Oil Price News


Brent Drops as Economic Headwinds Outweigh Supply Cuts

Jul 05, 2023

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…

Saudi Output Cut Unlikely to Lift Oil Prices to High $80s-low $90s, Citi Says

Jun 06, 2023

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…

Brent May Rise Toward $100/bbl as Saudi Output Cut Could Worsen Supply Gap - Analysts

Jun 05, 2023

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…

BP's Chief Economist Sees Oil Market Tightening By H2 2023

Apr 18, 2023

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…

OPEC+ Cuts Put $100/barrel Oil Back in Sight

Apr 03, 2023

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 Surges as OPEC+ Surprise Output Cuts Shake Markets

Apr 03, 2023

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 Drops on Fears of Global Economic Slowdown

Feb 21, 2023

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 Set to End Turbulent 2022 With Second Annual Gain

Dec 30, 2022

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 Rises from 9-month Low on U.S. Gulf Supply Cuts, Softer Dollar

Sep 27, 2022

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 Rise on Specter of Europe Energy Rationing

Sep 08, 2022

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 Falls Anticipating Fed Hike will Dent Demand

Jul 25, 2022

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…

Oil Supply Crunch is Coming, ConocoPhillips CEO Says

Jul 20, 2022

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 Edges Up after Slide Below $100

Jul 13, 2022

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 Drops to 12-week low on Recession, COVID-19 Worries

Jul 06, 2022

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 Medvedev Says Oil Could Hit Up to $400 a Barrel if Japanese Proposal Adopted

Jul 05, 2022

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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