Friday saw a little increase in oil prices, but they are still expected to decrease for a third straight week due to sluggish demand in China, the world’s largest petroleum importer, and hopes for a ceasefire agreement in the Gaza conflict and other Middle Eastern hostilities. September’s Brent crude futures increased by 12 cents, or…
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 indications of reduced US supply helped ease concerns about the global oil market’s deteriorating demand, oil prices steadied throughout Wednesday’s Asian trading session. After dismal economic statistics from China, the world’s largest oil importer, increased worries about slowing demand, crude markets were nursing a steep fall over the previous week. October contract prices for…
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…
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…
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%…
Russia will drop oil production rather than exports in the second quarter of 2024 to ensure that all OPEC+ nations who lower output contribute equally to the cuts, according to the Russian Deputy Prime Minister. When OPEC+ members declared in early March that they intended to extend the cuts into the second quarter, Russia modified…
May Brent crude futures were down 69 cents, or 0.8%, at $85.56 per barrel. The June contract traded more frequently, dropped 60 cents, or 0.7%, to $85.03. The May contract is scheduled to expire on Thursday. U.S. West Texas Intermediate (WTI) crude futures for May delivery fell 55 cents, or 0.7%, at $81.07.U.S. crude oil…
