CNBC Oil prices edged higher on Tuesday ahead of a trip by U.S. President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Source: CNBC Following a drop of more than a dollar on Monday, Brent futures fell 0.2% to $89.44 a barrel at
Investing NEW YORK – Oil prices were on track on Friday to post their steepest losses in a week since March, after another partial lifting of Russia’s fuel export ban compounded demand fears due to macroeconomic headwinds. On Friday, Brent futures edged higher at 7 cents at $84.14 at 11:22 a.m. EDT (1522 GMT). U.S. West Texas Intermediate crude futures were up
Oil Price Rising global demand for energy and oil is set to keep crude oil prices elevated, OPEC’s Secretary General Haitham Al Ghais told the BBC in an interview published on Tuesday. Oil demand is expected to rise by around 2.4 million barrels per day (bpd) this year compared to 2022, and by another 2 million bpd next year, Al Ghais said.
Oil Price Despite a sharp drop on Thursday, oil prices are set for another weekly gain as well as a monthly one driven by tight supply coupled with perhaps surprisingly resilient demand. Bloomberg attributed the Thursday drop to technical resistance as well as speculation that Saudi Arabia may start rolling back the cuts if prices rose too high. Theoretically, that may be
CNBC Oil prices rose on Friday as renewed global supply concerns from Russia’s fuel export ban counteracted demand fears driven by macroeconomic headwinds and high interest rates. Brent futures were up 80 cents, or 0.86%, at $94.10 a barrel by 1154 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by 95 cents, or 1.06%, to $90.58 a barrel. Brent
Investing Oil prices jumped over 1% on Tuesday to 10-month highs, as weak U.S. shale output compounded supply concerns from extended production cuts by Saudi Arabia and Russia. Global benchmark Brent crude futures were up $1.13, or 1.2%, to $95.56 a barrel by 11:14 a.m. EDT (1514 GMT). It hit a session high of $95.96 a barrel, the highest since November. U.S. West
Oil Price West Texas Intermediate (WTI) soared past $90 in Thursday morning trading, up over 30% in three months, driven by sustained OPEC+ production cuts and indications that a tighter market is coming. At 10:51 a.m. ET on Wednesday, WTI was trading at $90.14, up $1.62 on the day for a gain of 1.83%. At 10:51 a.m. ET on Wednesday,
Oil Price Oil prices are set for a surge in volatility amid an expected “significant supply shortfall” on the market in the fourth quarter of 2023, due to the Saudi-led cuts to OPEC+ oil supply, the International Energy Agency (IEA) said on Wednesday. So far this year, higher crude oil production from countries outside the OPEC+ alliance has managed to
Oil Price Larger than previously expected oil inventory draws in developed economies could limit downside risks to oil prices and add $2 a barrel to Goldman Sachs’s end-year call for $86 per barrel Brent, the bank said in a note. Commercial oil stocks in the OECD region in August are trending 30 million barrels lower than Goldman Sachs analysts have
Oil Price Oil prices were poised early on Monday to end July trading with the biggest monthly gain since January 2022, buoyed by tightening supply, expectations of a record demand, slower inflation in the U.S., and a still resilient American economy. As of Asian trading on Monday, both benchmarks were trading flat after another week of gains last week. The U.S. benchmark
Reuters NEW YORK :Oil prices rose to fresh three-month highs on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world’s second-biggest economy lifted sentiment. Brent futures gained 31 cents at US$83.05 a barrel by 11:03 a.m. EDT, after hitting US$83.30 earlier, the highest since April 19. U.S. West Texas Intermediate (WTI) crude rose
CNBC Oil prices rose on Monday as tightening supply and hopes for Chinese stimulus underpinned Brent at well above $80 a barrel, even as traders expected more rate hikes from U.S. and European central banks. Brent crude futures were up 45 cents, or 0.6%, at $81.52 a barrel. U.S. West Texas Intermediate (WTI) crude was at $77.55 a barrel, also
