Oil prices fell in early trade on Tuesday due to worries that fuel demand will be hampered by major central banks maintaining higher interest rates for a longer period of time, even if supply is anticipated to be constrained. U.S. West Texas Intermediate crude futures were trading 1 cent lower at $89.67 while Brent crude…
Tuesday marked the fourth straight session of rising oil prices as concerns about a supply shortage brought on by Saudi Arabia’s and Russia’s prolonged production cuts increased in response to the U.S.’s lackluster shale output. While Brent crude prices, the international oil benchmark, increased by 58 cents, or 0.61%, to $95.01 per barrel, U.S. West…
On Friday, oil prices reached their highest point in ten months as a result of China reducing the amount of cash reserves that banks were required to hold in order to support its economic recovery and amid anticipation that the major cycles of global interest rate hikes were coming to an end. West Texas Intermediate…
Following a brief decline the previous day, oil prices increased on Thursday as traders’ attention returned to the prospect of a limited supply of crude for the remainder of 2023. International benchmark Brent futures increased 17 cents to $92.05 a barrel, while West Texas Intermediate crude (WTI) increased 19 cents to $88.71. The International Energy…
As investors awaited a barrage of macroeconomic data due later this week that could suggest whether Europe and the U.S. continue to boost interest rates, Brent oil futures stayed slightly above $90 a barrel on Tuesday. The benchmark Brent contract for international markets fell 6 cents to $90.58 a barrel, while West Texas Intermediate oil…
As sluggish manufacturing activity harmed the outlook for global demand and the dollar remained strong, oil prices decreased marginally in early Asian trade on Friday, setting the stage for a weeklong loss. While U.S. West Texas Intermediate crude slid 18 cents, or 0.2%, to $78.91 per barrel, Brent crude dropped 16 cents, or 0.2%, to…
Fears of China’s slowing development and potential future increases in U.S. interest rates lowering fuel consumption in the two largest economies in the world caused oil prices to decline in early trade on Thursday, extending losses to a fourth straight session. While U.S. West Texas Intermediate crude (WTI) was down 39 cents, or 0.49%, to…
As investors took profits on worries that future interest rate increases by central banks might stifle economic growth and global fuel demand, oil prices declined on Thursday, erasing some of the gains made the day before. The price of Brent crude futures had decreased by 27 cents, or 0.4%, to $73.76 per barrel. American West…
Tuesday saw a little decline in oil prices as traders gave up the majority of the gains made the previous session in the wake of Saudi Arabia’s declaration that it will further reduce the output, of the world’s largest exporter. At $76.48 a barrel, Brent crude futures were down 23 cents, or 0.3%. American West…
Oil prices increased on Tuesday amid expectations that the world’s largest oil consumer, the United States, will increase demand as a result of the debt ceiling agreement. Gains were restrained, however, by worries about future interest rate increases and the potential for OPEC+ to maintain current output quotas. Today morning, Brent crude futures had increased…
