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…
The biggest US bank failure since 2008 continued to reverberate through financial markets as oil prices extended losses ahead of important inflation data. After a turbulent session on Monday and a 2.5% decline in the closing price, West Texas Intermediate fell under $75 a barrel. Investors will be watching the consumer price index reading, which…
On Thursday, oil prices remained almost unchanged due to a larger-than-anticipated drop in U.S. crude stocks and concerns that more aggressive U.S. interest rate increases would slow economic growth and reduce oil consumption. Brent crude futures had increased by 5 cents to $82.71 per barrel, while West Texas Intermediate (WTI) crude futures had increased by…
On Wednesday, oil prices increased for a second day as expectations for global fuel consumption were raised by news of rising manufacturing activity in China, the largest consumer of crude. May Brent crude oil was up 24 cents, or 0.3%, to 83.69 per barrel. The April contract reached its expiration on Tuesday at $83.89, up…
The world’s oil demand is expected to climb by more than expected in 2023, according to OPEC, which boosted its prediction in its first upward revision in months. The organization cited China’s relaxation of COVID-19 limitations and slightly better expectations for the global economy. The Organization of the Petroleum Exporting Countries (OPEC) predicted on Tuesday…
In the second half of the year, when China’s economy emerges from anti-virus lockdowns, crude oil prices could reach $100 per barrel, according to Iran’s liaison to OPEC. Afshin Javan, Iran’s national representative to the OPEC producer group, stated on the fringes of the India Energy Week conference in Bengaluru that “we have some market…
The expectation that China’s harsh COVID-19 regulations will be relaxed will result in a rebound in gasoline consumption in the world’s largest oil importer drove up oil prices on Wednesday, extending gains from the previous session. Following a 1.7% gain in the prior session, Brent crude futures were up 52 cents, or 0.6%, at $86.44…
As supply remains constrained and demand worries continue to exceed them, crude oil prices are rising. The MCX crude oil futures (continuous contract) and the Intercontinental Exchange (ICE) Brent crude futures both saw gains last week, closing at $98.62 and 7,556 per barrel, respectively. The risks are inclined to the upside. With the G7 agreeing…
Oil prices dropped on Monday as a result of worries that expanding COVID-19 restrictions in China will reduce demand, countering indications that production at the largest U.S. shale field is slowing down. After falling 1.2% on Friday, Brent crude futures were down 36 cents, or 0.4%, to $95.41 a barrel. After closing Friday’s trading session…
Oil prices decreased on Wednesday as reports from the industry revealed that U.S. oil stockpiles increased more than anticipated, but losses were restrained by supply concerns. After closing 26 cents higher the day before, December Brent crude futures were down 72 cents, or 0.8%, at $92.80 a barrel. West Texas Intermediate (WTI) crude for the…
