(Oil Price) – Sentiment in oil markets remained very bearish for most of 2024 amid fears of weakening global demand, weak Chinese economy and a potential oversupply in 2025. Commodity analysts at Standard Chartered continuously reiterated their bullish stance, arguing that the extreme bearishness was unwarranted. Well, StanChart appears to have been vindicated, with oil prices trading above $80 per barrel for the
Reuters LONDON – Oil prices fell on Monday as worries over China’s economy resurfaced after a survey showing growth in factory activity slipped sharply in the world’s second-largest oil consumer, with concerns compounded by higher crude output from OPEC producers. Brent crude oil futures slid by 87 cents, or 1.15%, to $74.54 a barrel by 1145 GMT after touching a
Reuters NEW YORK – Oil prices steadied on Friday as sluggish economic growth in China, the world’s biggest crude importer, raised concerns over fuel demand and countered optimism from the signing of a China-U.S. trade deal. Brent crude LCOc1 futures rose 9 cents to $64.71 a barrel by 11:19 a.m. EST (1619 GMT). U.S. West Texas Intermediate (WTI) crude CLc1
From Reuters Oil prices edged lower on Monday on signs that the impact of a tropical storm on U.S. Gulf Coast production and refining would be short-lived, while Chinese economic data dimmed the crude demand outlook. A horizontal drilling rig on a lease owned by Parsley Energy operates at sunrise in the Permian Basin near Midland, Texas U.S. August 24,
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