Tag Archives: opec

Despite a minor decline on Friday, oil prices saw a weekly increase as Middle East tensions and interruptions to oil production outweighed worries about the Chinese and worldwide economies. A barrel of Brent futures ended the day 54 cents lower at $78.56. West Texas Intermediate oil dropped 67 cents to …

Oil prices experienced a slight uptick on Tuesday, driven by escalating conflict in the Middle East. Ship tracking data indicated an increased number of tankers diverting away from the Red Sea following attacks by Yemen’s Houthi movement in the region. Brent crude futures saw a rise of 12 cents, approximately …

WTI is in the red territory after losing -0.39% on Monday, hovering around $72.50. The fundamentals for crude oil are still weakening, and output is still going strong worldwide. The supply routes between Europe and Asia are still being impeded by the Houthi rebels. Earlier on Monday, US crude oil …

The majority of analysts interpret Angola’s recent withdrawal from OPEC as a hint that further Chinese investment is welcome. As part of a strengthening of long-standing relations, Beijing may be able to invest more in Angola’s oil and other sectors as a result of the country’s decision to exit OPEC. …

Oil futures declined on Thursday after Angola announced its decision to leave the Organization of the Petroleum Exporting Countries (OPEC). The move seemingly stirred investors’ hopes there would be more supply as the African country previously voiced opposition to the group’s recent decisions, including the one on production cuts.WTI intiallt …

Last week was ideally key central banks’ week, it is poised to be followed by a relatively quiet week ahead. It was practically a big week for US stocks. US StocksThe Fed’s indication that it may lower interest rates three times in 2024 caused the stock market to surge higher …

The price of WTI oil fell as low as $70.65 in the afternoon and then slightly increased to $72.00. This week, WTI might revert to the opening bids because of intricate technical issues and a danger prompted by the Fed’s dovishness. Global oil demand is declining more swiftly than OPEC’s …

The Canadian dollar has hit a new weekly low due to deteriorating market sentiment and falling crude oil prices. The US data has reduced risk appetite and deflated crude oil bids, leading more markets to turn back towards the US dollar. Fresh weekly lows are expected since crude oil markets …

Recent developments, such as the Middle Eastern ceasefire and a notable increase in US stockpiles, are causing oil prices to decline. Following the release of the latest FOMC Minutes, which showed that all Fed’s policymakers decided not to change rates anytime soon, the US dollar has been strengthening as markets …

WTI is trading at $73.055 per barrel as US oil stocks rise more than anticipated. Earlier on the day, the American crude touched four month lows at $72.55.Concerns about declining oil demand are fueled by weak US economic indicators, such as an increase in unemployment claims and a decline in …