Oil prices rose on Wednesday due to tightening supplies from Russia and OPEC members and an unexpected increase in U.S. job openings, which suggests expanding economic activity and growth in oil demand. Brent crude was up 37 cents, or 0.5%, at $77.42 a barrel, while U.S. West Texas Intermediate crude climbed 44 cents, or 0.6%,…
Oil prices rose on Friday due to cold weather in Europe and the US and additional economic stimulus from China. Brent crude futures settled 0.8% higher at $76.51 a barrel, the highest level since October 14. U.S. West Texas Intermediate crude settled 1.13% higher at $73.96, the highest level since October 11. China’s economic fragility…
Not only did oil prices rise in early trade on Thursday, but oil prices continued to rise against the global market due to escalating conflicts in the Middle East. Brent crude futures were up 64 cents, or 0.87%, at $74.54 a barrel. U.S. West Texas Intermediate crude futures were up 72 cents, or 1.03%, at…
Oil prices stabilized on Wednesday as investors await the US Federal Reserve’s anticipated interest rate cut and the potential for more violence in the Middle East. Brent crude futures for November dropped 3 cents to $73.67 a barrel, while U.S. crude futures for October slid 11 cents to $71.08 a barrel. After Hurricane Francine, both…
Media reports indicated no movement toward an Israel-Hamas ceasefire. Due to this, Crude price increased during the Asian trade on Monday. Hopes of lower US interest rates also helped oil markets as the Federal Reserve Chairman confirmed forecasts for a September cut. The Federal Reserve Chairman’s comments on Friday led crude prices to rise again….
India, the third-largest oil importer in the world, imported the same amount of crude oil as in the previous fiscal year, 2023–2024, which concluded on March 31. However, because of record-high imports of cheaper Russian crude and declining oil prices, India’s import bill decreased by over 16%. According to data from the Petroleum Planning and…
The API said on Tuesday that although U.S. crude stockpiles increased last week more than anticipated, gasoline inventories decreased, suggesting that refinery activity is still recovering despite rising fuel demand. The U.S. benchmark crude oil futures, WTI Futures, settled down 0.1% at $85.36 a barrel before trading at $85.28 a barrel in response to the…
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…
A tighter outlook for the crude markets was presented by indicators of reduced stockpiles and disruptions in fuel supply, which caused oil prices to rise in Asian trade on Monday as prospects of an Israel-Hamas ceasefire lessened. Due to growing rumors of a Gaza ceasefire for the Muslim holy month of Ramadan, crude prices dropped…
The world’s largest oil consumers, China and the United States, saw rising demand on Friday, which contributed to an increase in oil prices. Additionally, the U.S. Federal Reserve signaled favorably that rate cuts might be possible. The price of a barrel of Brent crude futures had increased by 0.45%, or 37 cents. U.S. West Texas…
