The OPEC+ group has extended their production cut to limit excess supplies and stabilize prices in global oil markets. Oil has been trading in a tight range since the second half of 2022, with prices broadly congested within $97-$65 per barrel. OPEC+ production policies significantly impact global oil markets, with higher prices typically following production…
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….
Crude oil prices dropped by -4.87% to 5,919 due to OPEC+ production increases starting in October and concerns over sluggish demand in key markets like China and the US. OPEC+ plans to increase oil output by 180,000 barrels per day in October, but other cuts are expected to remain until 2025. The Arabian Gulf Oil…
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%,…
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…
The Energy Information Administration (EIA) announced a greater-than-expected drop in US crude stockpiles, which helped to support crude oil prices, which increased by 0.41% to settle at 6,858. The EIA reported that for the week ending July 5, crude stocks dropped by 3.4 million barrels to 445.1 million, a substantial decrease from the projected draw…
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…
