges and …
Asian Markets Mixed, Hong Kong Records Shorter Trading Day Read More »
Oil prices climbed to highs last seen in October 2018 on Monday as the United States and Iran wrangled over the revival of a nuclear deal, delaying a surge in Iranian oil exports, while investors eyed the outcome of the OPEC+ meeting this week. Brent crude for August had gained 22 cents, or 0.3%, to …
Oil Prices Near 2018 High Ahead of OPEC+ Meeting Read More »
Oil prices climbed for a third straight session on Friday, on track for a fifth consecutive weekly gain, as demand growth is expected to outstrip supply on bets that OPEC+ producers will be cautious in returning more output to the market from August. Brent crude futures rose 6 cents, or 0.1%, to $75.62 a barrel at …
Oil Extends Gain as Investors Anticipate on July 1st OPEC+ Meeting Read More »
Oil prices climbed on Thursday after a sharp drawdown in U.S. crude, and gasoline stocks reinforced optimism of a quick recovery in fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports. Brent crude futures rose 9 cents, or 0.1%, to $75.28 …
Oil Edges Higher, U.S Crude Drawdown Fuels Demand Outlook Read More »
Crude oil prices rose on Tuesday, with Brent hitting $75 a barrel for the first time since April 2019, as investors remained bullish about a quick recovery in global oil demand and as concerns eased over an early return of Iranian crude. Brent crude futures for August climbed 29 cents, or 0.4%, to $75.19 a …
Oil Prices Edge Higher, Brent Records all Time High of $75 Read More »
Oil prices nudged up on Monday, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could indicate a delay in the resumption of supplies from the OPEC producer. Brent crude futures for August gained 30 cents, or 0.4%, to $73.81 a barrel by …
Oil Edges Higher as Tehran, Washington Talks Set to Continue Read More »
Oil prices fell for a second consecutive day on Friday as the U.S. dollar soared on the prospect of interest rate hikes in the United States but were nevertheless on track to finish the week flat – only slightly off multi-year highs. Brent crude futures were down 52 cents, or 0.7%, at $72.56 a barrel …
Oil Prices Edge Lower Amidst a Rising U.S Dollar But Holds Above $70 Read More »
