Oil Price News

 

Brent Hits $93 as Middle East Strife Heightens Supply Concerns

Oct 18, 2023

Global oil benchmark Brent hit $93 a barrel on Wednesday as the risk of escalating conflict in the Middle East threatened to disrupt oil supplies from the region, with Iran calling for an oil embargo to be imposed on Israel.Brent crude futures was up $2.54, or 2.8%, to $92.44 a barrel at 1056 GMT. West Texas Intermediate crude (WTI) futures were up $2.54, or 2.9%, at $89.2 a barrel.Both benchmarks gained more than $3 to touch their highest levels in two weeks earlier in the session…

Brent Climbs Ahead of OPEC+ Oil Production Decision

Nov 24, 2023

Brent crude futures rose in early Asian trade on Friday, reversing losses in the previous session as traders speculated on whether OPEC+ would come to an agreement on further production cuts.Brent crude futures LCOc1 gained 29 cents, or 0.4%…

World Bank Sees Lower 2024 Oil Price, but Middle East War Could Cause Spike

Oct 31, 2023

The World Bank said on Monday it expected global oil prices to average $90 a barrel in the fourth quarter and fall to an average of $81 in 2024 as slowing growth eases demand, but warned that an escalation of the latest Middle East conflict could spike prices significantly higher…

OPEC Raises Oil Demand View in Long-term Outlook

Oct 09, 2023

OPEC raised its world oil demand forecasts for the medium and long term in an annual outlook, and said $14 trillion of investment is needed to meet this demand even as renewable fuel use grows and more electric cars take to the road.The view…

Aramco, Exxon CEOs Push Back against Forecasts of Peak Oil Demand

Sep 19, 2023

The CEOs of top Saudi Arabian and U.S. oil producers Aramco and Exxon Mobil on Monday pushed back against forecasts that oil demand will peak, and said the transition to cleaner energy to fight climate change would require continuing investment in conventional oil and gas…

Oil Prices Ease from 10-month Highs but Hold above $90 a Barrel

Sep 11, 2023

Oil prices dipped on Monday after fresh Saudi and Russian crude output cuts had driven prices to 10-month highs last week. Saudi Arabia and Russia last week announced that they will extend voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year…

Oil Jumps as Saudi Arabia and Russia Extend Supply Cuts to end-2023

Sep 05, 2023

Oil prices spiked more than 1% on Tuesday after Saudi Arabia and Russia announced a fresh extension to their voluntary supply cuts, stretching a combined 1.3 million barrel per day (bpd) reduction for another three months through December.Brent crude futures for November were up $1…

Oil Prices Could Rise Further This Zear, but 2024 Demand to Slow Sharply: IEA

Aug 11, 2023

OPEC+ supply cuts could erode oil inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024, the International Energy Agency (IEA) said on Friday.Tighter supply driven by oil output cuts from OPEC and its allies…

Goldman Sachs' Jeff Currie, Who Predicted Commodities Supercycle, to Retire

Aug 07, 2023

Goldman Sachs' global head of commodities research Jeff Currie, a prominent analyst who accurately predicted a surge in commodity prices in the 2000s, is retiring, according to a memo seen by Reuters. Currie is leaving after 27 years. His departure…

Oil Set for Sixth Weekly Gain on Extended Supply Cuts

Aug 04, 2023

Oil prices were on track for a sixth week of gains after Saudi Arabia and Russia, the world's second and third-largest crude producers, pledged to cut output through September.Brent crude futures for October edged 33 cents higher to $85.47 a barrel by 1326 GMT…

Goldman Upgrades Oil Demand Outlook as Market Tempers Growth Pessimism

Jul 31, 2023

Goldman Sachs on Sunday revised up its global oil demand forecast for the year while sticking to its 12-month Brent price projection of $93 per barrel as higher realized inventories offset the demand boost from a less pessimistic growth outlook…

Oil on Track for Biggest Monthly Gains in Over a Year

Jul 31, 2023

Oil prices edged lower on Monday but were hovering near three-month highs and were set to post their biggest monthly gains in more than a year on expectations that Saudi Arabia would extend voluntary output cuts into September and tighten global supply…

Oil on Track for Fifth Week of Gains

Jul 28, 2023

Oil prices were steady on Friday, but on track for a fifth straight week of gains, with investors optimistic, healthy demand and supply cuts will keep prices buoyant.Risk appetite in wider financial markets has been fuelled by growing expectations…

Brent Oil Hovers Over $80 as Inflation Worries Ease

Jul 19, 2023

Global oil benchmark Brent hovered above $80 on Wednesday, buoyed by China's pledge to reinvigorate economic growth and expectations that the U.S. Federal Reserve will stop raising interest rates soon.Brent futures rose 38 cents at $80.01 a barrel by 0956 GMT…

Brent Oil Hovers above $81 after Supply Disruptions

Jul 14, 2023

Global benchmark Brent crude hovered above $81 a barrel on Friday, with bullish sentiment over U.S. demand bolstered by supply disruption in Libya and Nigeria.Both the Brent and U.S. West Texas Intermediate (WTI) contracts had risen for three straight sessions and in early Asian trade on Friday…

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