The world’s top oil-consuming countries, China, and the United States both have rising crude oil stockpiles and exports, which has caused a slight increase in crude prices yesterday, which ended at 6606 due to positive demand outlooks. A report by the Energy Information Administration showed that U.S. oil stocks had dropped by 1.4 million barrels…
The United States’ efforts to restock its Strategic Petroleum Reserve (SPR) helped drive up crude oil prices, which increased by 0.57% to close at $5969. With the intention of buying 3 million barrels of crude oil by March, the U.S. revealed plans to replenish the SPR until May. Despite worries about global economic growth and…
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…
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…
