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 →
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 →
Oil prices declined more than 2 per cent in the previous session as investors remained cautious over the depth of supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies (OPEC+). Concerns over sluggish global manufacturing activity also weighed on market sentiments. Brent crude futures for FebruaryRead More →
Oil prices rose by more than 1 per cent on Thursday, November 30 as the The Organisation of Petroleum Exporting Countries and its allies (OPEC+) agreed to output cuts approaching 2 million barrels per day (bpd) for early next year, which includes Saudi Arabia’s voluntary supply reduction. Brent crude futuresRead More →
Oil prices declined in the previous session after the release of some hostages in Gaza reduced the geopolitical risk premium, but prices notched their first week of gains in over a month ahead of next week’s output policy decision by the Organisation of Petroleum Exporting Countries and it allies (OPEC+)Read More →
Oil prices declined about 2 per cent on Thursday, November 23, extending losses after the Organisation of Petroleum Exporting Countries and it allies (OPEC+) unexpectedly delayed the policy meeting on output planned for Sunday, raising questions about the future course of crude production cuts. Investors now speculate that the oilRead More →
Global oil benchmarks headed for their fourth weekly loss on Friday, November 17, but recouped some losses a day after sinking 5 per cent to a four month-low on growing worries about rising supply and cooling demand. Brent futures rose $1.34, or about 1.7 per cent, to $78.76 a barrel.Read More →
Oil prices rose on Monday, November 13, after the Organisation of Petroleum Exporting Counties (OPEC) issued a report that countered market concern over waning demand in the United States and China, compounded by mixed signals from the US Federal Reserve. In its monthly report, OPEC said that oil market fundamentalsRead More →
Brent crude futures for January were up 99 cents, or 1.2 per cent, at $81 a barrel at, while US West Texas Intermediate (WTI) crude futures for December were at $76.67, up 93 cents, also 1.2 per cent. Both contracts are set to fall about 5 per cent on theRead More →
