Oil prices rose on Friday due to production disruptions in the US Gulf of Mexico. Brent crude futures were up 32 cents, or 0.44%, at $72.29 a barrel. U.S. West Texas Intermediate crude futures were up 34 cents, or 0.49%, at $69.31 a barrel. While Brent crude fell below $70 a barrel on Tuesday for…
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%,…
The Federal Reserve Chairman stated that lowering interest rates will be the central bank’s top priority in the upcoming months, which caused U.S. Crude prices to rise by more than 1% on Friday. West Texas Intermediate (WTI) crude futures increased by $1.33, or 1.81%, to $74.34, while Brent crude futures gained $1.27, or 1.63%, to…
The provisional data released by the Ministry of Commerce & Industry on Wednesday showed that the increase in prices of food articles, food product manufacturing, mineral oils, crude petroleum & natural gas, other manufacturing, etc. was the main cause of India’s wholesale price index (WPI)-based inflation for July, which eased to 2.04% on an annual…
China imported 9.97 million barrels of oil per day last month, a 12% decrease from June’s number and a 3% decrease from July 2023’s daily import average. The fall in July comes after an 11% yearly decline in June’s reported crude oil imports, albeit from a record high planned for June 2023. Data released in…
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…
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…
