Oil Steadies as Optimism Over China Countered by Fed Concerns

Oil steadied after a two-day gain as optimism over a revival in Chinese demand was balanced by concerns over tighter US monetary policy. West Texas Intermediate traded near $78 a barrel after adding almost 3% over the previous two sessions. Chevron Corp. Chief Executive Officer Mike...

Oil Steadies as Optimism Over China Countered by Fed Concerns

Oil steadied after a two-day gain as optimism over a revival in Chinese demand was balanced by concerns over tighter US monetary policy. West Texas Intermediate traded near $78 a barrel after adding almost 3% over the previous two sessions. Chevron Corp. Chief Executive Officer Mike...

Oil steadies as Middle East tensions offset economy concerns

Oil steadied on Wednesday, giving up most of its earlier gains, as Middle East supply concerns arising from the Israel-Hamas war and the shutdown of a top Libyan oilfield balanced rising U.S. output and worries about weak economic growth. While the Organization of the Petroleum Exporting...

Oil Steadies as Investors Weigh Up Impact of Red Sea Attacks

Oil steadied on Tuesday as investors considered the potential impact on oil supply from attacks by Yemen's Iran-aligned Houthi militants against ships in the Red Sea, which have disrupted maritime trade and forced companies to reroute vessels. Crude prices had climbed nearly 2% on Monday on fears...

Oil Steadies as Investors Eye Middle East Tensions and US Rate Cut

Oil steadied on Tuesday, finding support from geopolitical tensions in the Middle East and investor optimism that the U.S. Federal Reserve would soon start cutting interest rates, boosting global economic growth and fuel demand. While hopes of rate cuts and conflict in the Red Sea have led to a...

Oil Steadies as Investors Digest China Gloom, Eye US Crude Supplies

Oil prices were little changed on Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Brent crude was down 1 cent at $78.49 a barrel by 0753 GMT, while U.S. West Texas Intermediate crude edged up 1 cent to $74.16 a...

Oil Steadies as IEA Sees Market Better Supplied Than Anticipated

Oil steadied as the International Energy Agency indicated the market isn’t as tight as previously expected, even as demand continues to climb. Brent traded just under $83 a barrel. The global benchmark is still up more than 3% from its closing price on Nov. 8, when it settled at the lowest...

Oil Steadies as Focus Shifts to US Stockpiles and Fed’s Decision

Oil steadied after a two-day gain as an industry group flagged a fall in US crude stockpiles, and traders counted down to an interest-rate decision by the Federal Reserve. Brent was little changed above $87 a barrel after a 2.4% advance in the week’s first two sessions lifted the benchmark...

Oil Steadies as Focus Shifts to US Stockpiles and Fed’s Decision

Oil steadied after a two-day gain as an industry group flagged a fall in US crude stockpiles, and traders counted down to an interest-rate decision by the Federal Reserve that’ll shape the broader market tone. Brent was little changed above $87 a barrel after a 2.4% advance in the week’s...

Oil Steadies as Focus Returns to China Stimulus on US Holiday

Oil held steady as investors tracked China’s plans to support its economy while a prior rally in wider markets ran out of steam. Benchmark Brent futures traded near $76.50 a barrel after climbing more than 2% last week as China cut interest rates and hinted that further support would be...

Oil Steadies as Fed Rate Hike Weighed Against Tighter Market

Oil steadied after four weekly gains as traders weighed prospects for another hike from the Federal Reserve against signs of a tighter market. Brent crude traded little changed near $81 a barrel in London, having gained roughly 10% since late June. Prices have strengthened as...

Oil Steadies as Drop in US Stockpiles Offsets Demand Concerns

Oil steadied as persistent demand concerns and dollar strength were offset by drops in crude stockpiles in the US. West Texas Intermediate traded near $75 a barrel, after declining by 0.5% on Wednesday. Nationwide inventories fell and stockpiles at the storage hub at Cushing,...

Oil Steadies as Demand Worries Counter Supply Concerns

Oil prices were little changed on Tuesday as investors weighed the enduring possibility of another U.S. interest rate hike undercutting demand against supply concerns emanating from a hurricane hurtling towards the U.S. gulf coast. Brent crude edged 28 cents higher at $84.70 a barrel by 0820 GMT,...

Oil Steadies as China Takes Measures to Revive Ailing Economy

Oil steadied after falling the most in a week on Monday as Chinese measures to aid its property market improved the demand outlook. West Texas Intermediate traded above $73 a barrel after closing 1.2% lower in the previous session. Chinese regulators stepped up pressure on financial...

Oil Steadies as China Stimulus Moves Vie With Demand Concerns

Oil held a gain as China announced measures to boost its stock and property markets, helping offset concerns about increased supply and monetary tightening in the US and Europe. West Texas Intermediate traded around $80 a barrel after closing 1% higher on Friday. The...

Oil Steadies as China Moves to Support Economy, Tropical Storm in Focus

Oil was little changed on Monday after China took steps to bolster its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen demand. China halved stamp duty on stock trading in its latest attempt to boost...

Oil Steadies Ahead of Testimony by Fed’s Powell

Oil futures steadied early Wednesday as investors awaited congressional testimony by Federal Reserve Chair Jerome Powell amid worries over tightening monetary policy by major central banks and the outlook for global energy demand. West Texas Intermediate crude for August delivery rose 1 cent to...

Oil Steadies Ahead of OPEC+ Review and US Stockpiles Update

Oil steadied ahead of an OPEC+ review of the global crude market and a weekly update of US stockpiles. West Texas Intermediate was little changed above $89 a barrel, after the US benchmark swung by more than $2.50 a barrel on Tuesday before ending modestly higher. The alliance’s Joint...

Oil Steadies Ahead of OPEC+ Review and US Stockpiles Update

Oil steadied ahead of an OPEC+ review of the global crude market and a weekly update of US stockpiles. West Texas Intermediate was little changed near $89 a barrel, after the US benchmark swung by more than $2.50 a barrel on Tuesday before ending modestly higher. The alliance’s Joint...

Oil Steadies Ahead of OPEC Market Outlook With War Risks In View

Oil was steady ahead of a market outlook from OPEC, and as traders also monitored developments in the Israel-Hamas war. Brent traded above $82 a barrel after ending slightly lower on Monday, while West Texas Intermediate was near $77 after capping its longest run of daily gains since...

Oil Steadies After Wild Ride With Chinese Demand, OPEC+ in Focus

Oil steadied after a volatile session on Monday as investors juggled a clouded supply outlook together with concerns over weaker demand in virus-hit China. West Texas Intermediate held near $80 a barrel in early Asian trading after swinging in a $5 arc in the week’s opening session....

Oil Steadies After Wild Ride With Chinese Demand, OPEC+ in Focus

Oil steadied after a volatile session as investors juggled a clouded supply outlook and concerns over weaker demand in virus-hit China, with nationwide Covid cases swelling near a record level despite curbs. West Texas Intermediate held just above $80 a barrel after swinging in a $5 arc...

Oil Steadies After Two-Day Loss as US Inventories Seen Dropping

Oil steadied after a two-day decline as industry estimates pointed to a drop in US inventories, potentially adding to signs of a tighter market. West Texas Intermediate was little changed near $81 a barrel after losing 2.6% in the week’s first two sessions. The American Petroleum...

Oil Steadies After Two-Day Loss as US Inventories Seen Dropping

Oil steadied after a two-day decline as industry estimates pointed to lower US inventories, potentially adding to signs of a tighter market. West Texas Intermediate was little changed near $81 a barrel after losing 2.6% in the week’s first two sessions. The American Petroleum Institute...

Oil Steadies After Two-Day Drop as Rates, Geopolitics Dominate

Oil held a two-day drop, with traders assessing the outlook for global interest rates and geopolitical tensions in the Middle East. Brent crude traded below $86 after falling almost 2% over the previous two days, while West Texas Intermediate was near $81. A surprise rate cut from...

Oil Steadies After Tumbling Almost 6% on Rising Demand Risks

Oil steadied after growing concerns over weakening demand sparked the sharpest one-day plunge in a year. West Texas Intermediate traded near $84 a barrel after sinking 5.6% on Wednesday. The drop came after official US data showed the weakest seasonal demand for gasoline in 25...

