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…
Crude oil prices were expected to close the week higher than they started, extending their most recent uptrend to a full month, despite a decrease yesterday due to negative economic news from the US. According to Reuters, oil has increased by 9% in the last four weeks for Brent crude and by $10 a barrel…
Crude oil prices fell by -0.78% to end at 6746, under pressure from worries about how rising Middle East tension and a strong US dollar might affect the world’s oil consumption. The concerns about disruptions to the oil supply have been made worse by the geopolitical tensions in the Middle East, including the Israeli troops’…
Oil prices increased on Thursday as negotiations to resolve the Gaza conflict and broader Middle East concerns that have unsettled the market since October resumed after Israel turned down a cease-fire request from Hamas. Strong indications of fuel demand in the United States this week supported the market’s rising trend. Brent crude futures were up…
The International Monetary Fund’s optimistic growth projection for the global economy in 2024 was met with strong performance from crude oil, which ended up 1.23% at 6478. Fears about the implications for the biggest user of crude oil in the world were stoked by this event. Regarding supply, for the most of 2023, Iran was…
As tensions in the Middle East increased as a result of Houthi attacks on ships in the Red Sea, crude oil prices increased by 0.47% to close at 6163. Concerns over possible interruptions to oil supplies were raised by the circumstances. But Angola’s move to leave OPEC raised doubts about the organization’s capacity to sustain…
With mounting uncertainty regarding OPEC+ output cuts, crude oil saw a 1.97% decrease, closing at 6281. Fears of a drop in the demand for fuel were exacerbated by worries about China’s economic crisis. In response to declining oil prices and forecasts of a surplus in the upcoming year, the OPEC+ coalition decided to reduce its…
Due to predictions that OPEC+ would expand or intensify production restrictions, crude oil prices ended the day up 1.17% at 6488. Market anticipation has increased due to ongoing discussions within OPEC+ about the oil policy for 2024; there is no anticipated delay to the planned meeting on Thursday. Previous difficult OPEC+ production quota discussions, most…
Crude oil fell -1.29% to settle at 6424, mostly due to record-high output in the United States despite encouraging signs of demand from China. The petroleum output increase estimate for 2023 was revised by the U.S. Energy Information Administration to 12.9 million bpd, which is somewhat less than earlier projections. Citing unanticipated production growth in…
The price of U.S. oil increased by about $1 a barrel on Thursday, reaching its highest level in more than a year as concerns about OPEC+ cuts headed by Saudi Arabia adding to supply shortages throughout the world. The movement was spearheaded by U.S. West Texas Intermediate oil futures (WTI), which surpassed $95 for the…
