Tag Archives: Oil Prices

The shift toward renewable energy has to be managed very carefully in order to prevent a surge in oil prices as energy demand continues to rise, according to Saudi Arabia’s finance minister.“We have very serious concerns that the world could run short of energy if we are not careful in …

OPEC on Monday raised its forecast for global oil demand in the first quarter of 2022 but left its full-year growth forecast unchanged, saying the Omicron mutant from the coronavirus would have a slight impact as the world coped with the pandemic. The Organization of the Petroleum Exporting Countries (OPEC) …

The US Dollar Index (DXY) which measures the performance of the US dollar against major currencies, has slid by 0.19%, settling at 96.04 during the New York trading session.The market sentiment was positive as the Wall Street session closed, with major US shares finishing in the green territory recording gains …

US drillers this week have added oil and natural gas rigs for the sixth time in seven weeks as demand for energy keeps growing after last year’s coronavirus demand destruction.That rig count increase comes despite oil price declines in six of the past seven weeks. The oil and gas rig …

Crude oil prices fall during Thursday’s session after rallying for six weeks, retreating by 2.82%. COVID-19 restrictions, and the spread of the Omicron variant, dented market mood as oil demand cut are among factors that are dragging prices lower.The factors together hit oil prices as lockdowns loom as a number …

Crude oil prices have been choppier on Wednesday than the previous two days. WTI crude futures have dumped within a USD 71.00 – 72.70 range over the past few hours, swinging between gains and losses. WTI slump back under the USD 72.00 to around USD 71.75, where it trades broadly …

In its monthly Short Term Energy Outlook (STEO) report, the US Energy Information Administration has raised its forecast for 2022 world oil demand growth by 200000 barrels per day (BPD).This data was released on Tuesday, and now demand growing 3.55M BPD YoY next year. The EIA STEO cut its forecast …

Oil prices rose on Tuesday after rising 5 percent in the previous session as concerns eased about the impact of the mutated Omicron strain of the Coronavirus on global fuel demand, while nuclear talks with Iran faltered, delaying the return of Iranian crude supplies to the market. Brent crude futures …

WTI has recovered some of last week’s losses and reclaimed $67.50 amid a positive market mood. Saudi Arabia increased the crude-oil barrel to a median of $0.50 to different customers, and oil rose on the news.As the New York session begins, the US crude oil benchmark, Western Texas Intermediate, also …

The number of rigs drilling for oil in the US. was unchanged in the latest week at 467, according to oil-field services company Baker Hughes Co. The rig count was 221 rigs higher than last year when there were 246 active rigs, Baker Hughes said Friday.The nation’s gas-rig count stood …