Oil prices fell on Wednesday after rising in the previous three sessions but losses were limited on the view that global supply tightness will continue as there is limited room for major producers such as Saudi Arabia to boost production. U.S. West Texas Intermediate (WTI) crude futures slid 44 cents, or 0.4%, to $111.32 a…
The Organization of the Petroleum Exporting Countries (OPEC) and association including Russia, known as OPEC+, agreed to increase output by 648,000 barrels per day (bpd) in July and 648,000 bpd in August. Ahead of the meeting, sources told Reuters that Saudi Arabia and other OPEC members could increase oil output to offset a drop in…
Oil prices up in early Asian trade on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and China closed its COVID-19 lockdown in Shanghai. Brent crude for August delivery was up 78 cents, or 0.7%, at $116.38 a barrel. The front-month contract for July delivery expired on Tuesday…
Oil prices jumped around a two-month high on Friday, with Brent crude on track for its biggest weekly jump in one and a half months, supported by the prospect of an European Union ban on Russian oil and the upcoming summer driving season in the United States. Brent crude futures for July down 9 cents…
Oil bounce back on Wednesday after jumping nearly 10% over the previous two sessions, encouraged by supply concerns as the European Union works on gaining support for a stop on Russian oil and as major manufacturers warned they may suffer to fill the gap when demand increases. Oil prices have slipped with commodities and share…
In a monthly report, “World oil demand would rise by 3.67million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast” said Organization of the Petroleum Exporting Countries (OPEC). On Tuesday OPEC cuts the forecast for growth in world oil demand in 2022 citing the impact of Russia’s invasion of Ukraine, high…
The outlook for global oil markets darkened on Thursday after the International Energy Agency (IEA) said that slowing demand for crude in the wake of restrictions imposed to curb the fast-spreading Delta variant is colliding with a recent increase in global crude production. But the news is likely to be welcomed by the White House,…
Oil prices soared on Monday, strong demand during the summer driving season and the suspension of talks to renew Iran’s nuclear deal could lead to a resumption of crude supplies from OPEC manufacturers. Brent crude for August 0825 GMT was up 23 cents, or 0.3%, at $ 73.74 a barrel. U.S. for July West Texas…
Brent topped $ 72 a barrel for the first time since 2019 as it faced concerns about an overall COVID-19 vaccine release worldwide, such as OPEC + supply discipline and recovery in demand. The Organization of the Petroleum Exporting Countries and its allies said they would abide by the supply restrictions agreed on Tuesday. A…
Oil prices rose for a third day on Thursday in anticipation of rising fuel demand by the end of this year, especially in the US and Europe, and China, while large manufacturers have been adhering to supply discipline. After reaching its highest level since September 2019, Brent crude futures rose 40 cents, or 0.6%, to…
