Oil prices ended Friday’s session with gains, extending their upward trend for the week. The prospect of OPEC+ cutting output outweighed worries about a recessionary economy and fears of a drop in oil demand, although the latter were boosted by Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole conference, signaling that a further […]
Tag: Brent
Oil: With gains for the third day in a row, it collected weekly losses to 1.5%
Oil prices erased intra-session losses of as much as -2%, closing in positive territory for a third consecutive day and capping their losses for the week. In particular, the slow type West Texas Intermediate added on Friday 27 cents or 0.3%, to set its price at $90.77 per barrel. This was the highest close for […]
Brent oil forecasts are revised down to $100 in the third quarter and $97 in the fourth quarter – ING
Russian oil production requires a rethink of crude. ING strategists have revised their forecasts downwards. Oil prices will remain high “Russia’s stubborn oil production and weaker-than-expected demand growth mean the oil market is likely to remain in surplus for the rest of this year and early next, which should limit the rise in oil prices. […]
Oil: Daily losses trimmed gains by around 3.8% for the week
Oil prices lost ground on Friday after reports that the supply disruption in the Gulf of Mexico was short-lived. However, on a weekly basis, WTI and Brent maintained significant gains as fears of a possible recession in the global economy receded. In particular, the slow type West Texas Intermediate for September delivery fell on Friday […]
Oil slumps around 9% in the week
Oil prices rebounded slightly on Friday, ending a week of heavy losses for the “black gold”, after a surprisingly strong picture of the US labor market failed to ease fears of a global economic slowdown. Crude edged up slightly after data released today showed the US economy added more 528,000 seats of work in July, […]
Oil is moving higher as hopes that OPEC+ will increase production fade
Oil prices rose in European trade on Friday as attention turned to next week’s OPEC+ meeting and expectations that it will dash U.S. hopes for a supply boost. Brent futures for September, which expire on Friday, gained $2.30 to trade at $109.44 a barrel, after touching their highest level since July 5, according to Reuters. […]
Crude closed above $100 again
Oil prices rallied strongly, closing back above €100 in a week as heightened concerns over gas flows in Europe following Gazprom’s “force majeure” plea and a weaker dollar offset fears about crude demand due to an impending recession and lockdowns in China. Specifically, the September Brent contract jumped 5.11% and is trading at $106 a […]
Heavy losses for oil in the week, at -6.9% US crude
A rebound in oil prices on Friday pared some of the week’s significant losses amid Biden’s visit to Saudi Arabia and a U.S. official telling Reuters the U.S. did not expect to see an immediate increase in output from Riyadh, as US President Biden will ask. Expectations for such a possibility are focused on the […]
Oil prices at their lowest level since April
With losses but far from intraday lows of as much as -5%, oil prices closed on Thursday, falling to their lowest level since April. In particular, the slow type West Texas Intermediate U.S. crude for August delivery fell 52 cents, or 0.5%, to settle at $95.78 a barrel. The type oil Brent for September delivery […]
Oil: Week of recession worries with losses over 3.4%
Oil prices closed higher for the second consecutive session, but the “black gold” recorded significant losses during the week amid concerns about an impending economic recession – due to restrictive monetary policies – which will hit demand in the coming months. Despite the recovery in oil prices on Thursday and Friday, which allowed US crude […]
