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Oil prices rose on Friday, extending a rally sparked by output disruptions in the U.S. Gulf of Mexico, where Hurricane Francine forced producers to evacuate platforms before it hit the coast of Louisiana. Brent crude futures rose by 34 cents, or 0.5%, to $72.31 per barrel by 0016 GMT. U.S. West Texas Intermediate crude futures rose by 38 cents, or 0.6%, to $69.35 a barrel. If those gains hold, both benchmarks will break a streak of weekly declines, despite a rough start that saw B...
Oil prices extend recovery rally to cap volatile week
India wants oil producers group OPEC and its allies to raise oil output as there are countries such as India where fuel demand is rising, the nation's oil secretary Pankaj Jain said on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, last week agreed to delay a planned oil output increase for October and November and said they could further pause or reverse the hikes if needed. India, the world's third biggest oil importer...
India wants OPEC+ to raise oil output, oil secretary says
Oil prices edged up in early trading on Friday as investors weighed a big withdrawal from U.S. crude inventories and a delay to production hikes by OPEC+ producers against mixed U.S. employment data. Brent crude futures rose 19 cents, or 0.26%, to $72.88 at 0010 GMT, and U.S. West Texas Intermediate crude futures were up 22 cents, or 0.32%, to $69.37. "Crude oil edged higher as bullish signals offset the bearish sentiment that has gripped the market in recent days," ANZ analys...
Oil steadies on U.S. crude stock drawdown, OPEC+ output hikes delay
Oil prices edged up after plunging to multi-month lows previously as major producers may delay an output increase planned for next month and U.S. inventories fell, though the gains were limited by persistent demand concerns. Brent crude futures for November rose 15 cents, or 0.1%, to $72.85 at 0402 GMT after dropping 1.4% in the previous session to their lowest close since June 27, 2023. U.S. West Texas Intermediate crude futures for October were up 15 cents, or 0.22%, to $69.35 after drop...
Oil prices edge up as OPEC+ may delay supply hike, US stockpiles fall
Prices of cyclical commodities including oil, copper and aluminium have softened after rising in H1 2024. For example, crude oil and copper have fallen almost ~15% and ~18% respectively from their Year to Date highs. Record high production in USA and proposed withdrawal of output cuts from OPEC+ has kept oil prices close to levels seen at the start of the year, despite continuing geopolitical tensions in the Middle East. Meanwhile weak demand from China, due to the ongoing housing market slow...
Softer commodity prices bode well for India`s growth prospects & macro stability!
Oil prices slipped on Monday, extending losses from the end of last week on expectations of higher OPEC+ production from October while signs of sluggish demand in China and the United States raised concerns about future consumption growth. Brent crude futures were down 8 cents, or 0.1%, at $76.85 a barrel by 1020 GMT while U.S. West Texas Intermediate crude slipped 11 cents, or 0.2%, to $73.44. Brent and WTI had lost 1.4% and 3.1% respectively on Friday. With momentum skewed to the d...
Oil extends losses on weak China data and expected OPEC+ supply boost
Oil prices edged higher on Friday on track for a weekly gain as Libyan output disruptions and Iraqi plans to curb production raised supply concerns, while data showing the U.S. economy grew faster than initial estimates eased recession fears. Still, signs of weakened demand, particularly in China, limited gains. Brent crude futures for October delivery, which expire on Friday, were up 46 cents, or 0.58%, at $80.40 a barrel by 0845 GMT. The more actively traded contract for November rose...
Oil set for weekly gain on supply concerns
Oil prices steadied on Thursday, after two losing sessions as supply concerns over Libya returned, while a smaller-than-expected draw in U.S. crude inventories sapped demand expectations. Brent crude futures had edged up 3 cents, or 0.04%, to $78.68 a barrel by 1024 GMT, while U.S. West Texas Intermediate crude futures were up 15 cents, or 0.2%, at $74.67. Both contracts lost more than 1% on Wednesday, after data showed U.S. crude inventories last week fell by 846,000 barrels to 425.2 m...
