(World Oil) – Oil prices will continue to fluctuate wildly until it’s clear whether Iran and President Donald Trump will strike an agreement to end the war, according to Citigroup Inc.’s global head of commodities research. “It’s very difficult to predict” if Iran is going to do a deal, Citigroup’s Max Layton said Thursday. “In that environment where you basically don’t
(Investing) – Oil prices pared losses on Thursday, as traders awaited Iran’s response to a new peace proposal that would end its war with the U.S. Mixed messaging from Tehran, along with a new push to control the Strait of Hormuz, also kept investors on edge. At 12:52 ET (16:52 GMT), Brent crude futures expiring in July, the global oil benchmark, fell 0.4%
(Oil Price) – Crude oil prices extended losses for a second day today, after President Trump said the United States would pause its plan to escort vessels out of the Strait of Hormuz just a couple of days after it was announced. The news prompted expectations that a peace deal may be in the making, pressuring Brent crude below $107 and West Texas
(Oil Price) – Elevated oil prices for a sustained period of time would tip the global economy into a recession, Moody’s Analytics’ head of international economics, Gaurav Ganguly, told CNBC, pegging the game-changing price at $125 per barrel of Brent crude. If prices go that high and stay that high long enough, the world will enter a recession, but it will
(World Oil) – The United Arab Emirates will leave OPEC and its wider alliance, OPEC+, dealing a blow to the group and its leader Saudi Arabia as the global oil industry grapples with the massive supply disruption caused by the Iran war. The UAE’s exit May 1 after six decades of membership is a significant loss for the group, which
(Oil & Gas 360) By Greg Barnett, MBA – The United States is producing more crude oil than any country ever has, rebuilding its emergency petroleum buffer, exporting record volumes of crude and fuels to allies, and still confronting stubbornly high gasoline prices at home. At the same time, it is asking producers to drill even more into a market where
(Investing) – Oil prices fell on Tuesday as markets parsed mixed signals on fresh U.S.-Iran talks before the expiry of a temproary ceasefire later this week. Brent oil futures, the global benchmark, were last lower by 0.5% at $94.95 a barrel, while U.S. West Texas Intermediate crude futures for May had dropped 1.8% to $88.04 a barrel. Crude prices had risen
(Investing) – Oil prices tumbled below $90 a barrel on Friday after Iran and the U.S. declared the Strait of Hormuz temporarily open, removing constraints on a critical shipping bottleneck that have sparked worries over a widespread inflation spike. Investors were also assessing a media report which said the U.S. was considering a $20 billion cash-for-uranium deal to end the war
(BOE Report) – Canadian oil and gas producers are benefiting from the surge in commodity prices driven by the Middle East war, but they say it’s not changing their investment plans in the near-term. The chief executive at oilsands giant Cenovus Energy says it’s too early on in the crisis to know what the enduring changes to the market are
(Oil Price) – Oil prices could spike and hit again their peak Iran-war levels at nearly $120 per barrel if a full recovery of vessel traffic through the Strait of Hormuz takes until July, according to JP Morgan. Despite the ceasefire announced earlier this week, traffic through the critical oil chokepoint remains severely restricted and under supervision and approval by Iran’s Islamic
(Investing) – Oil prices were poised for their biggest weekly declines since last June but remain elevated near $100 a barrel on concerns over supplies from Saudi Arabia and limited flows through the Strait of Hormuz. Brent crude futures were down 36 cents, or 0.4%, at $95.56 a barrel by 1317 GMT. West Texas Intermediate futures rose 15 cents, or around 0.2%,
(BOE Report) – European and African crude oil prices climbed to fresh records on Wednesday, defying a sharp selloff in oil futures after a U.S.-Iran ceasefire was reached on Tuesday, as traders priced in a prolonged disruption to physical oil supplies. The ceasefire announcement sent major benchmark Brent and WTI contracts tumbling 13% and 16% respectively on Wednesday to below
