Oil prices moved lower on Monday as investors deliberated over a likely May interest rate hike by the U.S. Federal Reserve, which might hamper economic recovery hopes, despite Chinese GDP data was expected to augur well for demand growth. Brent crude futures were down 55 cents or 0.6% at $85.76 …
Read More »Oil stabilized amid anticipation of Chinese GDP data
Oil prices stabilized on Monday, amid anticipation among investors for Chinese economic data, in search of signs of recovery in demand in the second-largest oil consumer in the world. Brent crude futures fell seven cents to $86.24 a barrel by 0746 GMT, and US West Texas Intermediate crude fell six …
Read More »Oil falls after the Energy Agency warned of a supply deficit
Oil prices fell on Friday after the International Energy Agency warned that production cuts announced by OPEC+ producing countries could widen the oil supply deficit and harm consumers. And by 0820 GMT, Brent crude futures fell ten cents, or 0.12 percent, to $ 85.99 a barrel. West Texas Intermediate crude …
Read More »Oil prices soaring on softer US data as $90.00 targeted
Despite an easing of US inflation, the oil price managed to recover. The US Dollar has been negatively impacted by a slowdown in US inflation. Last week, investors were mildly reported to have built up in oil inventories. After reaching a new four-month high of $83.48 on Wednesday, WTI and …
Read More »Oil rises as investors balance between OPEC+ production cuts and interest rate concerns
Oil prices rose on Tuesday as market participants assessed the OPEC+ decision to cut production, which would reduce supplies in the market, against concerns about raising interest rates, which is likely to hurt demand. Investors are awaiting this week a group of reports about inflation, supply and demand in the …
Read More »Oil edges higher as tighter supply looms
After climbing for three weeks straight, oil prices increased little on Monday as anticipation of supply reductions from Saudi Arabia and other OPEC+ members outweighed worries about slowing global growth that would reduce demand for gasoline. After OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, …
Read More »Oil rose in early Asian trading
Oil prices rose in early Asian trading on Monday, supported by expectations of production cuts targeted by OPEC + starting in May, but gains were limited by concerns about the global economic outlook. Brent crude futures rose 13 cents, or 0.2%, to $85.25 a barrel by 2356 GMT, while US …
Read More »Oil is heading to record gains for the third week, after the sudden OPEC+ cuts
Oil continues its path towards weekly gains on Thursday, as the OPEC+ announcement of additional production cuts targeted and falling US oil inventories overshadowed concerns about global economic growth. The two crude prices rose more than six percent this week, heading towards recording gains for the third week in a …
Read More »Oil is rising as investors’ focus shifts to the demand outlook
Oil prices rose in Asian trading on Tuesday after the OPEC+ decision to cut further production shook markets on Monday, while investors’ attention turned to the demand outlook and the impact of higher prices on the global economy. Brent crude futures rose 41 cents, or 0.5 percent, to $85.34 a …
Read More »Crude oil soars on surprise OPEC+ output cut; mounting demand worries?
After a surprising agreement by OPEC+ to reduce additional output, oil prices soared on Monday, registering their largest daily increase in over a year. After reaching its highest price in a month at $86.44, Brent crude was up $4.91, or 6.2%, to $84.80 a barrel as of 12:15 GMT. After …
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