Crude oil prices rose by 2.83% to 5,988, driven by higher-than-expected US fuel demand and OPEC+’s potential delay in an output hike. U.S. gasoline inventories reached a two-year low, while crude inventories drew down by 0.515 million barrels, contrasting with a 2.3 million-barrel build. Cushing, Oklahoma crude stocks rose by 0.681 million barrels. The U.S….
Oil prices stabilized on Wednesday as investors await the US Federal Reserve’s anticipated interest rate cut and the potential for more violence in the Middle East. Brent crude futures for November dropped 3 cents to $73.67 a barrel, while U.S. crude futures for October slid 11 cents to $71.08 a barrel. After Hurricane Francine, both…
Oil prices halted their recent surge, resembling a 7% increase in the previous three sessions, due to supply concerns and concerns over a Middle East conflict and Libyan oil field shutdown. Brent crude futures fell 32 cents, or 0.39%, to $81.11 a barrel, while U.S. West Texas Intermediate crude futures fell 36 cents, or 0.46%,…
Oil prices remained stable on Friday due to downward revisions in U.S. employment data and renewed ceasefire talks in Gaza, which alleviated supply disruption concerns. Brent crude futures and U.S. West Texas Intermediate (WTI) crude futures rose by 0.1% each, while Brent futures fell by 3% this week to $77.32 a barrel, and WTI lost…
In Asian trade, oil prices increased, continuing a recent upward trend as speculation about tighter supply and stronger demand in the largest fuel consumer in the world increased in response to a larger-than-expected drop in U.S. stockpiles. The previous week has seen sharp losses in the crude markets as worries about slowing global demand were…
As investor confidence was encouraged by evidence of strong summer demand and easing inflationary pressures in the world’s largest oil market, the United States, oil prices surged during early Asian trading hours on Friday. Up 37 cents, or 0.4%, to $85.77 per barrel, were Brent crude futures. With a 0.6% increase, U.S. West Texas Intermediate…
As a result of positive estimates for global demand and anticipation of ongoing supply constraints by major oil-producing countries, crude oil prices increased by 1.09% to settle at 6702 rupees per barrel. Strong growth in oil demand is anticipated in the second half of the year, according to reports from OPEC, the International Energy Agency,…
As a result of an unanticipated increase in U.S. crude stockpiles, crude oil prices fell by 1.16% Wednesday, closing at 6,492 INR. 1.825 million more barrels of crude oil were added to U.S. stocks last week, according to the Energy Information Administration (EIA), than the 2.55 million barrel drop that the market had anticipated. Distillate…
As a result of in-line inflation figures and a strengthening dollar amid ongoing geopolitical tensions, oil prices ended a two-week losing run on Friday by closing higher. Futures for Brent oil increased by 0.3% to $89.85 per barrel, while West Texas Intermediate oil increased by 0.4% to $89.38 per barrel. By projections, PCE inflation increases….
A tighter outlook for the crude markets was presented by indicators of reduced stockpiles and disruptions in fuel supply, which caused oil prices to rise in Asian trade on Monday as prospects of an Israel-Hamas ceasefire lessened. Due to growing rumors of a Gaza ceasefire for the Muslim holy month of Ramadan, crude prices dropped…
