Oil Price News


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…

Brent Heading for $80 a Barrel. Hits Highest Since October 2018

Sep 27, 2021

Oil prices rose for a fifth straight day on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions.Brent crude was up 92 cents or 1…

Oil Prices Drop But Stay Above $70 a Barrel

Aug 25, 2021

Oil prices dropped on Wednesday but stayed above $70 a barrel, taking a breather after recent days' strong rally as Mexico was set to resume crude production following a major outage.Brent crude fell 33 cents, or 0.46%, to $70.72 a barrel by 0904 GMT…

Oil Slides 4% on China Virus Curbs, Climate Warning

Aug 09, 2021

Oil prices fell by 4% on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.A United Nations…

Boosted by Higher Oil Prices, Galp Swings to Net Profit

Jul 26, 2021

Portuguese oil and gas company Galp Energia swung to a net profit in the second quarter thanks to higher crude prices and refining margins, but cautioned on the continued impact of the COVID-19 pandemic.In a statement accompanying the figures…

OPEC+ Deal to Boost Output to End Talks of $100 a Barrel Oil

Jul 20, 2021

The OPEC+ deal to boost crude oil output from August was always the most likely outcome to the producer group's earlier impasse, and it should be enough to end market talk of $100 a barrel oil, at least for now.OPEC+ ministers agreed on Sunday to boost production by 400…

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