Oil prices fell slightly on Tuesday after economic headwinds offset support provided by the United States’ announcement of plans to hit Iran with new sanctions after the Middle Eastern country’s weekend attack on Israel. Brent crude futures for June delivery edged down 15 cents, or 0.17%, to $89.95 a barrel by 12:26 p.m. EDT (1626 … Read more
Geopolitical tensions in the Middle East have led to a 1% rise in oil prices on Friday, driven by concerns over potential supply disruptions. Brent crude settled at $90.45 a barrel, while U.S. West Texas Intermediate crude rose to $85.66, despite posting a weekly loss due to a bearish world oil demand growth forecast from … Read more
Goldman Sachs still expects stubbornly high U.S. inflation to ease over the coming months, despite investors slashing bets for Federal Reserve interest rate cuts, after yet another print showed that consumer prices remain sticky. The consumer price index accelerated at a faster-than-expected pace in March, according to data published on Wednesday by the Labor Department’s … Read more
Oil prices extended last week’s losses on Monday on concern about slow demand in China, though lingering geopolitical risk surrounding the Middle East and Russia limited the decline. Brent futures fell 48 cents, or 0.6%, to $81.60 a barrel at 0129 GMT, while U.S. West Texas Intermediate (WTI) dropped 50 cents, or 0.6%, to $77.51. … Read more
Saudi Arabia announced on Sunday it would extend oil supply cuts through June as part of a bid to prop up prices. An energy ministry source said Riyadh “will extend its voluntary cut of one million barrels per day, which was implemented in July 2023, until the end of the second quarter of 2024,” the … Read more
The oil market will face a supply shortage by the end of 2025 as the world fails to replace current crude reserves fast enough, Occidental CEO Vicki Hollub told CNBC on Monday. About 97% of the oil produced today was discovered in the 20th century, she said. The world has replaced less than 50% of … Read more
Mumbai: The chief economic advisor V Anantha Nageswaran does not see the likely jump in oil prices due to global factors, including global slowdown and geo-political conflicts, impacting the domestic economy in a major manner next fiscal. Addressing the SBI-organised economic conclave here on Thursday, he based his optimism on the assumption that cooling off … Read more
A Petroleos de Venezuela SA oil pumpjack on Lake Maracaibo in Cabimas, Zulia state, Venezuela, on Friday, Nov. 17, 2023. Gaby Oraa | Bloomberg | Getty Images The International Energy Agency on Thursday said evidence of softening global oil demand is mounting and a slowdown is expected to continue into 2024, reaffirming a starkly different … Read more
The logo of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, on Thursday, July 6, 2023. Bloomberg | Bloomberg | Getty Images The influential Organization of the Petroleum Exporting Countries coalition and its allies, collectively known as OPEC+, on Thursday opted against formally deepening production cuts, while de facto leader Saudi Arabia … Read more
The world’s oil cartel agreed to slash production of crude by nearly 2 million barrels per day starting in January, a move likely to ratchet up geopolitical tensions with the United States and spike energy costs. At its Thursday meeting, the 13-member Organization of the Petroleum Exporting Countries and its 10 Russia-led allies, which together … Read more