Oil Steadies After Tumbling Almost 4% on More Oversupply Signs

Oil steadied in Asia after tumbling almost 4% on Tuesday as rising production from Russia and the US added to concerns the market is becoming oversupplied. West Texas Intermediate traded below $69 a barrel, while global benchmark Brent was near $73. The weekly average...

Oil Steadies After Three-Week Rally With Tighter Markets in View

Oil held near a 10-month high as OPEC+ supply cuts tightened the global market, with Saudi Energy Minister Prince Abdulaziz bin Salman due to address an industry conference on the kingdom’s crude policy and outlook. Global benchmark Brent traded near $94 a barrel...

Oil Steadies After Surge With Supplies and Stockpiles in Focus

Oil held near the highest close since January as traders tracked supply constraints and a US industry report pointed to another decline in crude holdings at the nation’s key storage hub. West Texas Intermediate traded above $81 a barrel after rallying by 2.2% on Tuesday. Shipments from...

Oil Steadies After Surge With Supplies and Stockpiles in Focus

Oil held near the highest close since January as traders tracked supply constraints and a US industry report pointed to another decline in crude holdings at the nation’s key storage hub. West Texas Intermediate traded above $81 a barrel after rallying by 2.2% on Tuesday. Shipments from...

Oil Steadies After Surge as Israel Confirms Gaza Invasion Plan

Oil steadied after jumping Wednesday on signs Israel will proceed with a ground invasion of Gaza, reviving concerns the conflict could escalate and threaten energy supplies. Global benchmark Brent traded near $90 a barrel, after rising more than 2% in the prior session, while West Texas...

Oil Steadies After OPEC+ Extends Output Cuts As Expected

Oil prices were little changed on Monday following the widely expected extension of voluntary output cuts through the middle of the year by the OPEC+ producer group on Sunday. Brent futures slipped 14 cents to $83.41 a barrel at 1035 GMT after rising 2.4% last week. U.S. West Texas Intermediate...

Oil Steadies After Mixed US Stockpile Report Signals Weak Demand

Oil was steady after its first drop in three sessions as signals that US fuel demand may be lagging overshadowed a disruption to shipments from a key port in Turkey. West Texas Intermediate traded near $73 a barrel after closing 0.3% lower on Wednesday. US government showed crude...

Oil Steadies After Glut Fears Drove Worst Losing Run Since 2018

Oil was steady after its longest weekly losing streak in five years that’s been driven by signs supply is starting to run ahead of demand. Brent traded below $76 a barrel, after logging seven weeks of declines, while West Texas Intermediate was near $71. A US plan to refill the Strategic...

Oil Steadies After Falling On Rate Hike Worries, Russian Crude Flows

Oil prices steadied in early Asian trade on Tuesday after falling by more than 2% in the previous session on the threat of further interest rate hikes and continued Russian crude flows. Brent crude futures gained 28 cents to $85.18 per barrel by 0155 GMT, while U.S. West Texas Intermediate (WTI)...

Oil Steadies After Drop as Chinese Demand, Fed Decision in Focus

Oil steadied after slipping to a three-week low on Monday as traders waited for more clues on Chinese demand, a midweek policy decision from the Federal Reserve and the latest guidance from OPEC+. West Texas Intermediate held near $78 a barrel after retreating by more than 2% on Monday....

Oil Stays Volatile as Slowdown Risks Rival Signs of Tight Supply

Oil extended its volatile run as continued US efforts to curb prices and concerns over a global recession counter signs of tight supply.  West Texas Intermediate swung between gains and losses, with prices oscillating within a $17 band since late-September. The mixed picture is also...

Oil Stable; Markets Shrug Off China Inflation Data, Eye Fresh Drivers

Oil prices steadied on Thursday as markets shrugged off deflationary indicators in China and looked for further clues on the status of demand from the world's two biggest oil consumers. Brent crude futures rose 8 cents, or 0.1%, to $79.62 a barrel by 0500 GMT. U.S. West Texas Intermediate (WTI)...

Oil Sputters Near Three-Month Lows as Demand Concerns Mount

Oil prices remained under pressure on Wednesday after sliding to their lowest in more than three months in the previous session, slipping further on concern over waning demand in the United States and China. Brent crude futures dipped 54 cents to $81.07 a barrel, while U.S. crude lost 56 cents to...

Oil Soars 8% After OPEC+ Jolts Market With Surprise Output Cut

Oil surged at the week’s open after OPEC+ unexpectedly announced crude output cuts that threaten to tighten the market, delivering a fresh inflationary jolt to the world economy and irking the White House. West Texas Intermediate soared as much as 8%, the biggest intraday move in more...

Oil Slips; Investors Eye Mideast Developments

Oil prices slipped on Monday with traders watching out for supply disruption risk in the Middle East following strikes by U.S. and British forces to stop Houthi militia in Yemen from attacking ships in the Red Sea. Brent crude futures fell 31 cents, or 0.4%, to $77.98 a barrel by 0124 GMT after...

Oil Slips on Weak China GDP Data, Resumption of Libya Output

Oil prices extended their decline into a second session on Monday after China's economic data showed growth slowed in the second quarter, fuelling concern about demand in the world's No. 2 oil consumer as Libya resumed production over the weekend. Brent crude futures fell 72 cents, or 0.9%, to...

Oil Slips on US Demand, Interest Rate Fears

Oil prices on Thursday fell after a larger-than-expected build in U.S. crude stockpiles stoked worries about slow demand, while signs that U.S. interest rates could remain elevated added to pressure. Brent crude futures fell 14 cents, or 0.2%, to $83.54 a barrel by 0420 GMT, after rising 3 cents...

Oil Slips on Stronger U.S. Dollar, Ceasefire Hopes

Crude futures edge lower on a stronger U.S. dollar and as international leaders ratchet up pressure on Israel for an immediate ceasefire in Gaza. Brent crude and WTI are both down 0.3% at $85 and $80.85 a barrel, respectively. "A stronger USD outweighed the optimism of rate cuts by the Fed," ANZ...

Oil Slips On Further US Rate Hike Concerns

Oil slipped on Monday as concerns about a global economic slowdown and possible further interest rate hikes from the U.S. Federal Reserve weighed on prices, offsetting forecasts of tighter supplies and OPEC+ output cuts. Fears of a further slowdown hurting fuel demand grew after data on Friday...

Oil Slips on Economy Worries, Despite Upbeat China Data

Oil fell for a second day on Tuesday as upbeat Chinese economic data failed to deflect the focus from a possible increase to U.S. interest rates and wider concern about the growth outlook. Crude prices were also pressured by the Iraq federal government and Kurdistan Regional Government (KRG)...

Oil Slips on Demand Jitters and Profit-Taking

Oil prices dipped on festering demand concerns and profit-taking prompted by last week's gains as conflict in the Middle East showed no signs of easing. Brent crude futures were down 78 cents, or 0.9%, at $82.69 a barrel by 1030 GMT. The March contract for U.S. West Texas Intermediate (WTI)...

Oil Slips for Third Day as Recession Fears Mount

Oil fell for a third day on Thursday as fears over the economic impact of rising interest rates offset a surprise drop in U.S. crude inventories and hopes for Chinese demand. U.S. Federal Reserve Chair Jerome Powell's comments this week on the likelihood that interest rates will need to be raised...

Oil Slips Despite Middle East Conflict

Oil prices dipped on Monday as Middle East conflict's limited impact on crude output prompted profit taking after oil benchmarks gained 2% last week. Brent crude futures were down 49 cents at $77.80 a barrel by 1051 GMT and U.S. West Texas Intermediate crude lost 51 cents to to $72.17. Several...

Oil Slips As Venezuela Sanctions Ease, Middle East In Focus

Oil prices fell about 1% on Thursday as the United States eased sanctions on Venezuela to allow more oil to flow globally, but fears that Israel's military campaign in Gaza may escalate to a regional conflict kept a lid on losses. Brent futures for December were down $1, or 1.1%, to $90.50 a...

Oil Slips As US Debt Ceiling Concerns Offset Tight Supply

Oil slipped on Tuesday as investor concern over the risk of a U.S. debt default was balanced by support from a tighter market due to a seasonal rise in gasoline demand and supply cuts from OPEC+ producers. President Joe Biden and House Speaker Kevin McCarthy ended talks on Monday with no...

