International crude oil prices again hit a four month-high mark on Tuesday, March 19, after breaking above range-bound trading last week, but gains were limited by the prospect of rising exports from Russia as Ukrainian attacks on oil infrastructure curb domestic refining activity. The Brent crude oil futures contract wasRead More →
The Organization of the Petroleum Exporting Countries (OPEC) bloc, led by Saudi Arabia has retained its forecast for demand growth for 2024 and 2025, amid constant tensions in the Middle East. The oil producer group however, raised its global economic growth forecast for this year saying that there was moreRead More →
Oil prices closed one per cent lower in the previous session and reported a weekly loss as markets remained wary of soft Chinese demand even as producer group Organisation of Petroleum Exporting Countries (OPEC) extended supply cuts. Earlier this week, China set an economic growth target for 2024 of aroundRead More →
Oil prices slipped on Thursday, March 7 as expectations that US interest rate cuts could be delayed capped gains, though upbeat Chinese trade data augured well for demand in the world’s top oil importer. Brent crude futures were down 58 cents or 0.7 per cent to $82.38 a barrel, whileRead More →
Oil prices climbed about two per cent on Wednesday, March 6, on a smaller-than-expected build in US crude inventories, a big withdrawal from distillate and gasoline stockpiles and remarks by the US Federal Reserve chair Jerome Powell that he still expects US interest rate cuts this year. Lower interest ratesRead More →
Brent futures for May settled $1.64 higher, or two per cent, at $83.55 a barrel. The April Brent futures contract expired on February 29 at $83.62 a barrel. US West Texas Intermediate (WTI) for April rose $1.71, or 2.19 per cent, to $79.97 a barrel. For the week, Brent addedRead More →
Oil prices pulled back on Wednesday, February 28, as the prospect of delays to US interest rate cuts and a jump in US crude stocks that beat expectations offset a boost from a potential extension to supply curbs by the Organization of Petroleum Exporting Countries (OPEC). Brent and WTI futuresRead More →
Oil prices rose on Tuesday, February 27, as the market focused on uncertainty over a potential Gaza ceasefire and some expectations that the Organization of Petroleum Exporting Countries (OPEC) will extend voluntary supply cuts in March. Mixed signals came from the Middle East as US President Joe Biden said IsraelRead More →
Oil prices experienced a slight decline amid speculation that unexpectedly robust inflation figures might postpone reductions in high interest rates, which have been restraining global fuel demand growth. Brent crude futures saw a decrease of 20 cents, marking a 0.3% drop to $81.42 per barrel by 1415 GMT. Similarly, U.S.Read More →
Oil prices settled higher in the previous session as geopolitical tensions in the Middle East more than offset a forecast from the International Energy Agency (IEA) for slowing demand. The growing risk of a wider conflict in the Middle East supported crude prices. Brent crude futures settled up 61 cents,Read More →
