Oil benchmark Brent fell on Wednesday, reversing some of the gains made after Saudi Arabia and Russia announced they would extend and deepen output cuts into August, as concerns over a global economic slowdown weighed on market sentiment. Brent was down 46 cents…
Top crude exporter Saudi Arabia's one million barrel per day (bpd) oil output cut is unlikely to underpin a 'sustainable price increase' into the high $80s-low $90s with weak fundamentals pointing to lower prices by year-end, Citi analysts said in a note on Tuesday…
A global shortfall in crude oil supply is set to deepen in the third quarter as the world's top exporter Saudi Arabia pledged extra output cuts from July in a move likely to push Brent towards $100 a barrel by the end of the year, analysts said…
The global oil market will likely tighten in the second half of 2023 after the recent decision by OPEC+ to cut oil production, Spencer Dale, BP plc's chief economist said on Tuesday.There is a scope for oil markets to tighten a little bit in case China's oil demand and its overall economy recovers…
Surprise new cuts to the OPEC+ group's output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said.The decision signals unity within…
Oil prices surged on Monday, posting the biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets.Brent crude was trading at $83.89 a barrel by 0627 GMT, up $4, or 5%, after touching the highest in a month at $86…
Brent oil prices fell on Tuesday as fears that a global economic slowdown would reduce fuel demand prompted investors to take profits on the previous day's gains. Traders are awaiting the minutes of the latest Federal Reserve meeting, due on Wednesday…
Oil rose on Friday and was on track for a second straight annual gain in a volatile year marked by tight supplies because of the Ukraine war and weakening demand from the world's top crude importer, China. Crude surged in March with global benchmark Brent reaching $139…
Oil rose more than 1% on Tuesday from a nine-month low a day earlier, supported by supply curbs in the U.S. Gulf of Mexico ahead of Hurricane Ian and a slight softening in the U.S. dollar.Analyst expectations that the Organization of the Petroleum Exporting Countries and allies…
Oil prices climbed on Thursday, paring some of their steep losses in the previous session, as the potential for an energy standoff between European nations and Russia overshadowed fears of recession and rising inflation.Brent crude futures LCoc1 rose by 25 cents or 0…
Oil fell on Monday, reversing earlier gains but continuing a recent losing streak, on concerns that an expected increase in interest rates in the U.S., the world's biggest oil user, may limit fuel demand growth.Brent crude LCOc1 futures for September settlement dropped 48 cents…
ConocoPhillips' chief executive on Tuesday warned of looming crude oil shortages and price volatility, citing limited spare capacity among the Organization of the Petroleum Exporting Countries and slow U.S. output gains ahead.Ryan Lance, head of the largest U…
Oil edged up on Wednesday, a day after settling below $100 a barrel for the first time since April, and gains were limited by a U.S. supply report showing rising inventories and caution ahead of U.S. inflation data.Despite a tight physical oil market…
Oil prices dropped to a 12-week low in volatile trade on Wednesday, extending Tuesday's heavy losses as growing fears of demand destruction from a global recession outweighed supply concerns.Brent LCOc1 futures for September delivery fell $2…
Russia's former president Dmitry Medvedev said on Tuesday a reported proposal from Japan to cap the price of Russian oil at around half its current level would lead to significantly less oil on the market and could push prices above $300-$400 a barrel…
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