The United States’ crude oil shipments to Europe fell in June, reaching a two-year low. According to the analysis, West Texas Intermediate is becoming more expensive for consumers as the difference between it and Brent oil narrows. WTI is now trading at about $83 per barrel, while the price of Brent crude is almost $87…
This month, there has been a growing discrepancy in the crude markets between growing stocks and rising spot prices and calendar spreads. Even while there was an excess of supply in the oil market in the second quarter, many analysts and OPEC anticipate a significant shortfall in the third, which would result in a steep…
As the market weighed evidence of rising US demand as well as declining oil and fuel stockpiles against a strengthening US currency, crude oil prices managed to hover around a seven-week high on Friday. While U.S. West Texas Intermediate (WTI) oil for August delivery stayed steady at $81.29 from its closing position on Thursday, Brent…
OPEC released its monthly oil market report last week, keeping its annual demand growth forecast unchanged at over 2 million bpd. However, the IEA also released a new market report last week, and, as has become usual, had very different projections for both demand and supply. The IEA forecast a “staggering” supply overhang of 8…
The simmering geopolitical concerns in West Asia and the hardening of US Treasury yields caused the rupee to fall to an all-time closing low of 83.54 against the dollar on Tuesday. During intraday trading, the local currency fell to a record low of 83.56, but the Reserve Bank of India (RBI) probably intervened to stop…
Oil prices rose on Wednesday due to concerns over availability of fuel and crude following strikes on Russian refineries by the Ukrainians and the possibility of the Israel-Hamas conflict expanding to include Iran. US West Texas Intermediate crude futures rose by 0.08% to $85.22 per barrel, while Brent crude futures for June rose by 0.19%…
After stabilizing more than a dollar higher on forecasts of a tighter supply due to Russian output curbs and attacks on Russian refineries, oil prices were expected to rise for a second day in a row on Tuesday. Brent crude had increased 23 cents to $86.98 per barrel. Crude futures in the US increased by…
Early on Wednesday in Asian trading, oil prices began to decline as traders withdrew some of their capital following two sessions in which benchmarks surged to multi-month highs, dampening investor demand due to a stronger dollar. May delivery of Brent oil futures dropped 19 cents, or 0.2%, to $87.19 per barrel. The April delivery of…
Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Brent crude oil futures for May delivery inched up 3 cents to $85.37 a barrel by 0045. The April contract for U.S. West Texas Intermediate (WTI) crude…
The world’s largest oil consumers, China and the United States, saw rising demand on Friday, which contributed to an increase in oil prices. Additionally, the U.S. Federal Reserve signaled favorably that rate cuts might be possible. The price of a barrel of Brent crude futures had increased by 0.45%, or 37 cents. U.S. West Texas…