Oil steady as Libyan supply woes counter modest US stock draw
Oil prices paused their recent advances, receding in Asian trading on Tuesday after surging more than 7% in the previous three sessions on supply concerns prompted by fears of a wider Middle East conflict and the shutdown of Libyan oil fields. Brent crude futures fell 32 cents, or 0.39%, to $81.11 a barrel at 0154 GMT, while U.S. West Texas Intermediate crude futures fell 36 cents, or 0.46%, to $77.06 a barrel. Oil markets are retracing slightly after sharp gains in the previous three s...
Oil prices pause after surging on Libyan outages, Middle East tensions
Oil prices edged lower in early Asian trading on Friday, but the market's benchmarks were set for a second consecutive weekly gain after upbeat U.S. economic data eased investor worries about a potential recession in the top oil consuming nation. Brent crude futures fell 16 cents, or 0.2%, to $80.88 per barrel by 0024 GMT. U.S. West Texas Intermediate crude futures fell 23 cents, or 0.3%, to $77.93 a barrel. Brent was set to advance 1.6% on a weekly basis, while WTI was on track for...
Oil prices set for weekly gains on renewed enthusiasm around US economy
Oil prices ticked up on Thursday as optimism built that potential U.S. interest rate cuts will boost economic activity and fuel consumption, but concerns over slower global demand curbed gains. Brent crude futures were up 51 cents, or 0.6%, at $80.27 a barrel at 1107 GMT, recovering some of the previous day's losses. U.S. West Texas Intermediate crude futures were up 47 cents, or 0.6%, at $77.45 per barrel. Both benchmarks fell more than 1% on Wednesday after U.S. crude inventories ...
Oil prices edge up as demand concerns duel with rate cut optimism
Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China. Global benchmark Brent crude futures dipped 41 cents, or 0.5%, lower to $81.89 a barrel at 0005 GMT. U.S. West Texas Intermediate crude futures fell to $79.63 a barrel, down 43 cents, or 0.5%. Brent had gained more than 3% on Monday, while U.S. crude futures had risen mor...
Oil prices ease as markets refocus on demand worries
Oil prices climbed more than $1 on Tuesday, paring the previous day's loss as concern that an escalating Middle East conflict could hit supplies outweighed fear of a possible U.S. recession that could hurt demand in the world's biggest oil consumer. Brent crude futures gained $1.25, or 1.6%, to $77.55 a barrel by 0037 GMT, while U.S. West Texas Intermediate crude futures climbed $1.35, or 1.9%, to $74.29. On Monday, both benchmarks fell around 1% against a backdrop of falling gl...
Oil prices climb more than $1 on fear of spreading Middle East conflict
Oil prices hovered at eight-month lows on Monday as fears of a recession in the United States, the world's top oil consumer, offset concerns that escalating tensions in the Middle East may affect supplies from the largest producing region. Brent crude futures inched down 4 cents, or 0.1%, to $76.77 a barrel by 0035 GMT, while U.S. West Texas Intermediate crude futures were at $73.39 a barrel, down 13 cents, or 0.2%. Prices were supported by persistent fighting in Gaza with an Israel...
Oil hovers at 8-month lows as U.S. recession fears offset Mideast tensions
Oil futures clawed back some losses on Wednesday, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by Hezbollah, although prices remained under pressure from concerns about demand in China. Brent crude futures climbed 39 cents, or 0.5%, to $79.02 a barrel by 0020 GMT ahead of expiry on Wednesday, while the more active October contract was at $78.54, up 47 cents. U.S. West Texas Intermediate crude futures rose 52 cents, or 0.7%, to $75.2...
Oil claws back some losses after Israel retaliates against Hezbollah
The Organisation of the Petroleum Exporting Countries (OPEC) Secretariat said that it received compensation plans from Iraq, Kazakhstan, and Russia for their overproduced oil volumes in the first half of 2024. OPEC said in a statement that the combined overproduction from the three countries totalled 2.28 million barrels per day (bpd) during the period. Iraq overproduced 1.18 million bpd, Kazakhstan 620,000 bpd, and Russia 480,000 bpd, Xinhua news agency reported. Iraq and Kazakhs...
