International crude oil prices rebounded on Wednesday, October 30, rising more than two per cent after data showed US crude and gasoline inventories fell unexpectedly last week and on reports that the Organisation of Petroleum Exporting Countries (OPEC) will likely delay its planned oil output increase. After falling more than six per cent earlier in … Read more
International crude oil prices climbed three per cent before paring gains on Wednesday, October 2, on worries that the escalating conflict in the Middle East due to the Israel-Iran war could threaten oil supplies from the world’s top-producing region. However, a large build-up in US crude inventories limited gains. Brent futures were last up 84 … Read more
International crude oil prices crashed to a 33-month low (near a three-year low) on Tuesday, September 10, with the benchmark Brent crude futures sinking below $70 a barrel for the first time since December 2021. This came shortly after the Organisation of Petroleum Exporting Countries and its allies (OPEC+) slashed its global oil demand forecast … Read more
Crude oil prices rose by more than a dollar a barrel on Thursday, August 29, as supply disruptions in Libya and plans to lower output in Iraq raised concerns of a tightening market. More than half of Libya’s oil production—nearly 70,000 barrels per day—was offline today, and exports were halted at several ports amid a … Read more
International crude oil prices snapped their three-day winning streak and fell around two per cent on Tuesday, August 27. Worries that slower economic growth in the US and China could reduce energy demand dragged prices down, especially after they surged over seven per cent in the prior three days. Brent futures last fell $1.31, or … Read more
Crude oil prices extended gains on Thursday, July 11, keeping the Brent crude benchmark above the $85 per barrel-mark, after Wall Street experts lifted bets on interest rate cuts by the US Federal Reserve. This came after US government data showed an unexpected slowdown in consumer price-based (CPI) inflation. Brent crude futures were up 23 … Read more
Crude oil prices extended losses in the previous session, reporting a third straight weekly loss as investors weighed the reassurances by the Organisation of Petroleum Exporting Countries and its allies (OPEC+) against the latest US jobs data which lowered expectations that the US Federal Reserve will cut interest rates soon. Brent crude futures settled 25 … Read more
Global crude oil prices reported a second straight weekly gain and hit six-month high levels as markets watched for signs of any direct conflict between Israel and Iran that could further tighten supplies. This sudden uptick in crude oil prices has reignited fears of inflationary pressures and instilled fresh concerns among global central bankers, policymakers, … Read more
The Organisation of Petroleum Exporting Countries and its allies (OPEC+) conducted its joint ministerial monitoring committee meeting (JMMC) earlier this week and kept the supply policy unchanged till mid-2024, while pressing some oil producing nations to increase the compliance with output cuts. The April 3 policy decision by OPEC+ led to a spike in international … Read more
Global crude oil prices dropped on Thursday, April 4, as caution over global macroeconomic activity weighed against the supply output cuts as well as geopolitical conflicts. Investors continue to look to macroeconomic data and monetary policy for potential clues on the outlook for oil demand, while financial sanctions on Iran by the US also capped … Read more