Crude oil futures rose nearly 3 percent as investors rebounded from a heavy sell-off in the previous session, shifting their focus back to supply concerns even as recession worries swelled. Brent futures were up $2.82, or 2.7%, at $105.59 a barrel, while WTI was up $2.46, or 2.4%, at $101.95 a barrel, after closing below […]
Tag: Oil Market
Oil plunges 3.5% again – Below $100 and Brent
LAST UPDATE 17:50 Sellers re-emerged in oil, which not only erased morning gains in the wake of the end of the strike in Norway, but is now also sharply lower with further heavy losses after yesterday’s dive. In particular, Brent futures are now down 3.8% at $98.8 a barrel, having lost almost $4 since yesterday’s […]
Oil falls below $100 with a 9% drop
Oil futures traded heavy losses, taking prices below $100 for a long time, as growing concerns about the risk of an impending recession offset the supply hit from strikes in Norway. In particular, Brent for September delivery is moving with losses of 11 dollars or 9.8% and sees its price falling to 102.4 dollars per […]
Oil under 100 dollars with a 10% slide
LAST UPDATE 20.15 Oil futures traded heavy losses, taking prices below $100 for a long time, as growing concerns about the risk of an impending recession offset the supply hit from strikes in Norway. In particular, Brent for September delivery is moving with losses of 11.9 dollars or 10.4% and sees its price drop to […]
Under $100 Crude With 10% Plunge
LAST UPDATE 20.25 Oil futures traded heavy losses, taking prices below $100 for a long time, as growing concerns about the risk of an impending recession offset the supply hit from strikes in Norway. In particular, Brent for September delivery is moving with losses of 11.9 dollars or 10.4% and sees its price drop to […]
Below $100 oil after two months
LAST UPDATE 22.30 Heavy losses sent prices below $100 after a while, as growing worries about the risk of an impending recession offset fears of tight supply. Specifically, Brent for September delivery ended trading with losses of $10.73 or 9.5% and saw its price drop to 102.7 dollars the barrel, at its lowest level since […]
OPEC CEO: Venezuela and Iran could ease the energy crisis
The oil and gas industry is “under siege” due to years of underinvestment, OPEC Secretary-General Mohammad Barkido argued on Tuesday, adding that energy supply shortfalls could be eased if Iran and Venezuela were allowed to export more oil. It is recalled that for years the two countries have been subject to sanctions, which have led […]
JP Morgan: $380 a barrel of crude in the worst case scenario
Global oil prices could reach as high as $380 a barrel if US and European sanctions prompt Russia to retaliate with crude output cuts, analysts at JPMorgan Chase & Co warned, Bloomberg reports. The Group of Seven countries are working out a complex mechanism to cap the price of Russian oil in a bid to […]
Oil jumps 2.5% and gains in the week
Oil rebounded from Thursday’s sell-off and erased intra-session losses to close in positive territory, with US crude jumping 2.5% and posting gains for the week. The black gold was coming off a 6-month run of gains as Brent rallied 48% in the first half of the year, and 6% in the second quarter. Accordingly, US […]
OPEC did not reach the target for oil production in June
OPEC failed to meet its goal of increasing oil output promised under the deal with its allies, a Reuters survey showed, as production cuts in Libya and Nigeria offset rising supply from Saudi Arabia Arabia and other major producers. It pumped 28.52 million barrels per day (bpd) in June, the survey showed, down 100,000 bpd […]