Tag Archives: oil surplus

Oil prices rose on Wednesday for the fourth consecutive session after fears of a lack of supply outweighed concerns about a global economic slowdown. Brent crude futures, the benchmark for August, saw little change to $117.9 a barrel by 0917 GMT. The August contracts expire on Thursday, and the September …

Oil prices fell on Wednesday after rising for three consecutive sessions, affected by concerns about the global economy, while restrictions on supply eased. Brent crude futures fell $0.98, or 0.8 percent, to $117 a barrel. US West Texas Intermediate crude futures fell $0.62, or 0.6 percent, to $111.14 a barrel. …

OPEC’s oil revenue surged in 2021 as prices and demand recovered from the worst of the COVID pandemic, while the number of its members’ active rigs posted a modest rebound and new completed wells declined, data from the group showed. The value of petroleum exports by the 13-member Organization of …

Producer group OPEC+ trimmed its projected 2022 oil market surplus to 1 million barrels per day, down from 1.4 million bpd previously, a report said on Monday. The said report was prepared for the group’s upcoming meeting of the OPEC+ Joint Technical Committee scheduled to take place on Tuesday.As for …

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 …

Oil prices rose on Monday, extending the gains made last Friday, supported by growing optimism that the impact of the mutated Omicron strain of the Coronavirus will be limited to global economic growth and fuel demand. US West Texas crude rose 69 cents, or 1.0 percent, to $72.36 a barrel, …

US WTI crude oil futures pared gains on Wednesday after a U.S. official said the country was continuing to consider tools to manage energy prices, and as government data pointed to weaker gasoline demand.WTI U.S. crude futures were trading $1.3, or 2.02%, higher at $67.51 a barrel at 12:04 p.m. …