Oil Price News

 

Oil Rebounds to Above $76 on Speculation Omicron-related Drop Exaggerated

Nov 29, 2021

Oil rebounded by more than 5% on Monday to above $76 a barrel as some investors viewed Friday's slump in oil and financial markets on concern about the Omicron coronavirus variant as overdone.Top officials from the Organization of the Petroleum Exporting Countries and its allies…

Morgan Stanley Slashes Q1 2022 Brent Crude Price Forecast on Omicron Risks

Nov 29, 2021

Morgan Stanley on Monday cut its first quarter 2022 Brent crude price forecast to $82.50 per barrel from $95 on market expectations that the Omicron coronavirus variant could turn into a major headwind for oil demand.The market appears to be…

Omicron Threatens Oil Demand Recovery

Nov 29, 2021

Asian oil refiners' margins have slumped to the lowest in nearly five months amid worries that the Omicron coronavirus variant could deal another blow to oil demand recovery, already hit by rising COVID-19 cases in Europe.Governments worldwide…

Brent Drops Under $80 as Investors Wary of New Variant, Q1 Surplus

Nov 26, 2021

Brent slid nearly 4% to below $80 a barrel on Friday as a new COVID-19 variant spooked investors, adding to concerns that a global supply surplus could swell in the first quarter following the release of crude reserves by the United States and others…

Asian Countries Looking to Release Oil Reserves after U.S. Request

Nov 18, 2021

The world's biggest economies said on Thursday they were looking into releasing oil from their strategic reserves, following a rare request from the United States for a coordinated move to cool global energy prices.The U.S. move reflects frustration…

IEA Lifts Average Brent Oil Price Forecast for 2022

Nov 16, 2021

The International Energy Agency (IEA) on Tuesday upped its average Brent crude oil price assumption for 2022 to $79.40 a barrel, but predicted a rally may ease off as prices that hit a three-year high last month push up global production.Brent is expected to average $71…

Oil Price Rises after OPEC+ Rejects Call for More Supply

Nov 05, 2021

Oil prices rose more than 1% on Friday, staging a partial recovery after OPEC+ producers rebuffed a U.S. call to raise supply and instead maintained plans for a gradual return of output halted by the pandemic.Brent crude rose 82 cents or just over 1% to $81…

Brent Crude Prices Hits Highest Since October 2018

Oct 25, 2021

Oil prices extended pre-weekend gains on Monday to hit multi-year highs, lifted by tight global supply and strengthening fuel demand in the United States and beyond as economies recover from pandemic-induced slumps.Brent crude futures rose by 97 cents…

Oil Price Reaches Multi-year High Above $86, Then Pulls Back

Oct 21, 2021

Oil hit a three-year high above $86 a barrel on Thursday driven by tight supply and a global energy crunch, although prices eased as some investors took profits on signs the rally is looking overstretched.Helping to drive the latest gain, a supply report from the U…

Oil Prices Hit a Fresh Three-year High on Supply Deficit Concerns

Oct 15, 2021

Oil prices hit a fresh three-year high on Friday, climbing above $85 a barrel on forecasts of a supply deficit over the next few months as rocketing gas and coal prices stoke a switch to oil products.Brent crude futures were up 80 cents, or 0…

Oil Rises on IEA Demand Forecast

Oct 14, 2021

Oil prices rose by about 1% on Thursday after the International Energy Agency said that record natural gas prices will boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supplies.Brent crude futures gained 87 cents…

Oil Rises to Multi-year Highs on Global Energy Crunch

Oct 11, 2021

Oil prices rose by about 2% on Monday, extending gains as an energy crisis grips major economies amid a pick-up in economic activity and restrained supplies from major producers.Brent crude was up $1.45, or 1.8%, at $83.84 a barrel by 1336 GMT…

Oil Shoots Past $83 a Barrel, Hitting a Multi-year High

Oct 06, 2021

Oil hit a multi-year high on Wednesday above $83 a barrel, supported by OPEC+'s refusal to ramp up production more rapidly against a backdrop of concern about tight energy supply globally.The market later unwound those gains due to an American…

Oil Drops Below $78 as OPEC+ Eyes Output Boost

Oct 01, 2021

Oil fell below $78 a barrel on Friday on the prospect that OPEC+ producers might step up a planned increase in output to ease supply concerns, although crude remained in sight of a three-year high reached this week.The Organization of the Petroleum Exporting Countries (OPEC) and allies…

Brent Shoots Past $80 a Barrel

Sep 28, 2021

Oil markets climbed for a sixth day on Tuesday, boosted by a tighter supply and firm demand outlook, but power shortages in China which hit factory output tempered the rally.Brent crude futures gained 67 cents, or 0.8%, to $80.20 a barrel at 1016 GMT…

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