The International Energy Agency (IEA) predicts that global oil output will rise by 2.7 million barrels per day in 2025, compared to a previous estimate of 2.5 million bpd. The figure is expected to increase by 2.1 million barrels per day in 2021. However, the outlook for supply is facing conflicting trends, with the possibility…
Oil prices in Asian trade rose on Monday due to optimism over tighter supplies and heightened uncertainty over the Russia-Ukraine war. OPEC+ agreed to raise production in October at a slower pace than in previous months, raising output by 137,000 barrels per day. Brent oil futures for November rose 0.6% to $65.90 a barrel, while…
Crude oil prices fell by -2.63% to 5,634 as traders positioned cautiously ahead of the OPEC+ meeting, which may decide on further production hikes from October. The group, which accounts for about half of the world’s oil supply, is considering unwinding another layer of output cuts, amounting to 1.65 million barrels per day, more than…
Crude oil prices fell 2.73% to 5,887 as markets reacted to rising global trade tensions and an unexpected increase in US oil supplies. The new US tariffs could hurt the global economy and reduce crude demand. The president confirmed a 10% base tax on imports and added new taxes of up to 41% for countries…
Oil prices fell in Asian markets on Monday as concerns about Middle East supply problems began to fade. The main reason for the decline was an expected increase in OPEC+ oil production. Traders had previously reduced the “risk premium” they had added due to tensions between Iran and Israel. Now that those tensions have eased…
Oil prices rose on Friday as US buyers covered positions ahead of the Memorial Day weekend amid concerns over the latest round of nuclear talks between American and Iranian negotiators. Brent crude futures settled at $64.78 a barrel, up 34 cents, or 0.54%. U.S. West Texas Intermediate crude futures finished at $61.53, up 33 cents,…
Crude oil prices continued to fall in Asian markets on Thursday after a report showed an unexpected increase in US crude oil inventories. Crude oil prices rose for four days earlier, hitting a two-week high. The rise came after the US and China agreed on Monday to reduce some of their trade tariffs on each…
Crude oil prices rose 2.6% to ₹5,929 per barrel on expectations that OPEC+ will continue its current production cuts until Q1 2025. In a sign of increased competition in the region, Saudi Arabia is expected to cut oil prices for Asian consumers to their lowest point in four years. The EIA Petroleum Status report revealed…
Crude oil prices rose by 2.83% to 5,988, driven by higher-than-expected US fuel demand and OPEC+’s potential delay in an output hike. U.S. gasoline inventories reached a two-year low, while crude inventories drew down by 0.515 million barrels, contrasting with a 2.3 million-barrel build. Cushing, Oklahoma crude stocks rose by 0.681 million barrels. The U.S….
As market challenges ease, UBS strategists predict that major commodity sectors will bottom out in the coming months. Despite weak performance in most categories, the outlook remains positive, with sector-wide recovery and growth into 2025. Over 6-12 months, total returns of at least 10% for the UBS CMCI are forecasted. The energy sector, particularly crude…
