News

Oil nudges up after Russia-Ukraine tensions escalate Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets. Brent crude futures gained 29 cents, or 0.4%, to $71.33 a barrel by 0502 GMT, while U.S. West Texas Intermediate crude futures were at $67.20 a barrel, up 18 cents, or 0.3%. Russia unleashed its largest air strike on Ukraine in almost three mon...
Oil nudges up after Russia-Ukraine tensions escalate
Oil nudges up after Russia-Ukraine tensions escalate
Source: Reuters
2024-11-18 09:19:36 am
Oil set for weekly loss on uncertainty around Fed rate cuts, China demand fears Oil prices edged down early on Friday as oversupply concerns and demand worries stemming from a stronger dollar outweighed a steep draw in U.S. fuel stocks. Brent crude futures were down 30 cents, or 0.41%, at $72.26 a barrel by 0105 GMT. U.S. West Texas Intermediate crude futures were down 25 cents, or 0.36%, at $68.45. For the week, Brent is s Oil prices fell on Friday as investors weighed signs demand in top crude importer China continues to underperform amid the country's une...
Oil set for weekly loss on uncertainty around Fed rate cuts, China demand fears
Oil set for weekly loss on uncertainty around Fed rate cuts, China demand fears
Source: Reuters
2024-11-15 08:57:13 am
Oil prices edge down, forecasts for higher oil output, weak demand growth weigh  Oil prices dropped slightly early on Thursday on expectations of higher global production amid forecasts for weak demand growth, while a firmer dollar also kept a lid on prices. Brent crude futures were down 6 cents, or 0.08%, at $72.22 a barrel by 0133 GMT. U.S. West Texas Intermediate crude (WTI) futures were down 13 cents, or 0.19%, at $68.30. The U.S. Energy Information Administration has slightly raised its expectation of U.S. oil output to an average 13.23 million barrels pe...
Oil prices edge down, forecasts for higher oil output, weak demand growth weigh
Oil prices edge down, forecasts for higher oil output, weak demand growth weigh
Source: Reuters
2024-11-14 08:58:38 am
Stocks fall as rally pauses, yields climb on Donald Trump policy worry  A gauge of global stocks declined on Tuesday after advancing for five straight sessions while the dollar hit its highest level in over six months as investors weigh the impact of U.S. President-elect Donald Trump's likely path of policies. Investors have flocked in to assets expected to benefit from Trump policies for his second term in office, after he pledged to impose high tariffs on imports from key trading partners, as well as lower taxes and loosen government regulations. ...
Stocks fall as rally pauses, yields climb on Donald Trump policy worry
Stocks fall as rally pauses, yields climb on Donald Trump policy worry
Source: Reuters
2024-11-13 09:17:51 am
Oil pares losses on tight supply but cloudy demand caps gains Oil prices inched higher on Wednesday underpinned by signs of near-term supply tightness but held near their lowest in two weeks, a day after OPEC downgraded its forecast for global oil demand growth in 2024 and 2025. Brent futures rose 14 cents, or 0.2%, to $72.03 a barrel by 0745 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 13 cents, or 0.2%, at $68.25. "Crude oil prices edged higher as tightness in the physical market offset bearish sentiment on demand. Buy...
Oil pares losses on tight supply but cloudy demand caps gains
Oil pares losses on tight supply but cloudy demand caps gains
Source: Reuters
2024-11-13 08:49:43 am
US oil drilling costs may reach $67-$70 per barrel by 2026 under Donald Trump he Donald Trump presidency in the US could have a significant impact on the oil market, with potential growth largely dictated by price, according to a report on Monday.  Additional US oil production means a well drilling cost requirement of $64 per barrel. Going forward, in a couple of years, these costs could scale up to the $67 and $70 range as per the forward prices, according to the report by Ventura Securities. The new US administration's push for increased US oil product...
