CNBC Oil steadied on Friday, with global benchmark Brent heading for its first weekly gain in three weeks, as economic indicators from big consumers China and the United States bolstered hopes for higher demand. China’s industrial output rose 6.7% year on year in April as recovery in its manufacturing sector gathered pace, accelerating from 4.5% in March and pointing to
Oil Price The Paris-based International Energy Agency (IEA) has predicted that global oil demand will peak before the end of the current decade as the transition to renewable energy gathers momentum. According to the IEA, global oil demand will rise by another 6% from 2022-28 to hit 105.7 million barrels per day. The agency expects demand growth for oil to
World Oil (Bloomberg) — OPEC’s top official said he sees a “more upbeat” economic outlook as China reopens after several years of virus restrictions. “There’s a positive mood and optimism, which I must always say is cautious optimism,” Secretary-General Haitham Al-Ghais said Feb. 6 at the India Energy Week forum. While there’s a lot of potential for oil demand
US News NEW YORK – Oil prices were mixed on Thursday, as concerns about a potential global recession that would knock energy demand offset lower crude inventories and a rebound in U.S. gasoline consumption. Brent crude futures rose 28 cents to $106.90 a barrel by 1:17 p.m. EDT (1716 GMT), after gaining $2.22 on Wednesday. U.S. West Texas Intermediate crude
Investing NEW YORK – Oil prices fell about $1 a barrel on Thursday in volatile trading as investors weighed the risk that rising interest rates could trigger a recession and cut demand for fuel. Brent crude futures fell 90 cents, or 0.8%, to $110.84 by 11:20 a.m. ET (1520 GMT). U.S. West Texas Intermediate (WTI) crude futures were down $1.07,
World Oil (Bloomberg) — European Union energy ministers tried to project a united front Monday in rejecting Russia’s demands to buy gas in rubles as the bloc tries to prevent Vladimir Putin from sowing divisions in the bloc. Despite signs that at least one member state, Hungary, may accede to Moscow’s ruble demands, ministers said the EU will find a
CNBC Russia appears to have walked back demands that European companies pay for gas supplies in rubles from Thursday, temporarily alleviating the risk of supply disruptions. It comes after Russia’s President Vladimir Putin repeatedly demanded that so-called “unfriendly” countries pay for gas in rubles, rather than in euros or dollars, targeting those behind the heavy economic sanctions designed to isolate
CNBC Goldman Sachs predicts a new high in oil demand in 2022, and again in 2023. Damien Courvalin, the investment bank’s head of energy research, also said Friday that oil at $100 per barrel was a possibility. Oil demand was already at record levels before the latest omicron variant hit, and furthermore, demand for air travel should continue to recover,
Fox Business Lithium prices are rising at their fastest pace in years, setting off a race to secure supplies and fueling worries about long-term shortages of a vital ingredient in the rechargeable batteries that power everything from electric vehicles to smartphones. An index of lithium prices from research firm and price provider Benchmark Mineral Intelligence doubled between May and November and
World Oil (Bloomberg) –OPEC and its allies once again failed to pump enough oil to meet their output targets, exacerbating the supply deficit as the world recovers from the coronavirus pandemic. OPEC+ cut its production 15% deeper than planned in September, compared with 16% in August and 9% in July, according to delegates with knowledge of the matter. This reflects
CNBC Energy prices around the world are at record highs as a power crunch hits Europe and Asia — and the International Energy Agency warned Wednesday that volatility is here to stay. In its annual report, the Paris-based agency said the world is underinvesting now for future energy consumption, which will make the transition to net-zero emissions unstable. “There is a looming risk of
Reuters LONDON -OPEC has trimmed its world oil demand growth forecast for 2021 while maintaining its 2022 view, its monthly report showed on Wednesday, but it said surging natural gas prices could boost demand for oil products as end users switch. The Organization of the Petroleum Exporting Countries (OPEC) now expects oil demand to grow by 5.82 million barrels per
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