HOUSTON (Reuters) – Rising U.S. crude oil exports are boosting the prominence of Gulf Coast price benchmarks and buoying trading volumes on Houston contracts, eroding the significance of the Cushing, Oklahoma, storage hub. Since U.S. WTI Midland crude oil transactions joined the dated Brent price assessment a year ago, U.S. oil exports have overshadowed the role of Cushing as a
Oil Price The price of the U.S. WTI crude oil has finally stayed in the low $70s per barrel for a sustainable period of time, allowing the Biden Administration to ramp up the refill of the Strategic Petroleum Reserve (SPR), which it had said would do at prices of $79 a barrel or below. WTI Crude is now at $70 per
Investing Oil prices held steady on Tuesday in choppy trade as the focus turned to the U.S. Federal Reserve’s policy meeting that concludes on Wednesday, while fears of weaker demand in China curbed gains. Prices saw some support from prospects of lower U.S. crude stockpiles and concerns over U.S. production in the aftermath of Hurricane Francine. Brent crude futures for November were up
BOE Report UBS cut its oil price forecasts for 2024, citing a weaker global demand outlook especially driven by a slowing Chinese economy. It lowered its price view for both Brent and WTI by $4 to $80 per barrel and $76 per barrel respectively. “The key downside risks would be a recession, which would in turn raise the risk of
Oil Price Crude oil production will continue to outpace demand in 2025 despite OPEC+ caps on output, Kpler analyst Homayoun Falakshahi told Reuters. In an interview from earlier today, the analyst noted the sluggish demand growth in China but also signs of weakening demand growth in the United States, which even the recent production outages in Libya could not offset, at least
World Oil (Bloomberg) – OPEC+ postponed its oil supply hike by two months, but the move wasn’t enough to roll back steep losses in crude prices amid fears about fragile demand. Key coalition members won’t now increase production by 180,000 bpd in October and November, according to a statement on OPEC’s website. Yet their longer-term plan to revive 2.2 MMbpd
Yahoo Finance If producer group OPEC+ doesn’t reduce production further, the average price of oil could drop to $60 per barrel in 2025 due to reduced demand and increased supply from non-OPEC countries, Citi said in a note on Wednesday. Citi said that while a technical rebound was possible, the market could lose confidence in OPEC+ defending the $70/bbl level
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
Yahoo Finance NEW YORK – Oil prices fell about 2% on Tuesday on worries that slower economic growth in the U.S. and China could reduce demand for energy, especially after prices surged over 7% during the prior three days. Brent futures fell $1.31, or 1.6%, to $80.12 a barrel by 11:27 a.m. EDT (1527 GMT). U.S. West Texas Intermediate (WTI)
Reuters Oil prices steadied on Thursday as a drop in U.S. fuel inventories provided a floor, after four days of declines on investor concern over the global demand outlook. Brent crude futures gained 29 cents, or 0.4%, to $76.34 a barrel by 1330 GMT. U.S. West Texas Intermediate crude futures rose 43 cents, or 0.6%, to $72.36. “Crude oil prices
CNBC Oil prices ticked higher on Wednesday on upbeat global demand views from the U.S. Energy Information Administration and OPEC. Brent crude futures rose 11 cents, or 0.1%, to $82.04 a barrel at 0016 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 18 cents, or 0.2%, to settle at $78.10. The EIA raised its 2024 world oil demand growth
Oil Price Oil prices have been highly volatile over the past week, with Brent trading across a $6.75 per barrel (bbl) range to hit a seven-month low of $75.05/bbl intra-day on 5 August thanks to bearish news coming from the world’s largest economy. The latest U.S. jobs report revealed that the economy added 114,000 jobs in July, way lower than the Wall Street
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