U.S. News LONDON – Brent crude oil has been trading in a tight range of $75-$90 a barrel since late 2022 as OPEC+ cuts keep a floor under prices while sizeable spare capacity, demand uncertainty and sanctions policy prevent the market breaking higher. After a series of gradual production increases that started in early 2021 which unwound historic cuts agreed
U.S. News MOSCOW/LONDON – OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 and next year, saying on Wednesday that resilient economic growth and air travel would support fuel use in the summer months. The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand would rise by 2.25 million
CNBC Crude oil futures held steady Thursday after the latest round of economic data indicated that inflation is easing in the U.S., potentially opening a path for the Fed to cut interest rates and boost the economy. Wholesale prices unexpectedly fell in May by 0.2% after rising in April, according to Labor Department data released Thursday. The producer price report
BOE Report Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024. Hedge funds and other money managers sold the equivalent of 194 million barrels in the six most important futures and options contracts over the seven days ending on June 4. Fund
Yahoo Finance LONDON – Oil pared gains on Friday as demand concerns intensified after strong U.S. jobs data soured hopes of the Federal Reserve cutting interest rates soon. Brent crude futures edged up 12 cents to $79.99 a barrel while U.S. West Texas Intermediate crude futures rose 28 cents to $75.83 as of 1328 GMT. Data on Friday showed U.S.
Yahoo Finance NEW YORK – Oil prices tumbled more than $2 a barrel on Monday to multi-month lows, as investors worried about the demand outlook and took a complicated OPEC+ output decision as a sign that members of the producer group were eager to export more crude. OPEC+ on Sunday agreed to extend most of its deep oil output cuts
BOE Report The OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has pushed back its output policy meeting by a day to June 2. The meeting was to have been in Vienna on June 1, but will now be held online a day later, OPEC said on Friday. OPEC+
Yahoo Finance Oil slipped on Friday following an earlier price spike of more than $3 after Iran played down reported Israeli attacks on its soil, in a sign that an escalation of hostilities in the Middle East might be avoided. Brent futures were down 72 cents, or 0.83%, at $86.39 a barrel by 1314 GMT. The front month U.S. West
Yahoo Finance Oil prices edged lower on Friday but were on track to gain over 3% for the week, boosted by the International Energy Agency raising its 2024 oil demand forecast and an unexpected decline in U.S. stockpiles. Brent crude oil futures were down 47 cents or 0.6% to $84.95 a barrel at 1434 GMT, a day after topping $85
Oil Price Crude oil prices have been stuck between bearish and bullish news this week, booking a modest decline over the four days to Thursday. This could yet change later today, resulting in another week of gains for benchmarks. On the other hand, the bearish sentiment may prevail. On that side, the focus has been on Chinese demand, which CNPC said this
US News LONDON-Oil prices pulled back on Wednesday as the prospect of delays to U.S. interest rate cuts and a jump in U.S. crude stocks that trounced expectations offset a boost from a potential extension to OPEC+ supply curbs. Brent crude futures fell 76 cents, or 0.91%, to $82.89 a barrel by 1227 GMT. U.S. West Texas Intermediate futures (WTI)
Investing LONDON (Reuters) -Oil prices edged lower on Thursday on growing expectations that key Western economies will maintain high interest rates to tackle stubborn inflation. By 1312 GMT, Brent crude futures were down 66 cents at $95.89 a barrel after rising to their highest level since last November earlier in the session. The November contract expires on Friday. The December Brent contract
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