Oil Slips as Traders Watch for Fed Decision and Rate Guidance

Oil edged lower after a four-day rally of almost 6% as traders wait on Wednesday’s US interest-rate decision and guidance as to whether there will be further increases this year. West Texas Intermediate traded near $79 a barrel, slipping from its highest close since mid-April. The gains...

Oil Slips as Oversupply Concerns Offset Production Curbs

Oil edged lower as continuous pressure from robust supplies globally countered curbs by the OPEC+ alliance.  Global benchmark Brent traded near $76 a barrel. Futures last week dipped to a multi-month low on soaring output from producers outside of the Organization of Petroleum Exporting...

Oil Slips as Markets Weigh OPEC+ cuts Against China Demand Concerns

Oil prices fell Wednesday, as investors weighed the effectiveness of an extension in OPEC+ cuts in tightening supply against a worsening demand outlook in China. Brent crude futures fell 80 cents, or 1%, to $76.40 a barrel. U.S. WTI crude futures fell by 81 cents, or 1.1%, to $71.54 a...

Oil Slips As Economic Jitters Offset U.S. Debt Deal

Oil prices slipped on Monday as economic worries over further interest rate hikes trumped a tentative debt ceiling deal reached in the U.S., possibly averting a default in the world's largest economy and oil consumer. Brent crude futures slipped 68 cents, or 0.8%, to $76.27 a barrel by 1350 GMT,...

Oil Slips as China Expands COVID Curbs, But on Track for Weekly Gains

Oil futures fell Friday as several Chinese cities widened COVID-19 curbs, but crude remained on track for solid weekly gains. West Texas Intermediate crude for December delivery fell 51 cents, or 0.6%, to $88.57 a barrel on the New York Mercantile Exchange, on track for a 4.2% weekly...

Oil Slips as Banking Fears Return, Offseting China Demand Hopes

Oil extended losses on Wednesday as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. Early signs of a return to calm and stability faded after Credit Suisse's largest investor said it could not provide the Swiss bank with more financial...

Oil Slips Ahead of US Pricing Data After Gloomy Demand Outlook

Oil slipped ahead of US pricing data due later, as a lackluster demand outlook this week counters a bullish mood across broader markets.  Brent crude traded near $82 a barrel, little changed on the week. Oil jumped Thursday as US equities closed at another record.  Crude is...

Oil Slips After Libya Resumes Output, China Data Eyed

Oil prices dipped for a second session on Monday after Libya resumed production over the weekend while China, the world's largest crude importer, is expected to release economic data showing that its post-pandemic recovery is fizzling out. Brent crude futures fell 57 cents, or 0.7%, to $79.30 a...

Oil Slips After Large US Crude Stock Build

Oil prices eased in early trade on Thursday after a data showed that U.S. crude inventories jumped much more than expected, raising concerns about demand in the world's largest economy. Brent crude futures fell 34 cents, or 0.4%, to $81.26 a barrel at 0135 GMT, while U.S. West Texas Intermediate...

Oil Slips after Large US Crude Stock Build

Oil prices fell on Thursday after a larger-than-expected jump in U.S. crude inventories raised doubts about the strength of demand in the world's largest economy and top oil consumer. Brent crude futures fell 38 cents, or 0.5%, to $81.22 a barrel at 0837 GMT, while U.S. West Texas Intermediate...

Oil Slips after IEA Says OPEC+ Supply Cut Could Hurt Consumers

Oil prices edged lower on Friday after the West's energy watchdog warned that output cuts announced by OPEC+ producers could exacerbate an oil supply deficit and hurt consumers. Brent crude futures were down 10 cents, or 0.12%, to $85.99 per barrel at 0820 GMT. West Texas Intermediate crude...

Oil Slides on Grim Manufacturing Data

Oil prices slid more than 1% on Wednesday as gloomy global manufacturing data grabbed attention ahead of an annual meeting of central bankers at Jackson Hole in the United States, with interest rates high on the agenda. Brent crude was down $1.01, or 1.2%, at $83.02 a barrel by 1027 GMT while...

Oil Slides more than 1% as Chinese GDP Dents Demand Hopes

Oil prices dropped by more than 1% on Monday after weaker than expected Chinese economic growth fuelled concern over demand in the world's second-biggest oil consumer while a partial restart of halted Libyan output also pressured. China's gross domestic product (GDP) grew 6.3% year on year in the...

Oil Sinks as EU Price-Cap Talks Drag and Demand Challenges Mount

Oil fell again as the European Union considered a higher-than-expected price cap on Russian crude and signs of challenges to demand increased, with record Covid cases in China and risks of a recession in the US. West Texas Intermediate dropped below $78 a barrel after losing almost 4%...

Oil Shrugs Off Iranian Assault on Israel as Brent Holds Steady

Oil shrugged off Iran’s unprecedented attack on Israel, with gains held in check by speculation that the conflict would remain contained. Global benchmark Brent crude initially rose just 0.7% to $91.05 a barrel, before trading flat. More than 300 missiles and drones were fired by...

Oil Settles at 11-Week High as Supply Outages Tighten Market

Global benchmark Brent settled at an 11-week high as supply outages tightened the physical market.  Libya’s second-biggest oil field is in the process of shutting amid protests there. The outage of the roughly 250,000 barrel-a-day Sharara field follows disruptions at the country’s...

Oil Set to Snap Winning Streak After Fed Says in No Rush to Cut US Rates

Oil prices were on track on Friday to snap a two-week winning streak after the U.S. central bank indicated interest rate cuts could be delayed by at least two more months, but indications of healthy fuel demand and supply concerns could revive prices in coming days. Brent crude futures were down...

Oil Set to Snap Two-Week Losing Streak on China Demand Optimism

Oil prices were set to snap a two-week losing streak on Friday amid optimism about higher energy demand from top crude importer China and a weaker dollar. Brent futures rose 20 cents, or 0.3%, to $75.87 a barrel by 0632 GMT, while U.S. West Texas Intermediate (WTI) crude was 16 cents, or 0.2%...

Oil Set to End Winning Streak after Fed Says in no Rush to Cut US Rates

Oil prices were down on Friday and on track to end a two-week winning streak after the U.S. central bank indicated interest rate cuts could be delayed by at least two more months. Brent crude futures were down 94 cents, or 1.1%, at $83.73 a barrel at 1015 GMT on Friday, while U.S. West Texas...

Oil Set to Eke Out Second Weekly Loss as Slowdown Fears Linger

Oil headed for a second weekly loss after a volatile period of trading as concerns over a global economic slowdown hang over the market. West Texas Intermediate futures were little changed near $84 a barrel in early Asian trading on Friday. Investors are juggling slowdown fears against...

Oil Set to Eke Out Fourth Weekly Gain With Liquidity Falling

Oil was poised to eke out a fourth weekly gain on signs of tightening supply, with liquidity falling to the lowest since January. West Texas Intermediate was steady near $76 a barrel, and is up 0.5% for the week. Russian flows showed signs of dropping this week and Saudi...

Oil Set for Yearly Gain as Investors Look Ahead to China Rebound

Oil is set to end a volatile year modestly higher as investors weigh the outlook for Chinese demand post-Covid Zero and the prospect for a further deterioration in Russian relations in 2023. West Texas Intermediate futures traded above $78 a barrel in the final session of 2022 and are up...

Oil Set For Weekly Loss Despite Gain On OPEC+ Output Decision

Oil prices rose on Friday after the OPEC+ group's decision to keep its production policy unchanged, but benchmarks remained on track for weekly losses on China demand growth fears. Brent crude futures were up 50 cents, or 0.6%, at $79.20 a barrel by 1001 GMT and U.S. West Texas Intermediate crude...

Oil Set for Weekly Loss as Hawkish Fed Overshadows Tight Market

Oil headed for its first weekly loss in four after the Federal Reserve flagged a further rise in US interest rates this year, damping appetite for risk assets and overshadowing physical tightness in the crude market. West Texas Intermediate was steady near $90 a barrel on Friday, and...

