Yesterday, the International Energy Agency’s (IEA) most recent oil market report, which highlighted disruptions in the Red Sea region and presented a more positive picture for demand growth, caused crude oil to see a notable jump of 2.48%, closing at 6,742. To boost market optimism, the IEA revised its demand growth predictions for 2024 and…
Following OPEC+ members’ decision to extend its voluntary oil output cutbacks of 2.2 million barrels per day into the second quarter, which was mostly expected by the market, oil prices increased on Monday. U.S. West Texas Intermediate (WTI) was up 20 cents, or 0.3%, to $80.17 a barrel, while Brent futures was up 28 cents,…
In early Asian trading on Wednesday, oil prices fell as rumors of extensions to OPEC+ output restrictions countered the positive impact from the possibility of a postponed U.S. rate-cutting cycle. By 0110 U.S. West Texas Intermediate crude futures (WTI) were down 35 cents, or 0.44%, to $78.52 a barrel, while Brent crude futures slid 38…
In light early trading on Monday morning—a national holiday in the US—oil prices began to decline At $82.89 per barrel, Brent crude futures were down 58 cents, or 0.69%. At 0138 U.S. West Texas Intermediate crude was down 35 cents, or 0.44%, at $78.84. The second-largest hospital in the Gaza Strip was shut down by…
A combination of factors boosting market optimism caused crude oil prices to close 0.28% higher at 6399. The market was infused with liquidity and hopes of an economic revival were reinforced by China’s recent stimulus announcements, especially the lowering of the reserve requirement for banks. One of the main factors driving the rising demand for…
With the United States producing an expected 13.3 million barrels of crude oil per day, the price of crude oil fell by -1.39% to settle at 5943. Oil prices were further pressured by this increase in crude output, which was up 200,000 barrels per day from the previous week. The downward pressure was also fueled…
As tensions in the Middle East increased as a result of Houthi attacks on ships in the Red Sea, crude oil prices increased by 0.47% to close at 6163. Concerns over possible interruptions to oil supplies were raised by the circumstances. But Angola’s move to leave OPEC raised doubts about the organization’s capacity to sustain…
The International Energy Agency (IEA) released a positive prediction on oil demand for the upcoming year, and a weaker dollar helped oil prices increase on Friday, setting up a first weekly advance in two months. As of $77.12 per barrel, Brent futures were up 51 cents, or 0.7%, higher. Crude oil prices for the United…
The price of Brent crude experienced a decline to $80.6 per barrel, even with the recent announcement by OPEC and its allies to prolong the production reduction of 1.7 million barrels per day until 2024. Forecasters predict that going forward, the price of crude will stay between $80 and $85 per barrel. India, which imports…
Early Asian trading on Friday saw a decline in oil prices, which continued losses following the voluntary agreement by OPEC+ members to reduce oil output for the first quarter of 2019 that fell short of market expectations. At morning session February’s Brent crude futures were down 14 cents, or 0.2%, at $80.72 per barrel. At…
