Tag: Oil Prices
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Oil prices rise on slow OPEC oil output increase
Oil prices rose on Tuesday as key producer group OPEC undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand. Brent crude futures gained 28 cents, or 0.3%, to $84.99 a barrel by 0117 GMT while U.S. West…
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Global oil prices won’t decline until 2023 – World Bank
The stunning recent runup in global oil prices could threaten economic growth and is unlikely to retreat until 2023, the World Bank said Thursday.
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Oil prices surpass $83
Oil prices hit a multi-year high on Wednesday above $83 a barrel, its highest level since 2018. The price jump was supported by OPEC+’s refusal to ramp up production more rapidly. However, the market later unwound those gains due to an American Petroleum Institute (API) report showing rising crude inventories in the United States. Technical…
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Just in: Oil prices shoot pass $60 per barrel, highest in over a year
Brent oil prices Monday shot past $60 a barrel for the first time in more than a year Monday with investors growing increasingly optimistic about demand as the global economy recovers from the coronavirus pandemic. The commodity climbed 1.26 percent to $60.19 a barrel — its highest since January last year — as asset markets…
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Oil prices steady as OPEC, allies commence output cuts
Oil prices continued pointing up for both benchmarks on Friday, May 1 as oil producers embark on record output cuts to tackle glut due to the coronavirus crisis. This led to the first weekly gain for the market in four weeks. The international benchmark, Brent crude, was up by 0.64 percent or 17 cents to…
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Coronavirus outbreak slashes global oil prices
Coronavirus outbreak is causing havoc in the crude oil market. Prices tumbled more than 2% on Monday, with investors worried about a hit to demand as the virus spreads rapidly outside China. Brent crude fell by $1.50 or 2.5% to $57.00 a barrel by 2332 GMT. U.S. crude futures fell by $1.26 or 2.3% to…
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Oil prices soar as Iran hits US Iraqi bases with missiles
Oil rose sharply, with U.S. crude rising nearly $3, on Wednesday after the U.S. said its forces in Iraq were attacked by Iranian ballistic missiles, raising the prospect of a regional conflagration that could cut oil supplies. West Texas Intermediate crude futures rose nearly $3, or almost 5%, to $65.50 a barrel at around 0029…
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Oil prices jump as OPEC, others agree 500,000 b/d cut
Oil prices rose on Friday as the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to deepen output cuts to 500,000 additional barrels per day as the two-day meeting concluded in Vienna, Austria on Friday. This new deal reached means the production cut will move from 1.2 million to 1.7 million less…
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Oil slips as focus shifts from Saudi supply to global demand concerns
Oil prices eased on Tuesday as weak manufacturing data from Europe and Japan focused market attention on the gloomy outlook for demand and away from uncertainty around supply disruptions in Saudi Arabia. Brent crude futures LCOc1 fell 40 cents to 64.37 dollars a barrel by 0624 GMT, while U.S. West Texas Intermediate (WTI) futures CLc1…
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Attack: Oil Prices Rebound as Saudi Recovery Continues
Oil prices were at first trading lower on Monday afternoon as reports stated that Saudi Arabia already had gotten about 75 percent of its output up and running since the attacks on its Aramco fields two weeks ago. However, as at Tuesday night, the Brent Crude was trading higher at $63.42 per barrel after gaining…