Having found buyers just above the $94 threshold, WTI prices are rebounding strongly amid moderately positive risk sentiment and reports that Saudi Arabia is considering raising the price of oil to a record level. The world’s top crude exporter, Saudi Arabia, is considering raising the price of its star crude to Asia by a record […]
Tag: WTI
Oil: WTI rises more than 1.5% despite fears of recession
Oil rises on the day of the start of the FOMC meeting. Recession fears, overshadowed by supply and demand balance. Oil prices are rising on Tuesday, on the day the FOMC meeting opens and against a backdrop of recession fears. The barrel of WTI (platforms) trades at $97.10, having reached almost a week high above […]
WTI advances firmly towards $96.50, pending the API report and the Fed meeting
Benchmark US oil breaks three consecutive days of losses and rises despite US data showing the US economy is slowing. A US recession and subsequent Covid-19 shutdown in China could weigh heavily on the price of WTI. Libya is set to increase its oil output from 860,000 to 1.2 million bpd amid political turmoil. Western […]
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 […]
EIA: US crude oil production to increase by 720,000 bpd to 11.91 million bpd in 2022
United States curing oil production it is expected to rise by 720,000 barrels per day (bpd), down from 730,000 in the previous forecast, in 2022 to 11.91 million bpd, said the United States Energy Information Administration (EIA) in your monthly report. Main data, via Reuters US crude oil production will increase by 860,000 bpd to […]
OPEC maintains its growth forecast for world oil demand for 2022 at 3.36 million barrels
In its monthly report published on Tuesday, the Organization of Petroleum Exporting Countries (OPEC) kept its global oil demand growth forecast for 2022 unchanged at 3.36 million barrels per day (bpd), Reuters reported. The organization forecasts that world oil demand will grow by 2.7 million bpd in 2023. Regarding world economic growth in 2023, they […]
US: Failure to cap Russian oil price could push prices up to $140
A senior US Treasury official said on Tuesday that “if the proposal to limit the price of Russian oil is not implemented, with an exemption for purchases below the limit, the price of oil could rise to around $140/barrel“. Additional comments US Treasury Secretary, Janet Yellenwill discuss the implementation of the proposed oil price cap […]
Oil: WTI Fall Remains Exposed Toward 200-Day Average Amid Recession Fears
WTI price remains vulnerable amid fears of an inevitable global recession. Concerns about the China shutdown will make any rebound in oil short-lived. The impending bearish cross is keeping sellers hopeful, with their eyes on the 200 moving average. WTI (NYMEX Futures) is hovering around $99, after the bounce hit resistance above $100 earlier in […]
Oil: WTI plummets 5% on black day for markets
Sharp drop in equity markets in the face of negative growth expectations. Commodities fall and the dollar shoots up. Oil loses 5%. Oil prices are falling significantly on Tuesday, in the midst of a day of market panic, which is driving the dollar to the highest in years. The barrel of WTI (trading platforms) is […]
OPEC: The industry faces great challenges on multiple fronts – Mohammad Barkindo
The energy sector faces enormous challenges on multiple fronts, the Secretary-General of the Organization of Petroleum Exporting Countries, Mohammad Barkindo. He added that the oil and gas industries are “under siege”, as reported by Reuters. “Years of underinvestment in the oil sector help explain the tightness of the OPEC and non-OPEC market,” Barkindo said. He […]