OPEC receives compensation plans for overproduction from Iraq, Kazakhstan, Russia
Oil prices were little changed on Friday as a strong dollar and concern over top oil importer China's economy were countered by a tighter supply outlook. Brent crude prices fell by 8 cents, or 0.1%, to $85.03 a barrel by 0938 GMT. U.S. West Texas Intermediate crude futures fell 17 cents, or 0.2%, to $82.65 a barrel. The U.S. dollar index climbed for the second consecutive session after stronger-than-expected data on the U.S. labour market and manufacturing earlier in the week. A str...
Oil prices steady amid strong dollar, China economy worries
Oil prices edged higher in early Asian trade on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, boosting hopes of solid fuel demand during the summer driving season in the top oil consuming nation. Brent crude oil futures climbed 16 cents, or 0.2%, to $85.60 a barrel by 0033 GMT. U.S. West Texas Intermediate crude futures rose 14 cents, or 0.2%, to $82.95 per barrel. Both benchmarks closed down on Tuesday as fears faded that Hurricane Beryl wou...
Oil prices inch up on large US crude stock draw
Oil prices rose on Monday, helped by expected peak summer consumption and OPEC+ production cuts, though gains were capped by rising output from other producers and the potential for economic volatility resulting from a changing political landscape. Brent crude futures rose 54 cents, or 0.64%, to $85.55 a barrel by 1105 GMT. U.S. West Texas Intermediate crude futures were up 49 cents, or 0.6%, at $82.03. Both contracts gained about 6% in June, with Brent settling above $85 a barrel in th...
Oil prices lifted by summer demand hopes
Oil prices fell in early Asian trade on Monday for a second straight session, weighed down by a stronger dollar after concerns of higher-for-longer interest rates resurfaced and cooled investors' risk appetite. Brent crude futures slid 40 cents, or 0.5%, to $84.84 a barrel by 0036 GMT, after settling down 0.6% on Friday. U.S. West Texas Intermediate crude futures were at $80.34 a barrel, down 39 cents, or 0.5%. "The U.S. dollar has opened bid this morning and appears to h...
Oil extends losses as strong dollar weighs on commodities markets
Oil prices were stable on Tuesday, as traders awaited signs of a hoped-for summer demand boost to prop up prices even as strong supply threatens to blunt gains. Benchmark Brent crude futures were down 7 cents, or 0.1%, to $84.18 per barrel at 1105 GMT after climbing in the previous session. U.S. West Texas Intermediate crude futures, which also rose on Monday, were down 6 cents, or 0.1%, to $80.27 a barrel. Both benchmarks gained around 2% on Monday, closing at their highest levels sinc...
Oil prices stable as demand uncertainty persists
Oil prices eased on Friday as markets evaluated the impact of U.S. interest rates staying higher for longer than anticipated, but crude benchmarks headed for their best week in more than two months after solid projections for crude and fuel demand. Brent crude futures were down 34 cents, or 0.4%, at $82.41 a barrel by 0344 GMT. West Texas Intermediate (WTI) U.S. crude futures lost 41 cents, or 0.5%, to trade at $78.21 a barrel. However, Brent and the U.S. benchmark gained over 3% for th...
Oil prices set for best week in over 2 months on solid demand outlook
Oil prices ticked higher on Wednesday on upbeat global demand views from the U.S. Energy Information Administration and OPEC. Brent crude futures rose 11 cents, or 0.1%, to $82.04 a barrel at 0016 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 18 cents, or 0.2%, to settle at $78.10. The EIA raised its 2024 world oil demand growth forecast to 1.10 million barrels per day from a previous estimate of 900,000 bpd, while the Organization of the Petroleum Exporting Countri...
Oil prices edge up on optimistic demand outlook
Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday. Brent crude futures and U.S. West Texas Intermediate crude futures slipped 4 cents to $79.58 and $75.49 a barrel, respectively, by 0036 GMT. On Friday, data showed the U.S. added more jobs than expected last month, leading investors to trim expectations for rate cuts and causing the dolla...
