Oil prices edged higher during Asian trading on Friday as investors remained cautious ahead of the release of key U.S. employment data. This comes amid weighing factors, including a significant withdrawal from U.S. crude inventories and a potential delay in production hikes by OPEC+ producers. By 0507 GMT, Brent crude …
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U.S. oil futures edged higher on Wednesday, buoyed by expectations that OPEC+ may delay a planned output increase to support the market, which has been weighed down by concerns over sluggish demand growth. Oil Prices Climb As of 07:55 EST (11:55 GMT), West Texas Intermediate (WTI) crude oil futures rose …
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Oil prices continued their downward trend on Wednesday, extending the more than 4% drop seen in the previous session. The market remains under pressure, hovering at its lowest levels since December, driven by expectations of a potential resolution to the political dispute in Libya that has halted oil exports, along …
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For this Monday’s trading session, the oil price is on the verge of turning a negative performance into a positive one. Early Thursday, prices fell as traders turned their attention to concerns about Chinese demand and the negotiations for a cease-fire in Gaza. Hedge funds that are long the Japanese …
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Due to Saudi Arabia and Russia’s agreement to reduce output by 1.3 million barrels through the end of the year, WTI crude oil is currently trading at $86.62. Oil prices are supported by China’s strong economic indicators and Japan’s probable end to negative interest rates.As supply cuts from Saudi Arabia …
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OPEC Secretary-General Haitham Al-Ghais has congratulated the Libyan people on the 71st anniversary of the national Independence Day. Al-Ghais stated that OPEC has benefited from Libya’s contribution during the past years, since the signing of the cooperation agreement in 2016, as well as by combating the Corona virus 2020. He …
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Global economic growth is expected to continue strong at 3.1% this year and another 3.1% in 2023 according to OPEC’s forecast, on Tuesday, suggesting that the group expects healthy oil demand growth despite market fears of recession. In its September Monthly Oil Market Report (MOMR) published today, OPEC made no …
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WTI trades a few dollars lower on Friday but is within recent intra-day ranges in the low $100s. Amid a lack of fresh developments, oil traders are mulling various oil market-relevant themes.Crude oil prices continue to trade in uneventful fashion, with front-month WTI futures stuck within their intra-day ranges of …
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The coming oil surplus could be much smaller than expected and could exert much less downward pressure on oil prices this year.Demand remains strong as signaled in the six-month futures spread in Brent which has more than doubled since hitting a low point in December.At the start of 2022, Omicron’s …
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The WTI crude oil briefly eclipsed the $80 per barrel level for the first time since mid-November as OPEC+ struggles to lift output.Crude oil prices have rallied despite recent downside in global equities after hawkish Fed minutes, and are keeping an eye on Kazakhstan unrest.Front-month WTI futures have surged on …
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