Oil Set for Weekly Loss as Fed Tightening Fears Pummel Markets

Oil headed for the biggest weekly loss since early February as the prospect of further and potentially faster interest-rate hikes from the Federal Reserve weighed on the outlook for energy demand. West Texas Intermediate futures fell for a fourth session, toward $75 a barrel, and are down...

Oil Set for Weekly Loss as China Optimism Frays, Stockpiles Rise

Oil headed for a second weekly drop as optimism over a recovery in Chinese demand failed to gain traction and US stockpiles increased again. West Texas Intermediate held below $76 a barrel, set for a loss of almost 5% this week. The China reopening trade for commodities...

Oil Set for Weekly Gain With Chinese Demand, Price Cap in Focus

Oil headed for a back-to-back weekly gain as China’s shift from Covid Zero bolstered the demand outlook, US stockpiles fell and traders waited for Russia’s response to the Group of Seven cap on its crude. West Texas Intermediate climbed above $78 a barrel after closing lower on Thursday...

Oil Set For Weekly Gain On U.S. Economic Growth, Mideast Supply Concerns

Oil prices eased on Friday but were set for their biggest weekly gain since October as positive U.S. economic growth and signs of Chinese stimulus boosted fuel demand sentiment. Brent crude futures were down 47 cents, or 0.57%, to $81.96 a barrel by 0715 GMT. U.S. West Texas Intermediate crude...

Oil Set for Weekly Gain on Optimism Over China Demand Outlook

Oil headed for a weekly gain as a bullish outlook for Chinese demand outweighed lingering concerns over a global economic slowdown. West Texas Intermediate futures dipped below $78 a barrel on Friday, but are still up around 6% for the week. The market is still waiting for a sustained...

Oil Set for Weekly Gain as Red Sea Attacks Disrupt Global Flows

Oil extended its biggest weekly advance in two months as attacks in the Red Sea forced hundreds of ships to take safer but longer routes, delaying the delivery of oil cargoes.  Global benchmark Brent traded near $80 a barrel and is set for a weekly gain of almost 5%. Freight...

Oil Set for Weekly Drop as Wider Bearishness Offsets War Jitters

Oil headed for a weekly drop as bearishness in financial markets and dollar strength outweighed fears the Israel-Hamas war will escalate and jeopardize supply from the Middle East. West Texas Intermediate edged higher on Friday to near $84 a barrel, but was down around 6% for the week....

Oil Set for Third Weekly Loss on Price-Cap Impasse, Demand Fears

Oil headed for a third weekly loss as the European Union weighs a higher-than-expected price cap on flows of Russian crude and slowdown concerns threaten the outlook for energy demand. West Texas Intermediate futures traded below $78 a barrel, putting them on course for a drop of almost...

Oil Set for Third Weekly Loss on Price-Cap Impasse, Demand Fears

Oil headed for a third weekly loss as the European Union weighed a higher-than-expected price cap on Russian crude and slowdown concerns threatened the demand outlook. Brent traded below $86 a barrel, putting the global benchmark on course for a drop of more than 2% this week. European...

Oil Set for Third Weekly Gain on OPEC+ Cuts, Inventory Draws

Oil is set for its third weekly advance after OPEC and its allies surprised the market with a production cut, while shrinking US inventories added to the bullishness. West Texas Intermediate traded above $80 a barrel, with futures this week holding Monday’s 6% gain. That jump was the...

Oil Set for Third Weekly Gain as African Outages Tighten Supply

Oil headed for a third weekly gain as supply disruptions in Africa and a reduction in shipments from Russia tightened the market. West Texas Intermediate futures rose above $77 a barrel on Friday and are 4.6% higher for the week. Libya’s second-biggest oil field is in the process of...

Oil Set for Third Weekly Drop With Demand Concerns Multiplying

Oil headed for a third straight weekly drop on growing demand concerns and the unwinding of its war-risk premium, with Saudi Arabia blaming speculators for the decline.  West Texas Intermediate was steady near $76 a barrel on Friday and is down around 6% for the week. Prices edged...

Oil Set for Third Weekly Drop as Demand Fears Outweigh War Risk

Oil headed for a third straight weekly drop on growing concerns over global demand and the unwinding of the war-risk premium, while Saudi Arabia blamed speculators for the decline.  Global benchmark Brent crude edged higher past $80 a barrel on Friday, but is down around 5% this week....

Oil Set for Third Weekly Decline as Middle East Conflict Concerns Ebb

Oil prices were up slightly on Friday but are set to fall for a third week as concerns of supply disruptions from the Israel-Hamas conflict have ebbed, allowing demand worries to reassert themselves. Brent crude futures for January were up 40 cents, or 0.5%, at $80.41 a barrel at 0729 GMT, while...

Oil Set for Third Straight Week of Gains on Tight Supply

Oil prices were set to register their third consecutive weekly gain for the first time since April, rising on Friday due to supply disruptions in Libya and Nigeria, and hopes of higher demand for crude due to easing U.S. inflation. Brent crude futures had added 5 cents, or 0.1%, to $81.41 per...

Oil Set for Steep Weekly Loss as Slowdown Concerns Loom Large

Oil headed for a weekly loss of around 10% after a volatile period of trading as concerns over the economic outlook overshadowed an easing of China’s strict virus curbs and a disruption to US crude flows. While West Texas Intermediate futures edged higher to trade near $72 a barrel...

Oil Set for Second Weekly Drop on Improving Supply, China Woes

Oil headed for a second weekly loss on signs of improving supply and a deteriorating economic situation in China, the biggest importer. West Texas Intermediate futures were steady near $79 a barrel on Friday, and about 2.5% lower for the week. Signs of a thaw in US relations with...

Oil Set for Modest Weekly Gain as US Data Offsets Supply Risks

Oil was steady Friday but headed for a modest weekly gain as the market weighed signs of weakening US demand against tensions in the Middle East and North Africa. West Texas Intermediate traded above $72 a barrel after declining 0.7% Thursday, when Brent crude closed below $78....

Oil Set for First Weekly Gain Since October on Fed Relief Rally

Oil was poised to eke out its first weekly gain in almost two months after dovish signals from the Federal Reserve on Wednesday unleashed a bullish pulse across markets. West Texas Intermediate traded below $72 a barrel after rising more than 4% in the previous two sessions, with global...

Oil Set for First Weekly Gain Since October on Fed Relief Rally

Oil was poised to eke out its first weekly gain in almost two months after dovish signals from the Federal Reserve on Wednesday unleashed a bullish pulse across markets. Global benchmark Brent traded near $77 a barrel after rising more than 4% in the prior two sessions, with West Texas...

Oil Set for Best Week Since Mid-April on US Debt-Deal Optimism

Oil headed for its first weekly advance in more than a month on optimism that the US will avert a catastrophic debt default. West Texas Intermediate futures traded near $72 a barrel and are around 3% higher for the week. House Speaker Kevin McCarthy said negotiators may reach...

Oil Set for Best Week Since Mid-April on US Debt-Deal Optimism

Oil headed for its first weekly advance in more than a month on optimism that the US will avert a catastrophic debt default. West Texas Intermediate futures climbed above $72 a barrel and are 3.2% higher for the week. House Speaker Kevin McCarthy said negotiators may reach...

Oil Set for Best Week Since Early-April on US Debt-Deal Optimism

Oil headed for its first weekly advance in more than a month on optimism that the US will reach an agreement to raise its debt ceiling and avert a catastrophic default. West Texas Intermediate futures climbed above $72 a barrel, bringing this week’s gain to about 3%. House Speaker Kevin...

Oil Set For Another Weekly Gain On Tight Supply And China Optimism

Oil was on track for a third weekly gain as supply tightness spearheaded by Saudi Arabian production cuts combines with optimism that the Chinese economy is finally turning a corner. Saudi Arabia, boosted by OPEC+ partner Russia, this month extended 1.3 million barrels per day (bpd) of combined...

Oil Set For 10% Weekly Drop As Demand Worries Dominate

Oil prices were stable on Friday but both benchmarks were headed for a weekly loss on worries over weak economic outlooks in China, Europe and the United States weighing on oil demand. Brent crude futures were at $76.16 a barrel, up 1 cent, at 0919 GMT. Brent hit a 2022 low this week. U.S. West...