US oil drilling costs may reach $67-$70 per barrel by 2026 under Donald Trump
US oil drilling costs may reach $67-$70 per barrel by 2026 under Donald Trump
Source: IANS
2024-11-12 09:14:16 am
Oil prices hold their ground after falling on China stimulus  Oil prices were little changed in early trading on Tuesday, awaiting further price direction from OPEC's monthly report after China's stimulus plan and oversupply concerns took the wind out of markets in prior sessions. Brent crude futures fell 1 cent to $71.82 a barrel, by 0158 GMT. U.S. West Texas Intermediate crude futures were at $68.07 a barrel, up 3 cents. Both contracts had fallen by more than 5% over the previous two trading sessions. China on Friday unveiled a 10 ...
Oil prices hold their ground after falling on China stimulus
Oil prices hold their ground after falling on China stimulus
Source: Reuters
2024-11-12 08:43:18 am
Oil edges down ahead of US election, China NPC meeting  Oil prices eased slightly on Tuesday as markets braced for uncertainties from the U.S. presidential election, after rising more than 2% in the past session as OPEC+ delayed plans to hike production in December and eased supply concerns. Brent crude futures fell 15 cents, or 0.2%, to $74.93 a barrel by 0106 GMT while U.S. West Texas Intermediate crude was at $71.33 a barrel, down 14 cents, or 0.2%. "We are now in the calm before the storm," IG market analyst Tony Sycamore...
Oil edges down ahead of US election, China NPC meeting
Oil edges down ahead of US election, China NPC meeting
Source: Reuters
2024-11-05 08:45:58 am
Oil buyers, producers dialogue needed for market stability, says India min India's oil minister Hardeep Singh Puri called on Monday for discussions between oil producers and consumers to stabilise prices. Oil prices rose more than 2% following a decision by OPEC+ to delay by a month plans to increase output. [O/R] India, the world's third largest oil consumer, relies on overseas purchases for more than 80% of its oil needs. "I'm hoping as a professional that all the players in this game will see a reason that... both producers and consumers...
Oil buyers, producers dialogue needed for market stability, says India min
Oil buyers, producers dialogue needed for market stability, says India min
Source: Reuters
2024-11-04 05:19:29 pm
OPEC+ Delays December Output Increase Amid Weak Oil Demand by Amit Gupta, Kedia Advisory OPEC+ has decided to delay its planned oil production increase for December by one month due to ongoing concerns about weak demand, notably from China, and rising supply from non-OPEC sources. This decision extends the current 2.2 million barrels per day cut until the end of December, aiming to stabilize prices under pressure. The group also reiterated its commitment to full conformity with output targets, emphasizing the importance of balancing supply and demand in the oil market. OPEC+ memb...
OPEC+ Delays December Output Increase Amid Weak Oil Demand by Amit Gupta, Kedia Advisory
OPEC+ Delays December Output Increase Amid Weak Oil Demand by Amit Gupta, Kedia Advisory
Source: Kedia Advisory
2024-11-04 04:59:22 pm
Oil prices to spike only with escalation of Middle-East conflict, damage to Iran oilfields Brent crude is projected to continue trading in a broad range of $75-80 per barrel and any spike in oil prices may happen only if the Middle-East conflict escalates and some damage is caused to oil fields in Iran, according to a report on Monday.  Brent is currently trading at $74 per barrel and the market traded most of the time in the lower part of the range. “What instilled in the markets a certain amount of anxiety is the development around the Middle-East conflict. Given...
Oil prices to spike only with escalation of Middle-East conflict, damage to Iran oilfields
Oil prices to spike only with escalation of Middle-East conflict, damage to Iran oilfields
Source: IANS
2024-11-04 02:02:08 pm
Oil prices rise on optimism over solid US fuel demand Oil prices rose on Thursday, extending the previous day's rally, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support. Brent crude futures gained 35 cents, or 0.5%, to $72.90 a barrel by 0029 GMT. U.S. West Texas Intermediate crude futures climbed 32 cents, or 0.5%, to $68.93 per barrel. Both contracts rose more than 2% on Wednesday, after falling more tha...
