Crude oil experienced a steep loss, closing at 6030, a decrease of 2.84%. Concerns over China’s economic expansion and international efforts to bring about a Middle East truce impacted the bearish trend. In March, OPEC+ will decide whether to prolong the voluntary oil production cutbacks of 2.2 million barrels per day (bpd) that were set…
A combination of factors boosting market optimism caused crude oil prices to close 0.28% higher at 6399. The market was infused with liquidity and hopes of an economic revival were reinforced by China’s recent stimulus announcements, especially the lowering of the reserve requirement for banks. One of the main factors driving the rising demand for…
After dropping the previous session, oil prices were mixed on Tuesday as investors balanced general economic worries against weather-related supply and demand problems in the United States and ongoing tensions in the Middle East that resulted in additional tanker diversions. At $78.20 a barrel, Brent crude futures increased by 5 cents, or roughly 0.06%. Earlier…
Profit booking amid a complicated mix of reasons that included the most recent EIA report, riots in Libya, and growing tensions in the Middle East drove crude oil’s 2.15% spike, which it settled at 6071. According to the EIA Petroleum Status Report, U.S. crude stocks fell by 5.503 million barrels in the week ending December…
With the United States producing an expected 13.3 million barrels of crude oil per day, the price of crude oil fell by -1.39% to settle at 5943. Oil prices were further pressured by this increase in crude output, which was up 200,000 barrels per day from the previous week. The downward pressure was also fueled…
The oil ministry informed a parliamentary standing committee that suppliers have voiced concerns about the high transactional costs and difficulty in repatriating funds, which has prevented India from finding takers for its demand that rupees be used to pay for the import of crude oil. International trade custom dictates that the U.S. dollar is the…
As geopolitical tensions in the Middle East escalate, especially in light of the Houthi attacks on ships in the Red Sea, crude oil prices saw a little increase of 0.11%, ultimately settling at 6174. This increase was fueled by mounting concerns about interruptions to global supply. The U.S. government intends to buy an extra 2.1…
The API said on Tuesday that U.S. oil stockpiles rose last week, coinciding with a reduction in worries about a worldwide glut as a result of supply interruptions brought on by an increase in vessel attacks along a vital shipping route through the Red Sea. The U.S. benchmark for crude oil, WTI Futures, settled 1.3%…
The growing attacks in the Red Sea, which have forced oil corporations and tanker owners to steer clear of the area, caused crude oil prices to spike by 2.11%, closing at 6,137. According to Russian Deputy Prime Minister Alexander Novak, the country is considering reducing its oil exports by more than 50,000 barrels per day…
The International Energy Agency (IEA) released a positive prediction on oil demand for the upcoming year, and a weaker dollar helped oil prices increase on Friday, setting up a first weekly advance in two months. As of $77.12 per barrel, Brent futures were up 51 cents, or 0.7%, higher. Crude oil prices for the United…
