OPEC Secretary General Haitham al-Ghais said on Wednesday that the organization is ready to “intervene for the benefit of oil markets”, Saudi-owned Al-Arabiya TV reports, citing Ghais as saying that OPEC is aware, cautious and monitoring …
LONDON – Investors expect a planned U.S. and EU price cap to disrupt Russia’s crude exports by enough to offset the impact of an economic slowdown on oil consumption, boosting prices.
Hedge funds and other money managers …
LONDON – OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and further trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates.
Oil …
LONDON – Russia’s oil export revenues are at much greater risk from a global economic recession than the price cap being planned by the United States and the European Union.
Recession is a sure-fire way to reduce Russia’s …
SHARM EL-SHEIKH, Egypt -The head of the International Energy Agency (IEA) said on Wednesday oil prices “flirting with $100” were a real risk for the global economy, adding he was surprised by the OPEC+ decision to cut output at …
LONDON – Oil prices slipped on Tuesday as recession concerns and worsening COVID-19 outbreaks in top crude importer China heightened fears of lower fuel demand.
Brent crude was down 31 cents, or 0.3%, at $97.61 a barrel …
NEW YORK – Oil slid about 1% on Thursday as an increase in U.S. interest rates pushed up the dollar and heightened fears of a global recession that would crimp fuel demand.
Losses, however, were limited by …
LONDON – Portfolio investors’ oil positions are exhibiting significant week-to-week volatility as traders struggle to anticipate the net effect of an economic slowdown amid exceptionally low inventories of crude and diesel.
Hedge funds and other money managers purchased …
Oil prices will find support from OPEC+ output cuts and sanctions on Russia for the rest of the year and into the early part of 2023, a Reuters poll showed on Monday, but a recession could limit further gains.…
LONDON – Oil prices fell in volatile trade on Tuesday on fears of higher U.S. supply amid economic slowdown and lower Chinese fuel demand.
Brent crude futures fell by $1.35, or 1.47%, to $90.27 a barrel by …
Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening COVID-19 curbs in China.
Brent crude futures fell 51 …
Oil prices fell on Friday amid recession fears and a stronger U.S. dollar, though losses were capped by supply concerns after Moscow’s new mobilization campaign in its war with Ukraine and an apparent deadlock in talks on reviving …
(Bloomberg) — Schlumberger said annual sales will rise the most in 11 years as concern over inadequate energy supplies outweighs recessionary fears among major oil explorers.
Citing the biggest jump in demand for its services in more …
NEW YORK – Oil prices were down about $3 a barrel on Thursday on higher U.S. gasoline stockpiles and after a European Central Bank (ECB) rate hike stoked demand worries, while returning oil supply from Libya and the resumption …
(Bloomberg) — Oil prices pose a high risk to the global economic recovery, with signs that fuel costs are starting to “take their toll” on demand growth, the International Energy Agency said.
The Paris-based adviser trimmed forecasts …
AUSTIN – Railroad Commission of Texas Chairman Wayne Christian applauds the Texas oil and gas industry following the Texas Comptroller of Public Accounts’ announcement of record-breaking tax revenues from the industry.
“Despite President Biden’s delusional desire to …
NEW YORK -Oil prices slid about 2% to a 12-week low in volatile trade on Wednesday, extending the prior session’s heavy losses as investors grew more worried energy demand would take a hit in a potential global recession.
Looking …
Oil prices tumbled Tuesday with the U.S. benchmark falling below $100 as recession fears grow, sparking fears that an economic slowdown will cut demand for petroleum products.
West Texas Intermediate crude, the U.S. oil benchmark, slid 9%, …
(Bloomberg) — Canada’s economic expansion suffered a minor setback last month after a robust start to the year, driven by a drop in oil production.
Preliminary data show gross domestic product contracted by 0.2% in May as …
The European Union’s best shot at replacing Russian gas imports this year is likely to miss the mark, analysts predict, exerting further pressure on the region’s economy.
The EU plans to replace two-thirds of Russian gas imports by
LONDON – Oil rose by more than $1 a barrel on Friday supported by tight supply, although crude was heading for a second weekly fall on concern that rising interest rates could push the world economy into recession.
NEW YORK – Oil prices fell about $1 a barrel on Thursday in volatile trading as investors weighed the risk that rising interest rates could trigger a recession and cut demand for fuel.
Brent crude futures fell 90 …
Oil prices fell as much as 3% on Wednesday after the Federal Reserve imposed in its biggest U.S. rate since the 1990s, adding to fears that the central bank will push the world’s largest economy into a recession in …
(Bloomberg) — U.S. shale drillers are incurring record labor and equipment costs so they can cash in on the highest oil prices in 14 years. They say one of the reasons they’re not doing more is because of …
Federal Reserve Chairman Jerome Powell is entering 2022 with the American economy on shaky ground, teeing up a challenging year for the U.S. central bank as it accelerates its withdrawal of support, all while navigating the ever-changing landscape …
The majority of the Federal Reserve sees three interest rate hikes in 2022, according to the central bank’s so-called dot plot of projections.
Wednesday’s forecast showed 12 Federal Open Market Committee members expect at least three rate …
WASHINGTON (Bloomberg) – President Joe Biden faces growing pressure even from fellow Democrats to address rising gasoline prices with measures such as a ban on oil exports, a move that could upend global markets, discourage shale drilling and …
(John Kemp is a Reuters market analyst. The views expressed are his own)
LONDON – Hedge funds remain bullish on the outlook for oil but inflows of new money have dried up over the last month as prices have …
