With Israel accepting a plan to address the issues preventing a ceasefire agreement in Gaza, concerns over a disruption in Middle Eastern oil supplies were allayed, and oil prices inched down on Tuesday. At $77.54, Brent crude dropped 12 cents, or $2.02, or 0.15%. Tuesday’s front-month U.S. West Texas Intermediate oil futures were down 14…
OPEC cut its estimates for world oil demand this year and next. In a monthly report, the Organization of the Petroleum Exporting Countries cut estimates for global demand growth in 2024 by 135,000 barrels per day. At a review meeting earlier this month, the alliance reaffirmed that the hike could be “suspended or modified” “depending…
Oil prices were close to eight-month lows on Monday as concerns about a potential recession in the United States, the world’s biggest oil user, outweighed concerns about the potential impact of escalating tensions in the Middle East on supply from the main producing region. Brent crude futures experienced a minor decline of 4 cents, or…
The Organization of Petroleum Exporting Countries predicted that India’s oil consumption will increase to 5.80 million barrels per day in 2025, a 4.1% increase from the 5.57 million barrels per day predicted in 2024. The cartel noted in its most recent oil market report for the month that rising economic activity will lead to higher…
Early on Wednesday in Asian trading, oil prices began to decline as traders withdrew some of their capital following two sessions in which benchmarks surged to multi-month highs, dampening investor demand due to a stronger dollar. May delivery of Brent oil futures dropped 19 cents, or 0.2%, to $87.19 per barrel. The April delivery of…
On Friday, oil prices fluctuated as investors considered the dwindling demand prediction by a powerful organization and the unimpressive U.S. retail sales report that raised hopes for interest rate reduction in the country. At 01:31 , Brent crude futures fell 11 cents, or 0.1%, to $82.75 a barrel. At $78.04 a barrel, U.S. West Texas…
