Nasdaq Oil prices will struggle for traction this year as global economic headwinds stymie gains that could be fuelled by a rebound in China and OPEC+ cuts, a Reuters poll showed on Friday. The survey of 37 economists and analysts forecast Brent crude LCOc1 would average $83.03 a barrel in 2023, versus the $84.73 consensus in May. The global benchmark, now trading around
CNBC Oil prices slipped on Tuesday on signals that the European Central Bank is not done with interest rate hikes, while investors awaited data that could shed light on U.S. fuel consumption during the peak summer driving season. Brent crude futures were down 43 cents, or 0.6%, at $73.75 a barrel. U.S. West Texas Intermediate (WTI) futures fell 41 cents,
Oil Price Oil prices were flat early on Wednesday as Fed Chair Jerome Powell is set to brief Congress on the U.S. economy today and tomorrow. As of 7:57 a.m. ET on Wednesday, the U.S. benchmark, WTI Crude, was up 0.01% at $71.16, and the international benchmark, Brent Crude, traded at $75.83, slightly down by 0.04% on the day. Prices have
BOE Report Oil prices were broadly stable on Thursday as traders warily watched for signs of progress on talks to raise the U.S. debt ceiling, after surging in the previous session on optimism over U.S. fuel demand. U.S. West Texas Intermediate crude dipped 15 cents, or 0.21%, to $72.53 a barrel. Brent crude futures inched down 34 cents, or 0.44%,
Oil Price Crude oil prices have been on a losing streak for four consecutive weeks now, erasing all the gains they booked after OPEC’s latest supply cut announcement as economic fears take precedence over demand expectations. When the cartel announced the cuts, almost every bank with a commodities department rushed to update their price forecasts, expecting prices to jump even
BOE Report Oil prices erased earlier gains on Thursday during U.S. trading hours as a political standoff about the U.S. debt ceiling overshadowed a G7 finance leaders’ meeting, raising jitters about a possible recession in the world’s biggest oil consumer. U.S. West Texas Intermediate Crude futures dipped $1.11, or 1.53%, to $71.62. Brent crude was down $1.15, or 1.50%, to
Oil Price Crude oil prices are about to record their fourth consecutive week of gains after OPEC said in its monthly report that supply is about to tighten further. The latest Monthly Oil Market Report showed OPEC’s combined daily average output at 28.8 million barrels for March, which was 86,000 bpd less than the average for February. Yet OPEC also said in its
Nasdaq SINGAPORE – Oil prices climbed in early trade on Monday as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe. Brent crude futures LCOc1 gained 33 cents, or 0.4%, to $75.32 a barrel at 0040 GMT. U.S. West Texas Intermediate crude CLc1 was at $69.65 a barrel, up
Oil Price Russia will continue its 500,000 barrel per day crude oil production cut through the end of June this year, Russia’s Deputy Prime Minister Alexander Novak said on Tuesday. Russia first announced the 500,000 bpd production cut in February after Novak warned that there was a risk of lower oil production this year due to EU import
BOE Report Oil prices fell more than $1 on Tuesday, extending the previous day’s slide, as the collapse of Silicon Valley Bank rattled equities markets and sparked fear about a fresh financial crisis. U.S. West Texas Intermediate crude futures (WTI) dropped $1.72, or 2.30%, to $72.92 a barrel. Brent crude futures were down $1.57, or 1.95%, at $79.12 a
Oil Price Crude oil prices started this week with a loss. The reason for that initial weekly loss came down to overall global economic growth pessimism and expectations that the U.S. Federal Reserve will continue raising interest rates, making the dollar more expensive and sapping demand for dollar-priced crude. But by the end of Monday, oil prices had rebounded and
Oil Price Goldman Sachs still expects Brent Crude prices to hit $100 per barrel this year, but only in December compared to earlier expectations of $100 oil as soon as mid-2023, the bank said in a new note in which it cut its average Brent price to $92 a barrel this year from $98. Despite the cut in oil price