Oil prices rise on optimism over solid US fuel demand
Oil prices rise on optimism over solid US fuel demand
Source: Reuters
2024-10-31 09:01:29 am
Oil slides by nearly 6% after limited Israeli retaliatory attack on Iran Oil prices tumbled by more than $4 a barrel on Monday after Israel's retaliatory strike against Iran at the weekend bypassed oil and nuclear facilities and did not disrupt energy supplies. Both Brent and U.S. West Texas Intermediate crude futures hit their lowest since Oct. 1 at the open. By 1130 GMT Brent was down $4.28, or 5.6%, at $71.77 a barrel while WTI lost $4.25, or 5.9%, to $67.53. The benchmarks gained 4% last week in volatile trade as markets priced in uncertainty over th...
Oil slides by nearly 6% after limited Israeli retaliatory attack on Iran
Oil slides by nearly 6% after limited Israeli retaliatory attack on Iran
Source: Reuters
2024-10-28 09:05:18 am
Oil edges up, but on track for biggest weekly loss in over a month Crude oil futures inched higher on Friday, supported by a surprise drop in U.S. oil inventories and simmering Middle East tensions, but prices were headed for their biggest weekly loss in more than a month on worries of lower demand. Brent crude futures rose 16 cents, or 0.2%, to $74.61 a barrel by 0025 GMT while U.S. West Texas Intermediate crude was at $70.84 a barrel, up 17 cents, or 0.2%. Both contracts settled higher on Thursday for the first time in five sessions after data from t...
Oil edges up, but on track for biggest weekly loss in over a month
Oil edges up, but on track for biggest weekly loss in over a month
Source: Reuters
2024-10-18 08:55:24 am
OPEC Cuts China Oil Demand Forecast Amid Falling Imports by Amit Gupta, Kedia Advisory OPEC has reduced its forecast for China's crude oil demand growth in 2024 for the third consecutive month, now expecting an increase of 580,000 barrels per day (bpd). The revised estimate is lower than September's 650,000 bpd forecast and July's 760,000 bpd prediction. China's oil imports have consistently fallen, with customs data showing a decline of 2.8% in the first nine months of 2024 compared to the same period in 2023. Despite an uptick in domestic oil production, the o...
OPEC Cuts China Oil Demand Forecast Amid Falling Imports by Amit Gupta, Kedia Advisory
OPEC Cuts China Oil Demand Forecast Amid Falling Imports by Amit Gupta, Kedia Advisory
Source: Kedia Advisory
2024-10-15 10:04:03 am
OPEC Cuts 2024 Oil Demand Forecast, Russia Output Declines by Amit Gupta, Kedia Advisory OPEC revised its global oil demand growth forecast for 2024 to 1.93 million barrels per day (bpd), down from the 2.03 million bpd predicted earlier, citing economic concerns and a shift towards cleaner fuels. China’s demand forecast was lowered due to slowing economic activity and LNG substitution. Meanwhile, Russia reduced its oil production to 9 million bpd in September, slightly above the OPEC+ quota. OPEC acknowledged that Russia, Iraq, and Kazakhstan exceeded their quotas but promi...
OPEC Cuts 2024 Oil Demand Forecast, Russia Output Declines by Amit Gupta, Kedia Advisory
OPEC Cuts 2024 Oil Demand Forecast, Russia Output Declines by Amit Gupta, Kedia Advisory
Source: Kedia Advisory
2024-10-15 09:21:45 am
Oil falls 3% as concerns ease on potential Iran supply disruption Oil prices slid 3% in early Asian trade on Tuesday after a media report said Israel is willing not to strike Iranian oil targets, which eased fears of a supply disruption, and after OPEC lowered its outlook for global oil demand growth in 2024 and 2025. Both benchmarks plunged 3% in early trade on Tuesday, following a 2% drop on Monday. Brent crude futures were down $2.27 at $75.19 per barrel, while U.S. West Texas Intermediate futures fell $2.22 to $71.60 per barrel as of 0127 GMT. Pri...
Oil falls 3% as concerns ease on potential Iran supply disruption
Oil falls 3% as concerns ease on potential Iran supply disruption
Source: Reuters
2024-10-15 09:17:12 am
OPEC cuts 2024, 2025 global oil demand growth view again OPEC on Monday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also lowered its projection for next year, marking the producer group's third consecutive downward revision. The Organization of the Petroleum Exporting Countries in a monthly report said world oil demand will rise by 1.93 million barrels per day (bpd) in 2024, down from growth of 2.03 million bpd it expected last month. There is a wide split between forecasters on the ...
