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head-post · 18 hours

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Oil prices rose amid tensions in Middle East

Oil prices rose on Wednesday after industry data revealed an unexpected drop in US crude inventories last week, a positive signal for demand, Anadolu Ajansı reports.

As of 09:32 a.m. local time (0632 GMT), international benchmark Brent crude was trading at $88.21 a barrel, up 0.21 percent from the previous session’s closing price of $88.02 a barrel.

US benchmark West Texas Intermediate (WTI) was trading at $82.95 per barrel at the same time, up 0.17% from the previous session’s closing price of $82.81 per barrel.

A decline in commercial crude inventories in the US, the world’s largest oil consumer, and tensions in the Middle East were factors contributing to the price rise.

The US Energy Information Administration (EIA) reported that commercial crude oil inventories fell by about 6.4 million barrels to 453.6 million barrels last week, while the market had forecast an increase of 1.6 million barrels. Such a large reduction in inventories indicates strong demand, fuelling higher prices.

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#world news #world politics #news #middle east #middle east conflict #middle east news #middle east war #middle east crisis #oil prices #crude oil #brent #brent crude #energy #energy update

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tradermade · 24 days

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Black Gold Booming! Explore: https://markets.tradermade.com/commodity/black-gold-booming. #Oil prices surge on strong demand, supply woes & Middle East tensions. OPEC meeting next & possible gas price hikes on the horizon!

#crude oil #brent #brent crude #wti crude (mar&x27;23)#energy #opec

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gazetteweekly · 1 month

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“Oil Prices Slip on Increased Russian Supply and Jet Fuel Caution”

Oil prices faced a dip on Tuesday, driven by various factors including the anticipation of heightened supply from Russia and cautious trading ahead of the Federal Reserve’s decision on U.S. interest rates.

The Brent crude oil futures contract for May delivery edged down by 15 cents to $86.74 a barrel, while U.S. West Texas Intermediate (WTI) prices saw a decline of 14 cents to $82.02. Additionally, the WTI April contract, set to expire tomorrow, also fell by 15 cents to $82.57.

The previous session witnessed both benchmarks reaching four-month highs, propelled by lower crude exports from major producers like Saudi Arabia and Iraq, coupled with signs of robust demand and economic growth in China and the U.S.

However, concerns over Russian supply persisted, attributed to increased exports following Ukrainian attacks on the country’s oil infrastructure. Analysts from JP Morgan noted potential reductions in Russian crude runs due to these attacks, which could lead to higher crude oil exports as a result.

Russia’s decision to boost oil exports through its western ports in March further added pressure on prices. Daily shipments are expected to increase by 10% compared to the initial plan for March.

Uncertainty loomed over U.S. interest rates, with the Federal Reserve meeting scheduled for March 20. This uncertainty contributed to cautious trading, with analysts awaiting signals on rate cuts from the meeting.

Meanwhile, analysts expressed some caution regarding demand growth in the jet fuel sector ahead of the summer travel season. While global jet fuel prices are anticipated to rise, a potential global economic slowdown could temper consumption and limit price upside.

Overall, the oil market remains influenced by a delicate balance of supply dynamics, geopolitical tensions, and economic factors, highlighting the volatility inherent in the energy sector.

#Oil prices #Brent crude #WTI prices #Russian oil supply #Federal Reserve meeting

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setandforgettrading · 3 months

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Anticipated Rise in Crude Oil and Brent Oil Prices for 2024

This guide on the future of oil unveils the 2024 price boom and offers insights into investment opportunities and its global economic impact. Unlock the secrets behind this optimistic outlook and discover how it could impact your investments and the global economy.

#stock market #marketing #finance #investing #brent crude #crude oil

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nsebullcom · 5 months

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Oil: Oil on track to snap losing streak on hopes of further OPEC+ cuts

SINGAPORE – Oil prices rose on Tuesday, snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is widely expected to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand.Brent crude futures were up 45 cents, or 0.6%, at $80.43 a barrel at 0152 GMT, on track to snap a four-day losing streak. U.S. West Texas Intermediate…

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#brent crude #Oil #OPEC #Production #Trade

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marketforcesafrica-blog · 2 years

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Brent Crude Inches Near $89 Per Barrel

Brent Crude Inches Near $89 Per Barrel Brent crude futures were trading around $89 per barrel on Thursday, bouncing off their daily lows of about $87 amid growing speculation that Organisation of Petroleum Exporting Countries (OPEC+) could intervene in markets by cutting again next week. The oil cartel is mulling on whether or not to engage in production curbs to shore up prices, with Russia…