Oil Sags for Second Day After Federal Reserve Signals Hikes

Oil extended Thursday’s sharp selloff after the Federal Reserve signaled that further rate hikes were needed, bruising appetite for risk, fortifying the dollar, and raising anxiety over the prospect of economic slowdown. West Texas Intermediate fell toward $68 a barrel after tumbling...

Oil Rises, Markets Await OPEC+ Decision Amid Mixed Demand Drivers

Oil prices edged up on Friday and were set to end the week modestly higher as markets awaited an OPEC+ decision on supply agreements for the second quarter amid differing demand indicators for key consumers U.S. and China. Brent futures for May climbed 31 cents, or 0.38%, to $82.22 a barrel by...

Oil Rises on US Stockpile Draw and Hurricane Jitters

Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as a hurricane in the Gulf of Mexico kept investors on edge. Brent crude futures for October rose by 42 cents, or 0.49%, to $85.91 a barrel by...

Oil Rises on US Crude Stock Draw, China Stimulus Hopes

Oil prices rose on Thursday after data showed U.S. crude stockpiles fell more than expected last week, while the Chinese central bank's cut in banks' reserve ratio reinforced hopes of more stimulus measures and economic recovery. Brent crude futures were up 41 cents, or 0.5%, to $80.45 a barrel...

Oil Rises on Uncertainty over U.S. Pipeline Pestart, Russian Supplies

Oil prices rose more than 1% on Monday as a key pipeline supplying the United States stayed shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports. Brent crude futures were up 30 cents, or 0.4%, to $76.40 a barrel by 03:00...

Oil Rises on U.S. Inventory Draw, Dollar Weakness

Oil prices rose on Thursday, extending the previous session's gains, on a bigger-than-expected weekly withdrawal from U.S. crude storage and a weaker dollar after the U.S. central bank signalled lower borrowing costs for 2024. Brent futures was up $1, or 1.3%, to $75.26 a barrel as of 0900 GMT....

Oil Rises on Supply Concerns Fuelled by Russian Political Turmoil

Oil prices rose on Monday after a revolt by Russian mercenaries over the weekend raised concerns about political instability in Russia and the potential impact on oil supply from one of the world's largest producers. Brent crude futures were up 56 cents, or 0.8% at $74.41 a barrel by 0725 GMT....

Oil Rises on Softer Dollar, Shipping Attack

Oil prices rose for a second day on Thursday, buoyed by a softer dollar and another attack on shipping near Yemen. Brent crude futures rose 35 cents, or 0.4%, to $83.38 a barrel at 1036 GMT. U.S. West Texas Intermediate crude futures climbed 37 cents, or 0.5%, to $78.28 a barrel. The dollar...

Oil Rises on Slim Progress in Gaza Peace Talks, Weaker Dollar

Oil extended gains on Thursday after Israel rejected a ceasefire offer from Hamas, while a weaker dollar also supported prices. Brent crude futures rose 30 cents, or 0.4%, at $79.51 a barrel at 0400 GMT. U.S. West Texas Intermediate crude futures climbed 26 cents, or 0.4% to $74.12 a...

Oil Rises On Red Sea Jitters, Ample Supply Weighs

Oil rose on Monday as attacks by the Houthis on ships in the Red Sea raised concerns of oil supply disruptions, although scepticism around Russia's plan to cut exports in December limited gains. BP has temporarily paused all transits through the Red Sea, it said on Monday, following attacks over...

Oil Rises On Potential U.S. Rate Hike Pause, Debt Bill Passing

Oil prices rose on Thursday, reversing earlier losses, as a potential pause in U.S. interest rate hikes and the debt ceiling bill passing a crucial vote renewed optimism about further fuel demand growth in the world's biggest oil consumer. Brent crude futures for August rose 32 cents, or 0.44% to...

Oil Rises On Healthy Demand, Supply Expectations After OPEC Report

Oil prices inched up on Tuesday on expectations of healthy market fundamentals, following an OPEC report saying demand remains strong, and concerns that supplies might be disrupted as the U.S. cracks down on Russian oil exports. Brent crude futures gained 23 cents, or 0.28%, to $82.75 a barrel by...

Oil Rises on Falling US Stockpiles and More Attacks in Red Sea

Oil rose on signs that US crude stockpiles are continuing to drop, and as more attacks on vessels in the Red Sea raised the risk that Middle East supply could be disrupted. Brent gained toward $78 a barrel, while West Texas Intermediate was above $72. The American Petroleum Institute said...

Oil Rises On Expectations Of Further OPEC+ Supply Cuts

Oil futures rose more than $1 on Monday, extending gains on the prospect of OPEC+ deepening supply cuts to shore up prices after four weeks of decline on demand worries and concern over Middle East supply disruption owing to the Israel-Hamas conflict. Brent crude futures rose $1.18 to $81.79 a...

Oil Rises On Demand Hopes As Banking Fears Ease

Oil prices firmed on Friday as a meeting between Saudi Arabia and Russia calmed markets and after support measures stabilised a banking crisis that set oil prices on course for their biggest weekly fall since December. Brent crude futures firmed by $1.09, or 1.46%, to $75.79 a barrel by 1040 GMT....

Oil Rises on Demand Hopes as Banking Crisis Fears Subside

Oil prices firmed on Friday after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations, but were headed for their biggest weekly falls since December as a banking crisis rocked global financial and oil markets. Brent crude futures firmed by 30 cents to...

Oil Rises On China Outlook, Supply Worries After Turkey Earthquake

Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China, and concerns over supply shortages following the shutdown of a major export terminal after an earthquake in Turkey. Brent crude futures were up $1.74, or 2.15%, to $82.73 per barrel by...

Oil Rises on China Moves to Support Economy; Tropical Storm Eyed

Oil ticked higher on Monday after China took steps to bolster its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen demand. China halved stamp duty on stock trading in the latest attempt to boost struggling...

Oil Rises On China Demand Hopes, U.S. Inflation In Focus

Oil rose about 1% on Thursday supported by optimism over China's demand outlook and hopes that upcoming inflation data from the United States will point to a slower increase in interest rates. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting...

Oil Rises more than $1 on Fears of Spread of Middle East Conflict

Oil prices rose by over $1 on Friday as reports that the U.S military struck Iranian targets in Syria raised concerns of a widening of the Israel-Hamas conflict that could impact supply from the key Middle East producing region. Brent crude futures for December rose $1.16, or 1.3%, to $89.09 a...

Oil Rises From Five-Month Low on Fed Pivot, Inventory Drawdown

Oil advanced from a five-month low on positive demand signals including a drop in US inventories and signs the Federal Reserve is preparing to cut interest rates. West Texas Intermediate rose toward $70 a barrel, after climbing 1.3% on Wednesday from its lowest since late June. Global...

Oil Rises for Third Day as Tighter Market Vies With Demand Risks

Oil rose for a third day as signs the physical market is tightening offset growing demand risks in China and the US. Global benchmark Brent traded above $85 a barrel and is up more than 2% since last Wednesday’s close. The most immediate parts of the oil futures curve are pointing...

Oil Rises For Third Day As Rate Hike Concerns Ease

Oil rose for a third straight day on Wednesday as investor concern eased about U.S. interest rate hikes and an industry report pointed to a drop in U.S. crude inventories. Comments from U.S. Federal Reserve Chair Jerome Powell on Tuesday were seen as less hawkish than feared, boosting risk...

Oil Rises for Second Day on Libyan Outages, Red Sea Tensions

Oil rose for a second day following supply disruptions in Libya, while another attack on a container ship in the Red Sea and blasts in Iran increased tensions in the Middle East.  West Texas Intermediate climbed to around $73 a barrel after jumping by more than 3% on Wednesday, when...

Oil Rises for Second Day on Improving Signs of US Refinery Demand

Oil prices rose for a second day on Thursday, buoyed by expectations that demand in the U.S., the world's biggest oil consumer, will improve as refineries try to return to service after outages and as the dollar weakened. Brent crude futures rose 34 cents, or 0.4%, to $83.37 a barrel at 0740 GMT....

