Oil prices increased on Wednesday as U.S. oil and fuel supplies tightened and as the possibility of additional OPEC+ output restrictions was raised by a warning to speculators from the Saudi energy minister. Brent crude futures were up 86 cents, or 1.1%, to $77.70 per barrel, while WTI was up 88 cents, or 1.2%, to…
Oil prices fell on Monday as worries about fuel consumption in the top two oil consumers in the world, the United States and China, outweighed hopes for tighter supplies as a result of any OPEC+ supply cuts and a restart of U.S. purchases for reserves. Brent crude futures were down 43 cents, or 0.6%, to…
Early Asian trading on Monday saw a tiny increase in oil prices as concerns about a U.S. recession that had caused prices to fall for three weeks in a row for the first time since November started to fade. Brent crude prices were up 6 cents at $75.36 per barrel. West Texas Intermediate (WTI) oil…
Yesterday, crude oil fell -1.58% to settle at 6235 as concerns about a potential recession in the world’s largest economy were stoked by disappointing U.S. data. Signs of strengthening short-term consumption growth are being countered by pressure witnessed amid ongoing economic concerns and anticipation of more interest rate hikes that could restrain fuel demand growth….
Pressured by a stronger dollar and higher Treasury yields, gold reversed direction and fell below the important $2,000 per ounce threshold as investors searched for clues as to whether the market will witness a “one and done” rate hike by the U.S. Federal Reserve in May. After climbing as high as 0.6 percent earlier in…
The stage has been prepared for other producers to compete for markets in Asia following an unexpected reduction in oil supply from OPEC+. Since the Organization of Petroleum Exporting Countries began actively controlling supplies in 2017, member states have given flows to Asia preferential treatment at the expense of nations like the U.S. China and…
The unexpected declaration by OPEC+ to further reduce output in an effort to sustain market stability caused an increase in oil prices of approximately $5 per barrel on Monday. In the opening, Brent crude reached its highest price in almost a month, trading at $84.95 a barrel, up $5.06 or 6.3%. With a price of…
Oil prices were little altered on Friday following a meeting between Saudi Arabia and Russia that helped to calm the markets, but crude benchmarks were still on track to drop for a second consecutive week after this week’s sell-off in the global financial markets was started by a banking crisis. After ending three days of…
The fear of additional interest rate hikes and ongoing Russian crude exports caused oil prices to decline by more than 2% in the previous session. However, prices stabilized in early Asian trade on Tuesday. Brent crude futures were up 28 cents to $85.18 per barrel, while U.S. Crude oil futures for West Texas Intermediate (WTI)…
Oil prices dropped on Monday, giving up earlier gains, as investors remained cautious ahead of a U.S. Federal Reserve meeting that may cause market turbulence and global producers this week decided to keep output steady. Brent crude futures were down 20 cents, or 0.2%, to $86.46 per barrel, while U.S. West Texas Intermediate crude was…