OPEC cuts 2024, 2025 global oil demand growth view again
OPEC cuts 2024, 2025 global oil demand growth view again
Source: Reuters
2024-10-14 05:25:52 pm
Oil edges lower after rallying to highest in over a month on Middle East war risk  Oil prices edged lower in early Asian trading hours on Tuesday as traders booked profits after prices rallied to their highest in over a month on Monday amid fears that the Middle East could be on the brink of a region-wide war. Fighting in the Middle East intensified after Iran-backed Hezbollah fired rockets at Israel's third-largest city, Haifa, and Israel looked poised to expand its offensive into Lebanon, a year after the Hamas attack on Israel that sparked the Israel's o...
Oil edges lower after rallying to highest in over a month on Middle East war risk
Oil edges lower after rallying to highest in over a month on Middle East war risk
Source: Reuters
2024-10-08 08:46:39 am
Oil prices dip after strongest weekly rise in over a year Oil prices fell on Monday after posting their steepest weekly rise in over a year last week as oversupply concerns amid softer demand countered the worries of a wider Middle East war disrupting exports in the key producing region. Brent crude futures fell 31 cents, or 0.4%, to $77.74 per barrel by 0435 GMT. U.S. West Texas Intermediate crude futures slipped 20 cents, or 0.27%, to $74.18 per barrel. Brent rose by over 8% last week, the biggest weekly gain since January 2023, while the WT...
Oil prices dip after strongest weekly rise in over a year
Oil prices dip after strongest weekly rise in over a year
Source: Reuters
2024-10-07 08:57:33 am
Oil steady but on track for weekly drop on firmer supply outlook Oil prices held on Friday but remained on track for a weekly fall as investors weighed expectations for increased output from Libya and the broader OPEC+ group against fresh stimulus from top importer China. Brent crude futures were up 8 cents, 0.1%, at $71.68 per barrel, as of 0840 GMT, while U.S. West Texas Intermediate crude futures were up 6 cents, also 0.1%, to $67.73. On a weekly basis, Brent crude was down almost 4%, while WTI was on track to lose nearly 6%. "The recent d...
Oil steady but on track for weekly drop on firmer supply outlook
Oil steady but on track for weekly drop on firmer supply outlook
Source: Reuters
2024-09-27 08:17:07 am
Petrol, diesel likely to see Rs 2-3 per litre cut if crude prices remain stable  Healthy marketing margins on auto fuels could spur price reductions of Rs 2-3 per litre in petrol and diesel prices in the country if crude prices remain stable, leading rating agency ICRA said on Thursday.  The marketing margins on retail sales of auto fuels for the Indian oil marketing companies (OMCs) have improved in recent weeks with the reduction in crude prices. The rating agency anticipates that there is headroom for the downward revision of retail fuel prices if crud...
Petrol, diesel likely to see Rs 2-3 per litre cut if crude prices remain stable
Petrol, diesel likely to see Rs 2-3 per litre cut if crude prices remain stable
Source: IANS
2024-09-26 01:43:16 pm
Global energy demand to grow 24 per cent by 2050 with oil dominating: OPEC Global energy demand will grow 24 per cent by 2050, with oil dominating world markets in need of 120.1 million barrels per day, the Organization of the Petroleum Exporting Countries (OPEC) said.  Coinciding with Rio Oil & Gas, the largest oil and natural gas fair in Latin America, which runs through Thursday in Rio de Janeiro, OPEC released its annual World Oil Outlook, for the first time outside its headquarters in Vienna, reports Xinhua news agency. The organisation, whic...
