Oil prices fell on Tuesday, extending losses of about two percent in the previous session, as a stronger dollar and an increase in coronavirus infections in China led to fears of slowing global demand. By 0342 GMT, Brent crude futures fell 27 cents, or 0.3 percent, to $ 95.92 a …
Read More »Oil reacts to recession fears amid tight supply prospects
Oil prices retreated by 1% on Monday as investors are concerned about economic storm clouds that could foretell a looming global recession and erosion of fuel demand amid probable tight supply .Brent crude futures fell 96 cents, or 1%, to $96.96 a barrel by 11:31 a.m. EDT (1531 GMT). West …
Read More »Oil rises ahead of OPEC + meeting to discuss production cuts
Oil prices rose on Tuesday amid expectations that the OPEC+ group may agree to a significant cut in crude production when it meets this week. Brent crude futures rose 79 cents, or 0.9 percent, to $89.65 a barrel by 1054 GMT, after gaining more than 4 percent in the previous …
Read More »Reuters: OPEC+ discusses reducing oil production by more than 1m bpd
An OPEC source said that the OPEC + group of oil producers is looking at possible production cuts of more than one million barrels per day, excluding any voluntary cuts by any member country alone. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as …
Read More »Reuters: The OPEC + alliance began discussions on reducing production at the October 5 meeting
Three sources told Reuters that major producers in the OPEC + alliance have started discussions on reducing oil production at the next meeting of the alliance scheduled for October 5. A source in the Organization of the Petroleum Exporting Countries (OPEC) told Reuters that the cut was “highly expected”, while …
Read More »Oil prices fall amid the rise of the dollar and weak demand
Oil prices fell on Thursday after rising more than $3 in the previous session, as a stronger dollar curbed demand for oil and worries about a faltering global economic outlook weighed on market sentiment. Brent crude futures fell 91 cents, or 1%, to $88.41 a barrel by 0629 GMT, while …
Read More »To Recess Or Not To Recess, US Awaiting GDP Data
Thursday’s GDP update will help provide a correct answer to whether US economy has fallen into recession. It is becoming more difficult to figure out what is really going on in the globe’s largest economy. Firmer Final US GDP in the second quarter could offer US dollar rebound as Fed …
Read More »Oil prices stabilize after the dollar’s rise compensated for the decline in US production
Oil prices stabilized on Wednesday as a stronger dollar and rising crude oil inventories offset the decline in US production caused by Hurricane Ian. Brent crude futures rose five cents, or 0.06 percent, to $86.32 a barrel by 0937 GMT, while West Texas Intermediate crude fell nine cents, or 0.1 …
Read More »Oil rises as focus shifts to potential supply cuts
Oil prices rose more than 1 percent on Tuesday, after plunging to a nine-month low the previous day, amid signs that the OPEC+ alliance may begin to cut production to avoid a further price collapse. US NYMEX crude rose to levels near $78 a barrel during these moments of trading …
Read More »JPMorgan: Brent crude may rise to around $100 in Q4 2022
JPMorgan expected the price of Brent crude to rise again towards levels of $100 a barrel, with supply shrinking in the coming months. And the US bank said in a note last week that Brent crude will record levels of $ 101 a barrel in the fourth quarter and $ …
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