Oil prices experienced a decline, with the global benchmark Brent dropping below $82 per barrel, on Monday. This downward trend occurred as worries diminished about potential disruptions to supply due to conflicts in the Middle East. Additionally, concerns about softened demand in China contributed to the bearish sentiment. Brent futuresRead More →
Saudi Arabia, the de facto leader of the OPEC cartel, said it would extend its voluntary cut of one million barrels per day (bpd) through the end of June, leaving its output at around nine million bpd –well below its capacity of 12 million bpd. Russia, which leads OPEC alliesRead More →
The conflict in Israel remains in place, although that is unlikely to adversely affect the crude oil supply. However, the bigger development has been the US government’s efforts to continue to target Iranian proxies in the Middle East in retaliation for a suicide drone strike in Jordan, said ICICI BankRead More →
Brent crude futures were up 53 cents, or 0.7 per cent, to $82.13 a barrel by 1456 GMT. US West Texas Intermediate crude futures gained 52 cents, or 0.7 per cent, at $77.16, according to news agency Reuters. Both oil benchmark contracts lost more than $1 per barrel on Wednesday,Read More →
The rally – in thin trade with some markets closed for public holidays, added to last week’s gains of about three per cent after Houthi attacks on ships disrupted global shipping and trade while the Israel-Hamas conflict shows no sign of easing. Brent crude futures were up by $1.79, orRead More →
Oil prices fell by more than $1 per barrel on Thursday, December 21, after Angola announced it is leaving the Organization of the Petroleum Exporting Countries (OPEC) cartel. Angola’s oil minister Diamantino Azevedo said the country’s membership in OPEC was not serving its interests. Brent crude futures were down $1.30,Read More →
Brent futures settled down 6 cents, or 0.08 per cent, at $76.55 a barrel. US West Texas Intermediate (WTI) crude finished down 15 cents, or 0.21 per cent, at $71.43, according to news agency Reuters. Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a DecemberRead More →
Global oil prices were almost flat on Monday on lingering worries over crude oversupply despite OPEC cuts and softer fuel demand growth in 2024. Brent crude futures dipped 6 cents to $75.78 a barrel by 1427 GMT. US West Texas Intermediate crude futures were down 7 cents at $71.16. OnRead More →
Oil prices fell by 2.5 per cent on Wednesday, December 6, as a bigger-than-expected rise in US gasoline inventories worried markets about demand and outweighed a draw in crude stocks. US gasoline stocks rose by 5.4 million barrels last week, said the Energy Information Administration. Brent crude futures fell $1.96,Read More →
Oil prices ticked higher after falling to five-month lows on Tuesday, December 5, after Russia said that the Organisation of Petroleum Exporting Countries and its allies (OPEC+) was ready to deepen output cuts in the first quarter of next year. Russian Deputy Prime Minister Alexander Novak said that OPEC+ couldRead More →