Global energy demand to grow 24 per cent by 2050 with oil dominating: OPEC
Global energy demand to grow 24 per cent by 2050 with oil dominating: OPEC
Source: IANS
2024-09-25 05:34:15 pm
Oil prices extend recovery rally to cap volatile week  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
Oil prices extend recovery rally to cap volatile week
Source: Reuters
2024-09-13 08:52:28 am
India wants OPEC+ to raise oil output, oil secretary says 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
India wants OPEC+ to raise oil output, oil secretary says
Source: Reuters
2024-09-12 01:52:24 pm
Oil steadies on U.S. crude stock drawdown, OPEC+ output hikes delay 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 steadies on U.S. crude stock drawdown, OPEC+ output hikes delay
Source: Reuters
2024-09-06 09:13:19 am
Oil prices edge up as OPEC+ may delay supply hike, US stockpiles fall 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
Oil prices edge up as OPEC+ may delay supply hike, US stockpiles fall
Source: Reuters
2024-09-05 09:53:20 am
Softer commodity prices bode well for India`s growth prospects & macro stability! 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!
Softer commodity prices bode well for India`s growth prospects & macro stability!
Source: PR Agency
2024-09-04 05:38:03 pm
Oil extends losses on weak China data and expected OPEC+ supply boost 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 extends losses on weak China data and expected OPEC+ supply boost
Source: Reuters
2024-09-02 08:46:10 am
Oil set for weekly gain on supply concerns 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 set for weekly gain on supply concerns
Source: Reuters
2024-08-30 08:56:15 am
Oil steady as Libyan supply woes counter modest US stock draw 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 steady as Libyan supply woes counter modest US stock draw
Source: Reuters
2024-08-29 08:44:24 am
Oil prices pause after surging on Libyan outages, Middle East tensions 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 pause after surging on Libyan outages, Middle East tensions
Source: Reuters
2024-08-27 08:52:18 am
Oil prices set for weekly gains on renewed enthusiasm around US economy 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 set for weekly gains on renewed enthusiasm around US economy
Source: Reuters
2024-08-16 08:51:11 am
Oil prices edge up as demand concerns duel with rate cut optimism 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 edge up as demand concerns duel with rate cut optimism
Source: Reuters
2024-08-15 09:56:44 am
Oil prices ease as markets refocus on demand worries 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 ease as markets refocus on demand worries
Source: Reuters
2024-08-13 08:52:42 am
Oil prices climb more than $1 on fear of spreading Middle East conflict 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 climb more than $1 on fear of spreading Middle East conflict
Source: Reuters
2024-08-06 09:04:25 am
Oil hovers at 8-month lows as U.S. recession fears offset Mideast tensions 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 hovers at 8-month lows as U.S. recession fears offset Mideast tensions
Source: Reuters
2024-08-05 09:11:26 am
Oil claws back some losses after Israel retaliates against Hezbollah 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
Oil claws back some losses after Israel retaliates against Hezbollah
Source: Reuters
2024-07-31 09:18:03 am
OPEC receives compensation plans for overproduction from Iraq, Kazakhstan, Russia 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
OPEC receives compensation plans for overproduction from Iraq, Kazakhstan, Russia
Source: IANS
2024-07-25 03:49:37 pm
Oil prices steady amid strong dollar, China economy worries 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 steady amid strong dollar, China economy worries
Source: Reuters
2024-07-19 08:50:52 am
Oil prices inch up on large US crude stock draw 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 inch up on large US crude stock draw
Source: Reuters
2024-07-03 09:21:27 am
Oil prices lifted by summer demand hopes 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 lifted by summer demand hopes
Source: Reuters
2024-07-01 09:28:40 am
Oil extends losses as strong dollar weighs on commodities markets  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 extends losses as strong dollar weighs on commodities markets
Source: Reuters
2024-06-24 09:18:15 am
Oil prices stable as demand uncertainty persists 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 stable as demand uncertainty persists
Source: Reuters
2024-06-18 08:48:28 am
Oil prices set for best week in over 2 months on solid demand outlook 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 set for best week in over 2 months on solid demand outlook
Source: Reuters
2024-06-14 08:50:33 am
Oil prices edge up on optimistic 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 edge up on optimistic demand outlook
Source: Reuters
2024-06-12 09:04:24 am
Oil slips on dollar's strength from US jobs data 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 slips on dollar's strength from US jobs data
Source: Reuters
2024-06-10 08:51:54 am
Oil steadies on OPEC+ reassurances, still set for third weekly loss 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 steadies on OPEC+ reassurances, still set for third weekly loss
Source: Reuters
2024-06-07 09:03:48 am