Oil Rises by 1% as Saudi Arabia, Russia Stick to Cuts

Oil prices rose on Monday, after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Brent crude futures rose $1.36, or 1.6%, to $86.25 a barrel , while U.S. West Texas Intermediate crude was at $81.94 a barrel, up $1.43,...

Oil Rises as US Signals It Aims to Refill Oil Reserve After June

Oil rose - following a two-day decline — as the US signaled it may start refilling the Strategic Petroleum Reserves after June, offsetting concerns about softening physical demand. West Texas Intermediate climbed above $71 a barrel and was little changed for the week after dropping...

Oil Rises As US Sanctions, Stockpile Forecasts Raise Supply Worries

Oil prices were up on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, and global inventories are forecast to decline through the fourth quarter. Brent futures rose 94 cents, or 1.1%, to $86.94 per barrel....

Oil Rises As US Inventory Drop Offsets Rate Hike Fears

Oil edged up on Wednesday after a larger-than-expected drop in U.S. inventories suggested robust demand and helped offset worries over interest rate hikes. Crude stocks fell by about 2.4 million barrels, market sources said, citing data from industry group American Petroleum Institute (API). The...

Oil Rises As U.S. Inventories Shrink; China COVID Fears Limit Gains

Oil prices rose further on Wednesday after data indicated that U.S. crude inventories shrank substantially in the past week, although the introduction of new anti-COVID curbs in major Chinese cities put a lid on gains. Data from the American Petroleum Institute showed that U.S. crude stockpiles...

Oil Rises as Traders Parse OPEC+ Signals, Fed’s Rate Comments

Oil snapped a three-session losing streak as OPEC+ members continued negotiations over output levels and a Federal Reserve official signaled the central bank’s rate-hiking campaign may be complete. West Texas Intermediate rose 2.2% to settle above $76 as the production cartel worked to...

Oil Rises As Tighter Supply Offsets China Demand Concern

Oil edged higher on Wednesday as tighter supply arising from output cuts by Saudi Arabia and Russia offset concerns over slow demand from top crude importer China and a report showing rising U.S. crude inventories. Saudi Arabia's cabinet said on Tuesday that it reaffirms its support for...

Oil Rises as Russian Crude Output Drops, China Signals Stimulus

Oil rose amid indications that Russian crude production is dropping, signaling the market’s supply glut may be coming to an end.  Average shipments for Russian crude have dropped below their February averages, according to fresh data, a key development in a market that has been...

Oil Rises As Market Weighs Supply Cuts Against Gloomy Economic Outlook

Oil prices rose on Tuesday as markets weighed supply cuts for August by top exporters Saudi Arabia and Russia against the backdrop of an uncertain global economic outlook. Brent crude futures climbed 32 cents, or 0.42%, to $75.73 a barrel by 0805 GMT. U.S. West Texas Intermediate crude was at...

Oil Rises as Iran Warship Enters Red Sea Following Boat Attacks

Oil advanced after Iran sent a warship to the Red Sea in response to the destruction of three Houthi boats by the US Navy over the weekend.   West Texas Intermediate traded near $72 a barrel after declining by 5.2% over the prior three sessions, while Brent closed around $77 on Friday....

Oil Rises as Investors Weigh Red Sea Attacks, US Rate Cut Outlook

Oil prices regained some ground in Asian trade on Wednesday amid concerns over attacks on shipping in the Red Sea and growing expectations that cuts to U.S. interest rates will take longer than thought. Brent crude futures rose 24 cents or 0.3% to $82.58 a barrel by 0721 GMT, while U.S. West...

Oil Rises as Investors Bet on Tighter Supply, China's Economy

Oil prices rose on Monday, adding to recent gains amid expectations of tighter supply from OPEC+ cuts, attacks on Russian refineries and as upbeat Chinese manufacturing data supported outlooks for improving demand. Brent crude rose 24 cents, or 0.3%, to $87.24 a barrel by 0649 GMT after rising...

Oil Rises as Heightened Geopolitical Risks Exacerbate Supply Concerns

Oil prices rose in Asian trading on Monday on concerns over tighter global supply brought about by escalating conflicts in the Middle East and between Russia and Ukraine, while a shrinking U.S. rig count added to upward price pressure. Brent crude futures climbed 39 cents, or 0.5%, to $85.82 a...

Oil Rises as China Loosens Virus Curbs, US Freeze Hits Refining

Oil rose as China took more steps to unwind its Covid Zero policy, and freezing weather across the US prompted refinery closures in the vital Texas Gulf Coast area.   West Texas Intermediate climbed almost 2% to trade near $81 a barrel after Beijing announced it will no longer...

Oil Rises as China Loosens Virus Curbs, US Freeze Hits Refining

Oil rose as China took more steps to unwind its Covid Zero policy, and freezing weather across the US prompted refinery closures in the vital Texas Gulf Coast area. West Texas Intermediate climbed around 1% to trade near $80 a barrel after Beijing announced it will no longer...

Oil Rises As Banking Fears Ease For Now

Oil rose on Tuesday, extending a recovery from a 15-month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and fuel demand. After jitters initially on Monday the mood across financial markets has lifted in the...

Oil Rises Ahead Of OPEC+ Meeting, Easing China Covid Curbs Lend Support

Oil rose on Thursday supported by investor wariness that OPEC+ may cut supply further at its meeting on Sunday and as easing Covid curbs in China raised hopes about higher demand in the world’s top crude importer. Crude gained further support, and the U.S. dollar weakened, after the Federal...

Oil Rises Ahead of Key Central Bank Meetings Aamid Heightened Mideast Tensions

Oil prices rose in early Asian trade on Tuesday ahead of global central bank meetings and as tensions in the Middle East remained high. Brent crude futures rose 46 cents, or 0.53%, to $87.91 a barrel by 0001 GMT while U.S. West Texas Intermediate crude climbed 33 cents, or 0.4%, to $83.64 a...

Oil Rises ahead of Fed Meet as Middle East Conflict Rages

Oil prices edged up in Asian trade on Wednesday ahead of key meetings of global central banks this week, including the U.S. Federal Reserve, while the market closely watched the latest developments in the Israel-Hamas conflict. Brent January crude futures rose 0.8%, or 66 cents, to $85.68 a...

Oil Rises After Tumbling as Israel Held Off From Gaza Invasion

Oil edged higher after dropping the most since Hamas’ attack on Israel as Tel Aviv held off from an invasion of Gaza, containing the conflict in the Middle East for the time being.   West Texas Intermediate traded near $86 a barrel, after slumping 3.7% on Monday as bearishness...

Oil Rises After Four-Day Retreat as China Edges Toward Reopening

Oil rose after a four-day drop as investors weighed the impact of China’s moves to ease virus curbs against the risk of a slowdown in the US. West Texas Intermediate climbed toward $73 a barrel after plunging more than 11% over the previous four sessions as a raft of US banks sounded...

Oil Rises After Falling as Israel Seen Holding Off Gaza Invasion

Oil edged higher after dropping the most since Hamas’ attack on Israel as Tel Aviv was seen holding off on an invasion of Gaza amid hostage negotiations, containing the conflict for the time being.  Global benchmark Brent rose above $90 a barrel after tumbling by 2.5% on Monday, while...

Oil Rises after Booking Third Straight Monthly Gain

Oil futures rose early Friday, gaining ground after scoring a third straight monthly gain in August on a tightening supply picture. Survey-based activity data from China also provided support ahead of a three-day weekend for U.S. investors. West Texas Intermediate crude for October delivery rise...

Oil Rises a Third Day with OPEC+ Decision, Stockpiles in Focus

Oil rose for a third day after industry data pointed to a substantial draw in US crude stockpiles and investors counted down to an OPEC+ meeting that will be held virtually this weekend. West Texas Intermediate climbed toward $79 a barrel after adding 2.5% over the previous two...

Oil Rises 1% As Markets Await OPEC+ Decision

Oil prices rose on Friday and were heading for weekly gains, as markets awaited an OPEC+ decision on supply agreements for the second quarter while weighing fresh U.S. and Chinese economic data. Brent futures for May were up $1.01, or 1.23%, at $82.92 a barrel by 0950 GMT. The April Brent futures...

