Oil Price Earlier this week, oil prices plunged to 2022 lows as energy markets panicked about demand amid COVID chaos in China that has resulted in an unexpected and extraordinary manifestation of street protests and even calls for Chinese President Xi Jinping to step down. The market’s response to this, according to Rystad Energy, was an overreaction. Rystad believes
BOE Report OPEC+ is widely expected to stick to its latest target of reducing oil production by 2 million barrels per day (bpd) when it meets on Sunday, but some analysts believe that crude prices could fall if the group does not make further cuts. The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a
CNBC A group of some of the world’s most powerful oil producers is highly likely to take further measures to stem a price decline and try to balance the market, according to Goldman Sachs. OPEC and non-OPEC producers, an influential energy alliance known as OPEC+, will convene in Vienna, Austria on Dec. 4 to decide on the next phase of
US News LONDON – Oil prices fell by more than $2 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading. Brent crude futures fell $2.82, or 3.19%, to $85.54 a barrel by 1450 GMT, while U.S. West Texas Intermediate (WTI) crude
Nasdaq SINGAPORE – Oil prices slid on Tuesday as rising COVID-19 cases in China sparked fears of lower fuel consumption from the world’s top crude oil importer and after OPEC cut its 2022 global demand forecast. Brent crude futures LCOc1 fell 27 cents, or 0.3%, to $92.87 a barrel by 0416 GMT after settling down 3% on Monday. U.S. West Texas
BOE Report Oil prices fell on Monday, while China eased some of its strict COVID-19 protocols, which have fuelled hopes of a recovery in economic activity and demand at the world’s top crude importer. Contracts for Brent crude and U.S. West Texas Intermediate edged up nearly 1% earlier in the session but later pared some gains. U.S. West Texas
Yahoo Finance NEW YORK – Oil prices dropped by about $2 a barrel on Wednesday after industry data showed that U.S. crude stockpiles rose more than expected and on concerns that a rebound in COVID-19 cases in top importer China would hurt fuel demand. Brent crude futures were down $2.01, or 2.1%, to $93.35 a barrel by 10:53 a.m.
BOE Report LONDON – Oil prices slipped on Thursday ahead of an expected rate hike by the Federal Reserve, but found a floor as market participants eyed falling U.S. crude stockpiles and upcoming European sanctions on Russian barrels. Brent crude dipped 56 cents, or 0.6%, to $94.09 a barrel by 1027 GMT, while U.S. West Texas Intermediate (WTI) crude
BOE Report LONDON – Oil prices rose on Wednesday on supply concerns and a weaker dollar, but U.S. stockpile data capped gains. Brent crude futures for December were up 54 cents, or 0.58%, at $94.06 a barrel by 1312 GMT. U.S. West Texas Intermediate (WTI) crude futures for December were up 80 cents, or 0.94%, at $86.12. A weaker
Yahoo Finance LONDON – Oil prices were steady on Monday after Chinese data showed that demand from the world’s largest crude importer remained lacklustre, but rising equities in key markets marked a brief respite from global recession fears. Brent crude futures for December settlement were up 8 cents, or 0.1%, at $93.58 a barrel by 1356 GMT, after rising 2%
Yahoo Finance 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 1406 GMT. U.S. West Texas Intermediate (WTI) crude futures were down $1.77, or 2.07%, at $83.69, having risen by over
Nasdaq RIYADH – Neither side is backing down in a battle of wills over oil between Saudi Arabia’s Crown Prince and U.S. President Joe Biden, putting severe strain on their countries’ energy-for-security alliance, although a full rupture looks unlikely, Gulf sources and experts said. As de facto leader of the OPEC+ oil group, Saudi Arabia risked U.S. wrath when
