(Investing) – Oil futures dropped from their highest levels in weeks on Monday, pressured by weakness in consumer spending in China, the world’s largest oil importer. Brent crude futures fell 32 cents, or 0.4%, to $74.17 a barrel by 1300 GMT after settling on Friday at their highest since Nov. 22. U.S. West Texas Intermediate crude dropped by 27 cents, or
(Investing) – LONDON -Oil prices were little changed on Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. interest rate cut. Brent crude futures were down 23 cents, or 0.3%, at $73.29 a barrel by 1421 GMT. U.S. West Texas Intermediate crude futures were down 27 cents, or 0.4%, at $70.02.
Oil & Gas 360– Eighty-three years ago the United States pivoted its foreign policy attention to the Indo-Pacific following Japanese military attacks on US Territories of Hawaii and the Philippines. Shortly thereafter, it also found itself in a war in Europe as well. It could not pivot away from either Europe or the Indo-Pacific. Twenty-first century US foreign policy attention has
(Oil Price) – The U.S. Treasury Department announced a new wave of sanctions on Iran’s energy sector, focusing on oil exports and financial networks that enable Tehran to bypass existing restrictions. These measures are aimed at addressing the country’s continued “destabilizing behavior” in the Middle East, according to a new statement made Tuesday by the U.S. Treasury Department. In Tuesday’s statement,
(Investing) – HOUSTON – Oil prices rose on Monday, as strong factory activity in China buoyed hopes of higher demand, and as escalating tensions in the Middle East, where Israel resumed attacks on Lebanon despite a ceasefire deal, spurred supply concerns. Brent crude futures climbed 36 cents, or 0.49%, to $72.20 a barrel by 10:44 a.m. EST (1544 GMT) while U.S. West
(Investing) – Oil prices were set for their biggest weekly rise in almost two months on Friday, gaining 4% as an intensifying war in Ukraine returned a geopolitical risk premium to the market. Brent crude futures had pared 9 cents to $74.14 a barrel by 1418 GMT. U.S. West Texas Intermediate crude futures shaved off 3 cents to $70.07 per barrel. Pressuring
(Investing) – LONDON – Oil prices rose about 1% on Thursday, paring some of the sharp declines seen earlier this week due to a stronger U.S. dollar and worries about rising supply amid slow demand growth. Brent crude futures were up 70 cents to $72.98 a barrel at 1401 GMT. U.S. West Texas Intermediate crude futures were up 68 cents to $69.11.
(Yahoo Finance) – OPEC cut its oil demand growth forecasts for this year and next for a fourth consecutive month as it belatedly recognized a slowdown in top consumer China. Global oil consumption will increase by 1.8 million barrels a day — just under 2% — in 2024, the Organization of Petroleum Exporting Countries in a monthly report. That’s 107,000
(Oil Price) – West Texas Intermediate broke below $70 per barrel on Monday as Hurricane Rafael weakened to a storm that is unlikely to cause any damage to U.S. oil production in the Gulf of Mexico. Separately, oil benchmarks got depressed by trader pessimism about Chinese oil demand after the country’s ruling party announced its latest stimulus package, which underwhelmed, according to Reuters. At
World Oil (WO) — At the Asia Pacific Petroleum Conference (APPEC) in Singapore this week, traders were generally bearish, with many predicting oil prices could drop to $60 per barrel, despite Brent crude falling below $70, according to Rystad Energy. This pessimism contrasts with supply and demand fundamentals that suggest inventory draws in the latter half of the year, which
U.S. News LONDON/MOSCOW – OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters. Eight OPEC+ members are scheduled to boost output by 180,000 barrels per day in October, as
Oil Price Ever since Hamas launched multiple coordinated attacks against Israel on 7 October last year, the Middle East has been on the verge of spiraling into an out-of-control regional and perhaps global conflict. Perhaps no time has looked potentially more perilous for the region and for those countries connected to it through politics, economics, or energy prices than right
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