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#Brent Crude #oIL

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39dreams · 2 years

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Oil Price And The Global Economy: Understanding How It Affects Nations

Oil price increases are generally thought to increase inflation and reduce economic growth. In terms of inflation, oil prices directly affect the prices of goods made with petroleum products. As mentioned above, oil prices indirectly affect costs such as transportation, manufacturing, and heating. How does the decrease in oil prices affect the economy? Consumer Spending ChannelThus, normally,…

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#Brent crude #developing regions #Economic factors that affects oil price #Economics #Energy #Finance #Gasoline #GDP #Global economy #Global Oil price #Macro Economics #Nigeria&039;s low oil production #Oil industry #OPEC #Saudi Arabia #USA

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theindustryng · 2 years

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Is Nigeria missing out on higher oil prices?

Brent crude has gained roughly 57% since the start of 2022. The global commodity remains supported by ongoing geopolitical risks and rising demand. As oil producers enjoy the rich bounties from surging commodity prices, some countries have failed to make the most of such an opportunity. Nigeria’s sub-optimal oil production, poor infrastructure, and fuel subsidies have sapped the benefits from…

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#Brent Crude #oil prices #Oil producers

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globalcourant · 2 years

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US energy agency revises oil price forecast up for 2022

ANKARA The US Energy Information Administration (EIA) has revised up its 2022 forecast for global crude oil prices amid “heightened levels of uncertainty” resulting from a variety of factors, including Russia’s full-scale invasion of Ukraine. In the June Short-Term Energy Outlook (STEO), the EIA on Tuesday revised up the price of Brent crude to an average of $107.37 per barrel and American…

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#agency #Anadolu Agency #Brent crude #energy #forecast #oil #OPEC #price #revises #Short-Term&160;Energy&160;Outlook #US&160;Energy&160;Information Administration

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head-post · 5 months

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Crude oil prices fell almost 5% to a 4-month low

Crude oil prices dropped nearly 5 per cent amid rising US inventories, a rebound in US Treasury bond yields and concerns over global oil demand, NewsBytes reported.

Brent crude fell by 4.63% to $77.42 per barrel during the last trading session. Futures for West Texas Intermediate (WTI) crude oil fell by 4.9% to $72.90 per barrel.

The main reason for the decline in oil prices is a sharp rise in US crude oil inventories, which, according to analysts, has led to concerns over weak demand amid high production levels. The International Energy Agency (EIA) reported that US crude inventories rose by 3.59 million barrels in the latest week to just over 439 million, the highest level since August after a 13.9-million-barrel increase in the previous week.

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#world news #world politics #news #crude oil #oil and gas #oil production #oil prices #oil gas #energy prices #energy efficiency #energy industry #energy infrastructure #energy production #brent crude

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tradermade · 6 months

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Brent crude is preferred by refiners as it is light due to low density and sweet due to low sulphur content. It is less polluting. https://tradermade.com/cfds. Choose us as your data partners to obtain reliable and accurate Forex, CFD, and Crypto market data.

#brent crude #brent #crude #crude oil #energy market #oil prices #oil industry

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thelegend9798 · 2 years

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Crude oil prices increase supported by the prospect of a tight market

By Marcy de Luna HOUSTON (Reuters) – Oil prices rose on Friday, as signs of a tight market supported prices ahead of the US Memorial Day holiday weekend, the unofficial start of the peak summer demand season in the United States. Further, European Union countries are negotiating a deal on Russian oil sanctions that would embargo shipment deliveries but delay sanctions on oil delivered by…

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#Brent crude #Crude oil prices #European Union #Russian oil sanctions #tight market #United States

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timesofocean · 2 years

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Crude oil prices little changed as recession worry offsets higher demand outlook

New Post has been published on https://www.timesofocean.com/crude-oil-prices-little-changed-as-recession-worry-offsets-higher-demand-outlook/

Crude oil prices little changed as recession worry offsets higher demand outlook

Huston (The Times Groupe)- Crude oil prices were little changed on Monday amid worries over a possible recession and the prospect of higher fuel demand with the start of the U.S. driving season and Shanghai’s plans to reopen after two months of quarantines due to the Coronavirus.

Brent crude futures were up 35 cents, or 0.3%, to $112.92 a barrel by 11:24 a.m. ET (1524 GMT). U.S. West Texas Intermediate (WTI) crude was up 5 cents, or 0.05%, at $110.32.

“There are black clouds gathering around the financial markets here and it has started to impact crude oil,” said Bob Yawger, director of energy futures at Mizuho.

“The economic wellbeing of the global economy is questionable at this point,” he added.

