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…
The United States’ efforts to restock its Strategic Petroleum Reserve (SPR) helped drive up crude oil prices, which increased by 0.57% to close at $5969. With the intention of buying 3 million barrels of crude oil by March, the U.S. revealed plans to replenish the SPR until May. Despite worries about global economic growth and…
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…
The price of Brent crude experienced a decline to $80.6 per barrel, even with the recent announcement by OPEC and its allies to prolong the production reduction of 1.7 million barrels per day until 2024. Forecasters predict that going forward, the price of crude will stay between $80 and $85 per barrel. India, which imports…
Early Asian trading on Friday saw a decline in oil prices, which continued losses following the voluntary agreement by OPEC+ members to reduce oil output for the first quarter of 2019 that fell short of market expectations. At morning session February’s Brent crude futures were down 14 cents, or 0.2%, at $80.72 per barrel. At…
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…
The largest producer of gas and oil in India, ONGC, has entered into long-term agreements with refiners to sell the crude oil it extracts from offshore resources in Mumbai at a premium to the global benchmark Brent, according to sources. The Oil and Natural Gas Corporation (ONGC) has agreements with Bharat Petroleum Corporation Ltd (BPCL)…
As investors anticipated the OPEC+ meeting later this week in hopes of reaching an agreement to limit supplies through 2024, oil prices were little moved on Monday, with Brent remaining above $80 per barrel. U.S. West Texas Intermediate crude futures were up 10 cents, or 0.1%, at $75.64 a barrel, while Brent crude futures up…
Crude oil prices dropped 1.62% to settle at 6363, which was caused by the OPEC+ meeting being rescheduled for November 30. The delay resulted from Saudi Arabia’s discontent with other members’ production levels, which at first raised concerns about possible supply cuts. Significant news showing a 9 million barrel increase in U.S. crude inventory, over…
On November 17, oil prices surged by over 4%, recovering from a four-month low reached the previous day as investors who had placed short positions cashed in and as assistance was provided by US penalties on certain Russian oil shippers. West Texas Intermediate (WTI) crude saw a gain of $2.99, or 4.1 percent, at $75.89,…