Oil Rises 1% after Fed Keeps Rates Unchanged

Oil gained 1% on Thursday to snap its three-day decline, as risk appetite returned to financial markets after the U.S. Federal Reserve kept benchmark interest rates on hold. Brent crude futures rose $1.03, or 1.22%, to $85.66 a barrel by 1149 GMT, while U.S. West Texas Intermediate crude futures...

Oil Rises $1 On US Crude Stock Draw, China Stimulus Hopes

Oil prices rose on Thursday after data showed U.S. crude stockpiles fell more than expected last week, while the Chinese central bank's cut in banks' reserve ratio reinforced hopes of more stimulus measures and economic recovery. Brent crude futures were up 97 cents, or 1.2%, to $81.01 a barrel...

Oil Retreats On Caution Ahead Of OPEC+ Meeting

Oil futures fell on Tuesday, reversing steep gains made in the past two sessions, as investors turned cautious ahead of a meeting of OPEC+ this Sunday when the producer group may discuss deepening supply cuts due to slowing global growth. Brent crude futures fell 51 cents, or 0.6%, to $81.81 a...

Oil Retreats On Caution Ahead Of OPEC+ Meeting

Oil fell on Tuesday, reversing steep gains made in the past two sessions, as investors turned cautious ahead of a meeting of OPEC+ this Sunday when the producer group may discuss deepening supply cuts due to slowing global growth. Both contracts had climbed about 2% on Monday after three OPEC+...

Oil Retreats from Multi-Month Highs Ahead of Fed Decision

Oil prices edged lower on Wednesday after hitting multi-month highs in the previous session, as investors braced for the U.S. Federal Reserve's interest rate policy announcement later in the day. Brent crude futures for May fell 62 cents, or 0.71%, to $86.76 a barrel by 1028 GMT. U.S. West Texas...

Oil Retreats as Fed’s Rate Signal Eclipses Decline in Stockpiles

Oil fell after the Federal Reserve signaled that at least one more interest-rate hike is possible this year in its fight to subdue stubborn inflation, overshadowing signs of a tighter physical crude market. West Texas Intermediate declined below $89 a barrel, dropping for a third day in...

Oil Retreats Amid China Concerns Following Seven Weekly Gains

Oil dropped after advancing for seven weeks amid a shift away from risk assets spurred by concerns about China. West Texas Intermediate fell toward $82 a barrel after the longest run of weekly gains since mid-2022. Equity benchmarks fell as the week’s trading began, hurt by China’s...

Oil Resumes Slide On Demand Worries After UK Rate Hike

Oil prices fell for a second straight session and were headed for a weekly decline of more than 3% on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the U.S. ignited concerns over demand. Brent futures slipped 51 cents, or 0.4%, to $73.76...

Oil Resumes Slide on Demand Worries

Oil futures fell early Wednesday, unable to find support after industry data showed a fall in crude and product inventories as investors continued to fret over the demand outlook. West Texas Intermediate crude for May delivery fell $1.61, or 2%, to $79.25 a barrel on the New York Mercantile...

Oil Resumes Rally With Hedge Funds Helping Fuel Move Higher

Oil climbed, marking a resumption of a price rally that has been fueled in part by hedge fund wagers that supplies will tighten.  West Texas Intermediate futures rose as much as 0.9% to trade above $90 a barrel. Speculators boosted their bullish positions on WTI to the...

Oil Resumes Rally as Hedge Funds Join Increasingly Bullish Bets

Oil climbed for a second day as hedge funds piled on bets that tightening supplies will see a resumption of the rally after a pause last week. West Texas Intermediate futures rose as much as 0.7% to trade above $90 a barrel. Hedge funds boosted their bullish oil positions to...

Oil Resumes Rally as Asian Equities Gain, US Inventories Decline

Oil advanced, tracking gains in wider Asian equity markets, after US crude inventories declined and the Federal Reserve indicated that any more rate hikes would be data-dependent. West Texas Intermediate traded above $79 a barrel, rising for the fifth time in six sessions, as...

Oil Resumes Drop as Traders Weigh Up Latest Gambit From OPEC+

Oil weakened after rallying more than 2% Tuesday on Saudi Arabian and Russian production cuts. Global benchmark Brent dropped back below $76 a barrel following the gain in the previous low-volume session amid a US holiday. The two OPEC+ linchpins announced their latest batch of curbs on Monday,...

Oil Regains Some Ground After Credit Suisse Lifeline

Oil prices clawed back some ground on Thursday, recovering from the previous session's 15-month lows, as markets calmed somewhat after Credit Suisse (CSGN.S) was thrown a financial lifeline by Swiss regulators. But market sentiment remained fragile, battered by fears of growing stress on banks...

Oil Regains Some Ground after Credit Suisse Handed a Lifeline

Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators. But, battered by fears of growing stress on banks worldwide, market sentiment remained fragile...

Oil Rebounds From 2022 Lows On China Demand Hopes, Tanker Delays

Oil rebounded on Thursday after four sessions of decline, boosted by hopes that easing anti-COVID measures in China will revive demand and by signs that some tankers carrying Russian oil have been delayed after a G7 price cap came into effect. China on Wednesday announced the most sweeping...

Oil Rebounds As Market Refocuses On Supply Tightness

Oil rebounded on Thursday as expectations of a tighter global crude supply outlook for the rest of 2023 overshadowed concerns over weaker economic growth and rising U.S. inventories. Saudi Arabia and Russia's extension of oil output cuts will result in a market deficit through the fourth quarter,...

Oil Rebounds As Dollar Sinks To 3-Month Low

Crude prices rose Tuesday from the previous session’s battering as the dollar hit a three-month low, spurring demand from holders of the euro and other currencies for commodities priced in the greenback. Earlier, tensions over China’s Covid-19 outbreak drove New York-traded West Texas...

Oil Rebounds as Dollar Dips, but Demand Concerns Weigh

Oil rebounded on Friday as the dollar dipped, but prices were on track for a steep weekly decline on concerns about weakening demand in China and further interest rate hikes by the U.S. Federal Reserve. Brent crude futures clawed back 64 cents to stand up 0.7% to $90.42 a barrel at 0446 GMT, but...

Oil Rebounds After Biggest Drop In Decades At Start Of Year

Oil rebounded on Thursday after posting the biggest two-day loss for the start of a year in three decades with the shutdown of a U.S. fuel pipeline providing support, though economic concerns capped gains. Big declines in the previous two days were driven by worries about a global recession,...

Oil Rally Sputters on Thin Summer Trading, China Economic Fears

Oil’s rally sputtered amid a slump in summertime liquidity, leaving the commodity at the mercy of volatile, broader markets.  While signs of tightening physical supplies had in recent weeks pushed crude futures to the longest streak of gains in a year, West Texas Intermediate on...

Oil Rally Pauses Near Highs for the Year Amid Technical Barriers

Oil’s seven-week rally, driven by increasing signs of a tightening market, paused near the highest levels of the year as technical barriers stalled further advances.  Crude has climbed about 20% since late June as OPEC and its allies cut production, and the cartel’s newest...

Oil Rally Gets Fresh Impetus From Shrinking Stockpiles at US Hub

Oil was propelled closer to the $100-a-barrel mark after stockpiles at the major US storage hub dropped to critical levels.  West Texas Intermediate traded near $94 a barrel after jumping 3.6% on Wednesday, its biggest gain since early May. Inventories at Cushing, Oklahoma — the...

Oil Rally Gathers Pace as Brent Crude Powers Above $95 a Barrel

Oil rallied to a 10-month high as the physical market showed fresh signs of tightness driven by supply cuts from OPEC+ leaders. Global benchmark Brent topped $95 a barrel for the first time since November, advancing for a fourth straight day. Premiums for physical barrels are...

Oil Racks Up Weekly Gain as Investors Warm to China’s Recovery

Oil headed for a weekly gain as optimism over China’s recovery offset concern that US monetary policy is set to tighten further. West Texas Intermediate traded slightly weaker near $78 a barrel but is more than 2% higher this week after a three-day run of gains. China’s rebound since it...

Oil Pushes Higher as US Stockpile Draw and Fed’s Plan Buoy Mood

Oil advanced after US stockpiles fell and the Federal Reserve signaled that it would cut interest rates this year, boosting risk appetite across wider markets and bruising the dollar. Global benchmark Brent rose above $86 a barrel, climbing for the third time four sessions, while West Texas...