Oil slips on dollar's strength from US jobs data
Oil steadied on Friday as OPEC+ members Saudi Arabia and Russia indicated readiness to pause or reverse oil output increases, but crude was still headed for its third straight weekly loss on demand concerns. Crude fell this week on OPEC+'s Sunday decision to phase out some oil output cuts from October and as rising U.S. inventories spurred concern about demand and despite a rally on Thursday helped by the Saudi and Russian comments. Brent crude futures were down 11 cents, or 0.1%, t...
Oil steadies on OPEC+ reassurances, still set for third weekly loss
Oil prices extended gains on Thursday with support from growing expectations of an interest rate cut from the U.S. Federal Reserve in September, even as the upside was capped by an OPEC+ plan to increase supply and higher U.S. inventories. Brent crude futures traded up 57 cents or 0.7% at $78.98 a barrel by 0815 GMT. U.S. West Texas Intermediate crude futures were up 62 cents or 0.8% at $74.69. Oil benchmarks rose more than 1% on Wednesday, recovering after sliding by nearly $8 a barrel...
Oil gains with September US rate cut in sights
Indian rupee strengthened against the US dollar on Wednesday, tracking firm domestic equities and lower crude oil prices following the OPEC+ decision to gradually phase out output cuts until the end of September 2025. Rupee sentiments improved further as signs of a cooling US labour market buoyed Reserve rate-cut expectations. After Lok Sabha election result announcement, investors are now awaiting further updates regarding the formation of the new government. However, some gains were limited...
Rupee strengthens against US dollar on Wednesday
Oil prices hovered near four-month lows in Asia on Wednesday as markets digested an OPEC+ decision to boost supply later this year and following an increase in U.S. crude and refined products stocks. Brent crude futures were up 1 cent at $77.53 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude futures were down 2 cents at $73.23 a barrel. Both contracts fell nearly a dollar on Tuesday to their lowest settlement levels since early February, and had declined around $3 a barre...
Oil near 4-mth low after OPEC+ supply plan, US stock build
Oil prices eased in early trade on Tuesday, extending their losses from the previous session when prices fell to their lowest in four months, as investors worried about supply ticking up later in the year. Brent crude futures fell 20 cents or 0.3 % $78.16 a barrel. Brent closed below $80 for the first time since Feb. 7, after falling more than 3% on Monday. U.S. West Texas Intermediate crude futures eased 17 cents, or 0.2% to $74.05. It had also settled near a four-month low on Monday a...
Oil prices extend losses on worries of supply rising later in 2024
Asian share markets were mildly weaker on Tuesday as global investors consider the prospect the U.S. economy's 'exceptionalism' is starting to unwind as manufacturing activity in the world's largest economy further weakened. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1%, after U.S. stocks ended the previous session with mild gains. The index is up 1.6% so far this month. Australian shares were down 0.21%, while Japan's Nikkei stock inde...
Asian shares retreat as investors question US economic strength
OPEC+ has extended significant oil production cuts into 2025 to stabilize the market amid slow demand growth, high interest rates, and rising U.S. oil production. The group will continue with 5.86 million bpd cuts, with specific reductions extended and phased out gradually. Highlights Extension of Production Cuts: OPEC+ has decided to extend significant oil production cuts into 2025. This decision aims to stabilize the market, which is currently facing challenges such as slow ...
OPEC+ Extends Deep Oil Production Cuts Into 2025 by Amit Gupta, Kedia Advisory
Oil prices were little changed on Monday, as investors weighed a move by producer group OPEC+ to extend deep output cuts well into 2025. Brent futures for August delivery were down 4 cents, or 0.05%, to $81.07 a barrel at 0344 GMT, after falling to a session low of $80.55. U.S. West Texas Intermediate (WTI) crude futures for July delivery slipped 1 cent, or 0.01%, to $76.98, after falling to $76.39 earlier. Brent settled down 0.6% and WTI posted a 1% loss last week. The Organization ...
