Oil prices closed with gains on Friday, but recorded losses for the week as investors await the OPEC+ meeting next week. Particularly, the US WTI crude for October delivery It gained 26 cents, or 0.3%, to $86.87 a barrel, having earlier touched $89.66. On a weekly basis, it fell by 4.6%. Alongside, Brent for November […]
Tag: Oil Market
Oil closed at a two-week low with a ‘plunge’ of more than 3%
Oil prices closed at a near two-week low as China imposed new coronavirus lockdown measures. Chinese authorities imposed a lockdown on Chengdu, a city of 21 million people, in an effort to control the spread of the coronavirus, raising concerns about the country’s economic growth and demand for oil. Against this backdrop, Brent for November […]
WTI plunges more than 9%, Brent more than 12% in August
Oil prices hit a two-week low on Wednesday, with U.S. crude losing more than 9% on the month amid heightened concerns about a global economic slowdown and reduced demand as central banks continue aggressive hikes of their interest rates in order to tame inflation. Completely reasonable concerns as economists and investment banks expect a slowdown […]
OPEC+: Sees risk of bigger surplus in 2022
The oil market is expected to see a larger-than-expected surplus this year, OPEC+ said in a report released today, as a rally in energy prices and global monetary policy tightening put downward pressure on demand. In particular, OPEC’s Joint Technical Committee warned in a report that demand, which is expected to increase by 3.1 million […]
Oil tumbles more than 5% after Monday’s rally
Oil prices ended deep red on Tuesday amid concerns over the outlook for the global economy and energy demand amid an aggressive shift by the world’s biggest central banks to tighter monetary policies to control inflation. Specifically, the October crude contract lost $5.37 or 5.5% and closed at $91.64 a barrel on the New York […]
6% plunge for oil prices
Oil prices plunged in Tuesday’s trade as worries about the global economic outlook and energy demand intensified. Specifically, the October crude contract fell $5.86, or 6%, to $91.15 a barrel on the New York Mercantile Exchange. October Brent lost $6.81, or 6.5%, to $98.28 a barrel on ICE Futures, while the most active November contract […]
Losses of more than 1.5% for oil – In the region of 250 euros for natural gas
The prices in the energy sector show a mild de-escalation, with oil investors moving hesitantly due to fears of a worsening of the global economy, while the prices of European natural gas also show a slight decline. In particular, with oil walking a tightrope between inflationary risks weighing on the outlook for the global economy […]
3% drop for oil – In the region of 260 euros for natural gas
LAST UPDATE 14:30 The prices of the energy sector show a mild de-escalation today, with oil investors moving hesitantly as the possibility of Iran’s return to the market recedes, while the prices of European natural gas also show a slight decline. In particular, recently oil has been walking a tightrope between the inflationary risks that […]
Oil prices increase by 1%
Oil prices rose 1% as expectations that OPEC would cut output if needed to support prices, combined with the conflict in Libya and rising demand amid rising gas prices in Europe, helped offset the bleak growth outlook in the US. U.S. WTI futures were up 45 cents, or 0.48 percent, at $93.51 a barrel, extending […]
US crude jumps 3% in the week – Brent hits $100 again
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 […]