The global economy was among the top worries of the well-heeled at Davos on Monday, with some predicting a worldwide recession because of the multiple threats.

Kristalina Georgieva, Managing Director of the International Monetary Fund, said she did not expect a recession for major economies but could not rule one out.

As the United States was set to enter its peak driving season beginning Memorial Day weekend at the end of May, losses were limited by expectations that gasoline demand would remain high.

However, analysts noted that despite concerns about rising fuel prices, mobility data from TomTom and Google had risen in recent weeks, suggesting more drivers are on the road.

The White House is considering declaring an emergency to release diesel from a rarely used stockpile to ease a supply crunch and temper rising prices, a senior administration official said.

In response to Hurricane Sandy, the White House might tap the Northeast Home Heating Oil Reserve, established in 2000 to assist with supply issues and used only once in 2012. Because the reserve only contains 1 million barrels of diesel, such a release would have limited impact.

After Russia’s invasion of Ukraine, which Moscow calls a “special operation,” the European Union hasn’t been able to reach a final deal on banning Russian oil, which has kept oil prices from climbing higher.

“The persistent squeeze in refined petroleum products in the U.S. and ever-present Ukraine/Russia risk underpinned prices,” said Jeffrey Halley, a senior market analyst at OANDA.

From June 1, Shanghai, China’s commercial hub, hopes to return to normal as the number of Coronavirus cases declines.

Chinese lockdowns, the world’s top oil importer, have slowed industrial production and construction, prompting government efforts to support the economy, including a less-than-expected mortgage rate cut on Friday.

State television quoted the cabinet as saying that China would take targeted measures, including extending its tax credit rebates and rolling out new investment projects, to support its economy.

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pressnewsagencyllc · 3 days

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Asia markets extend gains as investors assess business activity figures from around the region

An Hour Ago Singapore’s headline inflation rate falls to lowest since September 2021 Singapore’s headline inflation rate fell to its lowest since September 2021, coming in at 2.7% for March. This was lower than the 3.4% rate in February and also below the 3% expected by economists polled by Reuters. The city-state’s core inflation rate — also known as the “MAS core inflation measure” — which…

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jobaaj · 1 month

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Oil prices are surging! The downward trend in oil prices is showing signs of improvement, with Brent Crude approaching its peak level in nearly five months, indicating a potential rebound.

But why?? The initial factor contributing to the current state of affairs is rooted in the ongoing issue of oil sanctions between the United States and Venezuela. In October 2023, the United States granted Venezuela a temporary six-month reprieve from the oil sanctions initially imposed in 2019. This gesture was made contingent upon Venezuela's commitment to facilitating a fair and inclusive electoral process involving all relevant political parties within the country. This diplomatic maneuver aimed to incentivize cooperation and dialogue between the opposing factions within Venezuela, fostering an environment conducive to democratic governance and potentially alleviating some of the pressure on global oil markets.

Despite the temporary relief granted to Venezuela regarding the oil sanctions, the anticipated fair elections stipulated as part of the agreement have yet to materialize. If Venezuela fails to conduct these elections by the middle of April 2024, the United States retains the option to reinstate the previously lifted sanctions. This deadline underscores the critical importance of adhering to the terms of the agreement for Venezuela's leadership, as the failure to do so could lead to significant consequences in terms of economic sanctions being reinstated, potentially exacerbating the challenges facing Venezuela's oil industry and broader economy. Secondly, Ukraine has been targeting Russian oil! In a surprising move, Ukraine has begun targeting Russian infrastructure to disrupt its oil, which has been Russia’s biggest source of revenue. Recently, Ukraine launched as many as 35 drones to attack multiple targets across Russia, including oil refineries!! Finally, Israeli PM Benjamin Netanyahu has confirmed that Israel will be continuing the Rafah assault, despite pressure from all its allies! All these factors helped Brent Crude break out of its tight trading range as it was trading at around $85.95/bbl when reporting. Follow ProCapitas for more financial insights.

#oil #crude #brent #finance #commodity #russia #ukraine #financialinsights

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vikartaa · 3 months

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Asia markets open mixed, EV maker shares resume selloff amid Tesla's slowdown warning

Commercial and residential buildings at dusk in the Minato district of Tokyo, Japan. Bloomberg | Bloomberg | Getty Images Asia-Pacific markets were mixed Friday as investors digested inflation data from Tokyo. Shares of electric vehicle makers in the region dropped for a second day, unable to shrug off worries sparked by bellwether Tesla’s slowdown warning. Hong Kong-listed shares of Xpeng and…

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