Nasdaq SINGAPORE – Oil prices rose on Friday and are set for a third weekly gain, as better-than-expected Chinese economic data and reports of record oil consumption bolstered the view that demand in the world’s second-largest crude consumer will continue to surge. Brent crude futures LCOc1 rose 62 cents, or 0.7%, to $94.32 as of 0249 GMT, while the U.S. West Texas
Investing Oil prices fell slightly on Thursday, with Brent crude holding close to January highs, as speculation about another U.S. interest rate hike faded following inflation data and OPEC remained positive on the oil demand outlook. Both benchmarks have been on a sustained rally since June, with WTI trading at its highest this year on Thursday and Brent hitting its highest price
CNBC Oil hit new peaks on Wednesday with Brent crude touching the highest price since April, as tighter supply owing to Saudi and Russian output cuts offset concerns over slow demand from China and a report showing rising U.S. crude inventories. Top exporter Saudi Arabia last week extended its voluntary production cut of 1 million barrels per day for another month to
CNBC Oil prices edged lower on Tuesday after data showed China’s crude imports and exports fell much more than expected in July in yet another sign of a sluggish post-COVID rebound for the world’s largest oil importer. Brent crude futures were down 48 cents, or 0.41%, at $84.93 a barrel. U.S. West Texas Intermediate crude dropped 50 cents, or about 0.62%, to $81.43.
US News SINGAPORE – Chinese oil refiners and petrochemical companies are investing tens of billions of dollars to produce high-end chemicals for solar panels and lithium-ion batteries to profit from growing demand for energy transition technologies. The investments illustrate China’s drive to reduce its import dependence and further cement its dominance of renewable energy and electric vehicle supply chains.
Oil Price Supply of nickel deliverable to the London Metal Exchange could jump next year by 35% compared to 2022 levels as new plants for nickel processing in China and Indonesia could cause a glut and crash prices, analysts at Macquarie Group say. The new plants in Asia would process growing volumes of intermediate nickel products into LME-deliverable nickel metal,
Yahoo Finance LONDON – Oil dropped by more than 1% on Monday after weaker than expected Chinese economic growth fuelled concern over demand in the world’s second-biggest oil consumer, while a partial restart of halted Libyan output also pressured prices. China’s gross domestic product (GDP) grew 6.3% year-on-year in the second quarter, compared with analyst forecasts of 7.3%, with its
Investing LONDON – Oil prices dipped on Monday after weak economic data from top consumers the United States and China, though expected crude supply cuts from Saudi Arabia and Russia limited losses. Brent crude futures fell 19 cents, or 0.2%, to $78.28 a barrel by 1416 GMT. U.S. West Texas Intermediate crude was down 24 cents, or 0.3%, at $73.62. “Oil
Oil Price The House of Representatives is discussing a move that would effectively amount to an act of war if carried out: a naval blockade on China. The proposal for an amendment to the next defense budget of the United States came from Republican Rep. Ronny Jackson from Texas, the Epoch Times reports, and was among another 800 amendments approved by the
CNBC Oil prices fell in choppy trading on Tuesday as a clouded oil demand outlook outweighed the potential boost from a cut to China’s benchmark lending rates. Brent crude fell 92 cents, or 1.2%, to $75.17 a barrel by 1345 GMT. U.S. West Texas Intermediate (WTI) crude for July was down $1.53 from Friday’s close at $70.25. The
CNBC Oil prices fell on Wednesday on a stronger U.S. dollar and as weak data from top oil importer China raised demand fears. Brent crude futures for August delivery were last down $1.69, or 2.3%, to $71.85 a barrel. U.S. West Texas Intermediate crude (WTI) fell $1.91, or 2.75%, to $67.55. Both benchmarks fell by more than 4% on Tuesday. Brent’s July contract, which
Nasdaq LONDON – OPEC on Thursday further raised its forecast for Chinese oil demand growth in 2023 following the relaxation of the country’s COVID-19 curbs, although it left the global total steady citing potential downside risks for growth in other regions. World oil demand in 2023 will rise by 2.33 million barrels per day (bpd), or 2.3%, the Organization
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