Oil prices slip despite OPEC+ production cut extension
Saudi Arabia's sale of shares in oil giant Aramco drew more demand than the stock on offer within hours of kicking off on Sunday, a landmark deal that could raise up to $13.1 billion in a major test of international appetite for the kingdom's assets. The banks on the deal will take institutional orders through Thursday and will price the shares the following day, with trading expected to start next Sunday on Riyadh's Saudi Exchange. The offering will be a gauge of Riyadh'...
Investors flock to Aramco share sale that could raise $13 billion
Oil prices fell early on Friday as investors responded to comments from U.S. Fed officials who said it was too soon to start considering rate cuts, and following a surprise build in U.S. gasoline stocks that weighed on the market. Brent futures lost 12 cents, or 0.15%, to trade at $81.74 a barrel by 0008 GMT, while U.S. West Texas Intermediate (WTI) crude was down 17 cents, or 0.22%, at $77.74. Dallas Federal Reserve President Lorie Logan said she is still worried about upside risks to ...
Oil falls as Fed policymakers look to maintain rate cuts, gasoline stocks rise
Oil prices were down on Thursday as the markets wait on the latest U.S. crude oil stockpiles data while resilient U.S. economic activity pointed to borrowing costs staying higher for longer in a potential blow to demand. Brent futures lost 9 cents, or 0.1%, to trade at $83.52 a barrel, while U.S. West Texas Intermediate (WIT) crude was down 3 cents, or 0.04%, to $79.19 at 0046 GMT. U.S. crude oil and gasoline inventories fell last week while distillates rose, according to market s...
Oil prices down on demand woes as markets await U.S crude stockpiles data
Oil prices rose on Wednesday on expectations major producers will maintain production cuts at a meeting this Sunday at the same time fuel consumption should begin rising with the start of the peak summer demand season. Brent crude futures for July delivery rose 27 cents, or 0.3%, to $84.49 a barrel at 0042 GMT. U.S. West Texas Intermediate futures for July climbed 35 cents, or 0.4%, to $80.18. Traders and analysts expect the Organization of the Petroleum Exporting Countries and its alli...
Oil rises as major producers expected to keep output cuts in place
U.S. Treasury yields pushed to a near four-week peak on Wednesday, lifting their Asia-Pacific counterparts and the dollar while pressuring equities, as data sowed new doubts about the timing and extent of Federal Reserve rate cuts. Crude oil rose for a fourth day to reach a four-week high amid speculation OPEC+ will maintain production cuts at a meeting this Sunday. Benchmark U.S. 10-year yields ticked as high as 4.556% in Tokyo trading hours, a level not seen since May 3, following poo...
Bond yields climb, stocks under pressure as Fed cut doubts resurface
Oil prices were steady in early Asian trading on Tuesday as investors awaited inflation data to assess future U.S. monetary policy and the production policy decisions from the OPEC+ meeting on June 2. The Brent crude July contract dropped 3 cents to $83.07 a barrel by 0038 GMT. The more-active August contract slipped 4 cents to $82.85. U.S. West Texas Intermediate (WTI) crude futures for July were at $78.68, up 96 cents, or 1.2%, from Friday's close, having traded through a U.S. hol...
Oil prices steady as investors await inflation data, OPEC+ meeting
Oil prices were in a holding pattern in early Asian trading on Monday as markets awaited an OPEC+ meeting on June 2 where producers are expected to discuss maintaining voluntary output cuts for the rest of the year. The Brent crude July contract inched up 11 cents to $82.23 a barrel by 0036 GMT. The more-active August contract LCOc2 rose 13 cents to $81.97. U.S. West Texas Intermediate (WTI) crude futures rose 13 cents to $77.85. Public holidays in the U.S. and UK on Monday were expe...
Oil prices little changed as markets look to OPEC+ meeting
Oil prices eased for a fourth straight day on Thursday on worries that U.S. borrowing costs could be hiked again if inflation surged, a move that could hurt oil demand. Brent crude futures fell 27 cents, or 0.3%, to $81.63 a barrel at 0004 GMT. U.S. West Texas Intermediate crude (WTI) futures were down 35 cents, or 0.5%, at $77.14. Both benchmarks fell more than 1% on Wednesday. Minutes released on Wednesday from the Federal Reserve's last policy meeting showed the U.S. central b...
