Oil prices experienced an uptick following a drone attack on the American Al-Tanf military base situated on the Jordanian-Syrian border, resulting in the deaths of three American soldiers. President Joe Biden pledged retaliation in response to the incident. Brent crude rose by 0.57% to reach $84.03 per barrel, while the …
Read More »Oil heading to weekly gains on strong economic outlook
Oil prices edged slightly higher in choppy trading on Friday, heading for a second weekly gain as positive U.S. economic growth and signs of Chinese stimulus boosted demand expectations, while Middle East supply concerns added further support.At the time of writing, Brent crude futures are up $1.19, or 1.49%, at …
Read More »Oil prices are heading for weekly gains supported by US growth data
Oil prices retreated on Friday, but they were poised to register their most significant weekly gains since October, buoyed by positive economic data from the United States and signals of Chinese stimulus that supported oil demand. Brent crude futures declined by 0.57%, or 47 cents, settling at $81.96 per barrel …
Read More »Oil rises amid decline in US crude inventories and stimulus hopes in China
Oil prices experienced an upward surge on Thursday, driven by a combination of factors contributing to market optimism. Data revealing a substantial drop in US crude inventories, coupled with the Chinese central bank’s decision to reduce the reserve requirement ratio for banks, generated positive sentiment and heightened hopes for continued …
Read More »Oil Prices Navigate Geopolitical Tensions and Market Dynamics
In a nuanced dance between geopolitical tensions, demand considerations, and currency dynamics, oil prices exhibited mixed movements on Wednesday. The March contract for Brent crude managed a modest rise of four cents, reaching $79.59 per barrel, while US West Texas Intermediate crude mirrored the increase, ticking up four cents to …
Read More »Oil stabilizes amid mixed indicators regarding supplies
Oil prices experienced minimal changes on Tuesday as traders grappled with conflicting data on supply and demand, amidst rising tensions in the Middle East and disruptions to production in the United States due to cold weather issues. As of 03:53 GMT, Brent crude futures dipped by two cents to $80.04 …
Read More »Oil continues to lose due to unfavorable economic factors
Oil prices declined for the second consecutive day on Monday, influenced by persistent concerns about global demand amidst challenging economic conditions. This overshadowed geopolitical tensions in the Middle East and an attack on a Russian fuel export terminal over the weekend. As of 0105 GMT, the price of Brent crude …
Read More »Oil prices fell due to concerns about Chinese demand
Oil prices experienced a decline on Friday following a recent uptick. Geopolitical tensions and disruptions in US oil production due to a cold snap were counteracted by concerns over slowing demand growth in China and expectations of increased supply. As of 0420 GMT, Brent crude futures dropped by 23 cents, …
Read More »Oil prices rise thanks to OPEC demand forecasts and cold weather affecting US production
Oil prices experienced an increase on Thursday, buoyed by OPEC’s optimistic forecast for robust global oil demand growth over the next two years. Brent crude futures rose by 28 cents to reach $78.16 per barrel, while US West Texas Intermediate crude futures increased by 34 cents, reaching $72.90. According to …
Read More »Oil prices decline as a stronger dollar offsets the risks of Red Sea unrest
Oil prices fell on Wednesday as a stronger dollar curbed demand for crude denominated in the US currency, but increasing risks of supply disruptions amid the raging conflict in the Red Sea limited losses. Brent crude futures fell 36 cents, or 0.5 percent, to $77.93 per barrel by 0215 GMT. …
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