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…
Thursday saw oil prices rise for the third consecutive day as government data revealed a sharp decline in US crude stockpiles, which helped the commodity recover from multi-month lows reached this week. While U.S. West Texas Intermediate crude gained 29 cents, or 0.4%, to $75.52, Brent crude futures increased by 23 cents, or 0.3%, to…
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…
Oil prices rose by 0.32% to settle at 6911 due to an optimistic demand outlook and ongoing supply risks. The Federal Reserve may delay interest rate cuts until September due to rising inflation. However, concerns arose as U.S. gasoline stockpiles fell less than expected, while distillate stockpiles rose, signalling a potential demand slowdown. U.S. crude…
Oil prices rose on Wednesday due to concerns over availability of fuel and crude following strikes on Russian refineries by the Ukrainians and the possibility of the Israel-Hamas conflict expanding to include Iran. US West Texas Intermediate crude futures rose by 0.08% to $85.22 per barrel, while Brent crude futures for June rose by 0.19%…
On Thursday, oil prices marginally increased, U.S. West Texas Intermediate crude futures (WTI) increased by 17 cents to $78.08 per barrel. By 0150, the May contract was up 14 cents to $77.45 per barrel. The April delivery of Brent oil saw a 14-cent increase to $83.17 per barrel, while the May contract saw a 13-cent…
Wednesday saw a slight increase in oil prices as expectations for growth in US oil output to be mostly stable through 2025 allayed concerns about an oversupply. U.S. West Texas Intermediate crude increased 41 cents, or 0.6%, to $73.72, while Brent crude futures increased 38 cents, or 0.5%, to $78.97 a barrel. On Monday, both…
On Wednesday, oil prices plummeted in Asian trading as disappointing Chinese trade data fueled new worries about weakening demand in the nation. Prices have now completely reversed all gains from earlier this week due to OPEC production cutbacks. In May, China’s trade surplus hit a 13-month low, primarily due to a surprising decline in exports…
The U.S. debt ceiling uncertainty and resurrected concerns for a regional banking crisis in the United States limited advances in the early Asian trading on Friday as traders covered short positions in anticipation of the weekend. In the morning session, Brent crude futures were up 36 cents, or 0.5%, to $75.34 per barrel. To reach…
Ravindra V Rao, VP-Head Commodity Research at Kotak Securities, said Investors were paralyzed by fear this week as the banking crisis moved from the U.S. to Europe, raising concerns about contagion in the international financial markets. The U.S. regulators announced plans to reduce systemic risk at the beginning of the week in a joint statement…