Oil prices fall on worries of higher US interest rates
Oil prices gained on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand amid stronger economic indicators from key consumers China and the United States. Brent crude oil prices climbed 21 cents, or 0.25%, to $83.48 a barrel by 0314 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 7 cents, or 0.09%, to $79.30 a barrel. Brent futures are set to rise about 1% on a weekly basis, with WTI futures set to gain 1.4%...
Oil set for weekly gain on signs of improving demand
Oil prices extended gains from the previous session on Thursday on signs of stronger demand in the U.S. where data showed slower inflation than markets expected, bolstering the argument for an interest rate cut which could drive even greater consumption. Brent futures rose 35 cents, or 0.4%, to $83.10 a barrel at 0310 GMT, while U.S. West Texas Intermediate crude (WTI) gained 40 cents, or 0.5%, to $79.03. "A more tamed read for U.S. April inflation and a far weaker-than-expected re...
Oil prices rise on slower US inflation, strong demand
The International Energy Agency (IEA) has scaled down its forecast for the growth in oil demand during 2024 as it expects the consumption of fuels to come down amid the economic slowdown in the advanced OECD countries. The Paris-based agency has reduced its oil demand forecast for the year by 140,000 barrels per day (bpd) to 1.1 million bpd. The IEA in its monthly oil report said its lower growth outlook for 2024 was on account of the slowdown in industrial activity and a mild winter le...
IEA scales down growth forecast for global oil demand in 2024
Oil prices were little changed on Tuesday as investors eyed fresh drivers, including upcoming U.S. inflation indicators and a monthly report from the Organization of the Petroleum Exporting Countries this week. Brent crude futures inched 4 cents higher to $83.40 a barrel at 0315 GMT, while U.S. West Texas Intermediate crude futures rose 5 cents to $79.17 a barrel. The benchmark contracts settled higher on Monday on signs of improving demand in the U.S. and China, world's top two oil...
Oil steady as investors eye US inflation, OPEC report
Oil prices extended declines on Monday amid signs of weak fuel demand and as comments from U.S. Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp fuel demand in the world's biggest economy. Brent crude futures slid 26 cents, or 0.3%, to $82.53 a barrel by 0025 GMT while U.S. West Texas Intermediate crude futures was at $78.03 a barrel, down 23 cents, or 0.3%. Both benchmarks settled about $1 lower on Friday as Fed officials debated whe...
Oil extends decline on signs of weak fuel demand, strong dollar
Oil prices fell for a third day on Wednesday on rising crude inventories and production in the U.S., the world's biggest oil consumer, along with increasing hopes of a ceasefire agreement in the Middle East. Brent crude futures for July fell 47 cents, or 0.5%, at $85.86 a barrel by 0005 GMT. U.S. West Texas Intermediate crude for June declined 53 cents, or 0.6%, to $81.40 per barrel. U.S. crude oil inventories swelled last week by 4.906 million barrels, while gasoline and dist...
Oil falls for a third day as U.S. crude inventories swell
Oil prices fell at Asia's open on Monday, dragged down by a renewed focus on market fundamentals, as Israel and Iran played down the risks of an escalation of hostilities in the Middle East after Israel's apparently small strike on Iran. Brent futures fell 54 cents, or 0.6%, to $86.75 a barrel by 1218 GMT. The front month U.S. West Texas Intermediate (WTI) crude contract for May, which expires on Monday, fell 12 cents to $83.02 a barrel. The more active June contract dropped 47 ...
Oil prices retreat as US crude build, rate cut concerns come to the fore
India, the world's third biggest oil importer and consumer, discussed recent trends and volatility in the global oil market and their impact on global energy stability with OPEC secretary general on Friday, a government statement said. During the telephone conversation with Haitham Al-Ghais India's oil minister Hardeep Singh Puri "emphasized the importance of balancing market stability, affordability, with pragmatism", said the statement. India imports more than 85% of...
India discussed oil market volatility with OPEC chief, government says
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