Oil prices were little changed on Wednesday, as concerns about rising COVID-19 cases in China, the world’s largest oil importer, were offset by a larger-than-expected draw in US crude inventories. Brent crude futures rose seven cents, or 0.1 percent, to $80.06 a barrel by 0404 GMT, while US West Texas …
Read More »America’s oil exports are about to exceed its imports in 2023
The United States has become a global exporter of crude oil over the past few years, but its exports have never exceeded its imports since World War II. This may change next year. US crude oil sales to other countries are now at a record 3.4 million bpd, with exports …
Read More »SOMO data shows that Iraq’s oil production declined in November in line with its share in OPEC+
Data from the Iraqi State Oil Marketing Company (SOMO), seen by Reuters on Thursday, showed that Iraq produced 4.43 million barrels per day of crude oil in November, down 221 thousand from October. These figures show that Iraq’s crude production is in line with its quota under the OPEC + …
Read More »Oil prices are rising after reaching their lowest levels in 2022
Oil prices recovered in early Asian trade on Thursday after tumbling to their lowest level this year, as production and gasoline inventories rose in the United States as concerns grew that an economic slowdown could weaken demand for fuel. Brent crude futures rose $1 to $78.17 a barrel, by 0600 …
Read More »Oil is falling near its lowest level in 2022, under pressure from economic concerns
Oil futures witnessed little change in Asian trading on Wednesday, December 7th, as fears about the impact of the cap imposed by the West on the price of Russian oil were offset by hopes for an improvement in demand from China, which kept the markets in anticipation after a sharp …
Read More »Oil falls amid data, mixed worries
Oil prices fell nearly 3% on Monday, following US service sector data that has added to worries that the Fed could continue its aggressive policy tightening path. So, the data caused oil and stock markets to pare gains.Brent crude futures were down $2.18, or 2.6%, at $83.39 a barrel by …
Read More »Oil price steadies ahead of Russian oil cap enactment, OPEC+ meeting
Oil future contracts changed a little bit during the choppy trading session on Friday ahead of the meeting of OPEC+ scheduled for Sunday and an EU ban on Russian crude which will come in force as of Monday, December 5.WTI crude futures rose 11 cents, or 0.1%, to $81.35 per …
Read More »Oil prices rose slightly after data on the decline in US oil inventories
Oil prices rose slightly on Wednesday, after data showing a larger-than-expected decline in US crude inventories last week offset fears that China’s fuel demand will decline amid tightening COVID-19 restrictions. Brent crude futures rose 27 cents, or 0.3 percent, to $88.63 a barrel at 0719 GMT, while West Texas Intermediate …
Read More »Stability of oil prices amid concerns about demand in China
Oil prices were little changed on Tuesday after fears of a global recession and concern that rising coronavirus infections in China would dampen demand from the world’s largest crude oil importer were offset by a falling US dollar. Brent crude futures rose 30 cents, or 0.3 percent, to $87.75 by …
Read More »Market Drivers – US Session 21/11/2022
The US dollar capitalized on Monday’s prevalent risk aversion and negative market sentiment to edge higher. Risk aversion dominated markets after China’s National Health Commission reported death cases of Covid-19 patients in Beijing. China also reported over 26,000 new infections on Sunday. Commodity-linked currencies ended the day with losses against …
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