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 →
Recently, OPEC+ members have announced voluntary cuts to boost prices. (Representational) Vienna, Austria: Major producer Brazil will join OPEC+ from next year, the oil cartel announced on Thursday. Brazil is among the world’s top 10 producers and has been the largest oil producer in Latin America since 2016. Its crudeRead 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 rose on Wednesday, November 29, as investors turned their attention to the output policy decision by the Organisation of Petroleum Exporting Countries and its allies (OPEC+), while supply disruption caused by a storm in the Black Sea combined with lower US inventories to drive buying. Brent crude futuresRead More →
Crude oil prices surged more than 2%, driven by speculation that OPEC+ might prolong or deepen production cuts, a reduction in Kazakh oil output due to a storm, and a softer U.S. dollar, on Tuesday, according to a Reuters report. Brent crude futures recorded a $1.88 increase, which is aRead More →
Oil prices declined for a fourth day on Monday ahead of a meeting of OPEC (Organization of Petroleum Exporting Countries) and its allies, together known as OPEC+, later in the week. The member countries on November 30 will deliberate on supply curbs in 2024. The OPEC+ ministerial meeting was earlier scheduledRead 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 →
The Asian markets traded mixed, while the US markets were shut for a Thanksgiving holiday. Declining oil prices and ease in US bond yields are likely to support the domestic equities and remain key positives for a broader recovery for the market. The domestic equity market ended flat on ThursdayRead More →
Global oil benchmarks extended gains on Monday, November 20, as further supply cuts in OPEC+ production are expected in the coming weeks. On Monday, oil futures experienced a gain of over $1, continuing their upward trajectory amid expectations of OPEC+ intensifying supply reductions, according to a report by Reuters. ThisRead More →
Oil prices were little changed on Thursday, October 19, as the US eased sanctions on Venezuela to allow more oil to flow globally, but traders remained nervous that Israel’s military campaign in Gaza could escalate to a regional conflict. The US issued a six-month licence authorising transactions in Venezuela’s energyRead More →