Oil Pushes Higher as Tightening Market Outweighs Risk-Off Tone

Oil rose as a tightening market outweighed gains in the dollar and a broader risk-off tone driven by the outlook for higher interest rates. West Texas Intermediate advanced to near $91 a barrel after ending 0.8% higher on Tuesday. The premium for near-term US barrels is near...

Oil Pushes Higher as Fed’s Plan and US Stockpile Draw Buoy Mood

Oil gained after the Federal Reserve signaled it still planned to cut interest rates this year, boosting risk appetite and hurting the dollar. Global benchmark Brent rose toward $87 a barrel following the biggest drop in about a month on Wednesday after it strayed into overbought territory....

Oil Pushes Higher as China Return Poised to Spur Consumption

Oil climbed on optimism that China’s reemergence from Covid Zero will aid demand, with traders looking for fresh clues on the outlook as the nation’s financial markets reopen after the week-long Lunar New Year break. West Texas Intermediate advanced above $80 a barrel, after shedding 2%...

Oil Pushes Higher as China Data Beats and Russian Refineries Hit

Oil ticked higher following the biggest weekly advance in a month as macro-economic data from China came in ahead of expectations, and Ukrainian attacks on Russian refineries heightened geopolitical risks. Global benchmark Brent rose toward $86 a barrel after gaining 4% last week, while West...

Oil Pushes Closer to $95 a Barrel as Global Market Tightens Up

Oil extended an upswing as OPEC+ supply cuts tightened the market, with Saudi Energy Minister Prince Abdulaziz bin Salman due to address a conference on the kingdom’s crude policy and view on net zero. Global benchmark Brent advanced above $94 a barrel after a three-week...

Oil Prices Wobble Amid Weak Demand, Sturdy Dollar

Oil seesawed between modest falls and gains on Wednesday as traders weighed the impact on prices stemming from escalating geopolitical tensions, concerns over tepid demand and a stronger dollar. The front-month March contract for Brent crude rose 4 cents to $79.59 a barrel at 0712 GMT. U.S. West...

Oil Prices Up After Bullish Saudi Comments, Falling U.S. Stockpiles

Oil prices rose on Wednesday after data showed U.S. inventories and fuel supplies tightening and following a warning from the Saudi energy minister to speculators raised the prospect of further OPEC+ output cuts. Brent crude futures rose $1.09, or 1.42%, to $77.93 a barrel by 1048 GMT, while U.S....

Oil Prices Tread Water As Big US Inventory Build Offsets Supply Concerns

Oil prices moved little in Asian trade on Thursday, as signs of another outsized build in U.S. inventories offset bets on tightening global supplies due to disruptions in the Middle East. Crude prices saw wild swings this week as markets grappled with fears of worsening demand and potential...

Oil Prices Tick Lower Ahead of OPEC+ Meeting, Russia Ban

Oil futures ticked lower Friday as investors awaited a pair of events: a Sunday meeting of the Organization of the Petroleum Exporting Countries and its allies, and the Monday kickoff of European Union ban on Russian crude imports. West Texas Intermediate crude for January delivery was flat at...

Oil Prices Threaten to Snap 3-Day Winning Streak

Oil futures pulled back early Thursday after a build in U.S. petroleum supplies and record domestic production cooled a rally sparked by disrupted shipments in the Red Sea. West Texas Intermediate crude for February delivery fell 22 cents, or 0.3%, to $74 a barrel on the New York Mercantile...

Oil Prices Surge 4% as Middle East Tensions Rise with Israel Ordering Mass Evacuations in Gaza

Escalating Middle East tensions were driving up oil prices on Friday, amid rising fears that Israel is close to launching a ground invasion of Gaza after its military ordered more than a million people in the territory to flee south. West Texas Intermediate crude for November delivery climbed...

Oil Prices Struggle for Direction as Traders Weigh Demand Worries, Middle East Supply Threats

Oil futures were little changed Thursday morning, struggling for direction as traders weighed the outlook for demand, as well as the threat to supply from strife in the Middle East. West Texas Intermediate crude for February delivery was off 1 cent at $72.55 a barrel on the New York Mercantile...

Oil Prices Steady Near 3-Month Highs

Oil prices were steady on Tuesday, hovering near three-month highs as signs of tighter supplies and pledges by Chinese authorities to shore up the world's second-biggest economy lifted sentiment, while weaker Western economic data weighed. Brent futures were down 4 cents, or 0.05%, at $82.70 a...

Oil Prices Steady as Investor Focus Shifts to Demand Outlook

Oil prices steadied in early Asian trade on Tuesday after OPEC+ plans to cut more production jolted markets the previous day, with investors' attention shifting to demand trends and the impact of higher prices on the global economy. Brent crude futures fell 2 cents to $84.91 a barrel by 0029 GMT....

Oil Prices Steady as Focus Returns to Supply Outlook

Oil prices held steady on Monday after suffering losses at the end of last week, as investors' focus returned to a tight global supply outlook while a last-minute deal that avoided a U.S. government shutdown restored some risk appetite. Brent December crude futures rose 17 cents, or 0.18%, to...

Oil Prices Steady Amid OPEC+ Cut Doubts, Mid-East Tension

Oil prices held steady on Tuesday amid uncertainty over voluntary output cuts by OPEC+ and as continued tension in the Middle East spurred supply concern. Brent crude futures edged up 13 cents to $78.16 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures were up 18 cents at...

Oil Prices Steady After U.S. Stockpile Swell

Oil prices were steady on Thursday, as optimism over recovering Chinese demand was offset by U.S. oil inventories hitting their highest in months and signs the U.S. Federal Reserve could keep raising interest rates. Brent crude futures gained 30 cents to $85.39 a barrel by 0856 GMT, while U.S....

Oil Prices Steady After Pulling Back to 3-Week Lows

Oil futures were flat to slightly higher in early trade Tuesday, steadying after a three-session pullback that took crude to roughly three-week lows. Oil remains near its highs of 2023, having surged in the third quarter on worries over tightening crude supplies. West Texas Intermediate crude...

Oil Prices Steady After Hitting 2-Week High on Suspension of Red Sea Shipments

Oil futures were little changed in early action Tuesday, steadying after ending the previous session around two-week highs after attacks on ships in the Red Sea stoked worries over potential supply disruptions. West Texas Intermediate crude for January delivery was up 1 cent at $72.48 a barrel on...

Oil Prices Steady after 3-Day Losing Streak

Oil futures ticked higher early Thursday, attempting to find their footing after a three-day drop that sent the U.S. benchmark to its lowest close in nearly a month. West Texas Intermediate crude for October delivery was up 27 cents, or 0.3%, at $79.16 a barrel after ending the Wednesday session...

Oil Prices Stable As Rising U.S. Crude Stocks Balance Supply Concerns

Oil prices were broadly stable on Wednesday, moving in and out of negative territory after industry data showed U.S. crude stockpiles rose more than expected, though supply concerns and a weaker dollar gave support. Brent crude futures for December were down 4 cents, or 0.04%, to $93.48 a barrel...

Oil Prices Soar on Supply Concerns as Middle East Conflict Escalates

Oil prices climbed sharply Monday as the escalating violence in the Middle East raised concerns about the security of future crude supply. By 04:45 ET (08.45 GMT), the U.S. crude futures traded 3.1% higher at $85.33 a barrel, while the Brent contract climbed 2.8% to $86.92 a barrel. The...

Oil Prices Slump, Shaking Off Russia Mutiny

Oil futures slumped Tuesday after delivering only a modest rise the previous session following a chaotic weekend in Russia that saw the mercenary Wagner Group stage a short-term rebellion that raised questions about Vladimir Putin’s grip on power. West Texas Intermediate crude for August delivery...

Oil Prices Slip On View US Rate Cuts Could Be Delayed

Oil prices slipped on Thursday as expectations that U.S. interest rate cuts could be delayed capped gains, though upbeat Chinese trade data augured well for demand in the world's top oil importer. Brent crude futures slipped 42 cents or 0.5% to $82.54 a barrel by 1010 GMT, while U.S. West Texas...