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 Loss as US Debt Talks Take Center Stage

Oil steadied after a two-day drop as investors tracked stop-start negotiations in the US to strike a deal on the debt ceiling. Brent crude was little changed below $76 a barrel after losing almost 2% over the prior two sessions. President Joe Biden and House Speaker Kevin McCarthy will...

Oil Steadies After Hitting Highest Since November on OPEC+ Cuts

Oil steadied after hitting the highest level since November on expectations that supply cuts by OPEC+ leaders will tighten the market. West Texas Intermediate was little changed above $85 a barrel after an initial surge as the week’s trading kicked off. Underlying metrics, including...

Oil steadies after gains, Gaza ceasefire talks in focus

Oil prices inched up on Tuesday as investors waited to see whether a Middle East trip by top U.S. diplomat Antony Blinken will bring a halt to the Gaza war, which has raised concerns about supplies from the major producing region. Brent crude futures rose 17 cents to $78.16 a barrel by 0704 GMT,...

Oil Steadies after Fed’s Powell Sparks Selloff; Await Inventories Data

Oil futures were flat to slightly lower in early trade Wednesday, steadying after a selloff the previous session that analysts blamed in part on Federal Reserve Chair Jerome Powell’s remarks on the U.S. interest rate outlook. Investors were also awaiting an official take on U.S. crude inventories...

Oil Steadies after Fed Rate Worries Spark Back-to-Back Losses

Oil futures flipped between small gains and losses early Thursday, attempting to stabilize after back-to-back losses that analysts blamed largely on a warning from Federal Reserve Chair Jerome Powell this week that interest rates will need to rise higher, and possibly faster, than previously...

Oil Steadies After Demand Fears Wipe Out Gains From OPEC+ Cut

Oil steadied as traders took stock following a two-day slump, amid persistent concerns over demand as the global economy falters. West Texas Intermediate futures traded above $74 a barrel, having erased all of the gains since key OPEC+ nations announced surprise output cuts at the start of...

Oil Steadies After Collapsing by 5% as Demand Concerns Escalate

Oil steadied in Asia after tumbling 5% on Tuesday as data pointed to a possible US recession and investors shunned risk assets. Brent held above $75 a barrel after closing at the lowest in more than five weeks. Crude fell along with other commodities as figures showed a cooling US labor...

Oil Steadies After Biggest Monthly Advance Since Early 2022

Oil steadied after the biggest monthly advance since early 2022 as signs of a tighter global crude market were countered by indications the rally may be due for a pause after such a rapid run-up. West Texas Intermediate was little changed below $82 a barrel after surging 16% in July....

Oil Steadies After Big Drop in US Stockpiles Boosts Optimism

Oil steadied in Asia after a big decline in US crude stockpiles provided some optimism for a market weighed down by demand concerns. West Texas Intermediate traded above $69 a barrel after closing 2.8% higher in the previous session. Crude inventories shrunk by 9.6 million barrels...

Oil Steadies After Big Drop in US Stockpiles Boosts Optimism

Oil steadied in Asia after a big decline in US crude stockpiles provided some optimism for a market weighed down by demand concerns. West Texas Intermediate traded near $69 a barrel after closing 2.8% higher in the previous session. Crude inventories shrunk by 9.6 million barrels...

Oil Stable Below $100 Per Barrel as Market Balances Chinese Data

Oil prices were stable on Monday, hovering close to $100 a barrel as support from a weaker dollar and recovering Chinese crude imports met renewed demand concerns linked to China’s stringent Covid containment approach. Brent crude futures fell 7 cents, or 0.05% to $98.52 a barrel. U.S. West Texas...

Oil stable as OPEC+ quotas offset low Chinese demand

Oil prices were stable on Friday as support from a large cut to the OPEC+ supply target and a weaker dollar were countered by global recession fears and weak oil demand in China. Brent crude futures were down 31 cents, or 0.3%, at $94.26 a barrel at 0924 GMT while U.S. West Texas Intermediate...

Oil Stable as Market Weighs Tight Supply Against U.S. Recession Risk

Oil prices were stable on Thursday as the market weighed the prospect of tight supply against possible recession in the United States, the world's largest oil consumer. Brent crude edged down 22 cents, or 0.25%, to $87.11 a barrel by 1152 GMT. U.S. West Texas Intermediate (WTI) slipped 20 cents,...

Oil stabilises after sharp drop on demand concerns, easing of Middle East tension

Oil prices were little changed after a 3% drop in the previous session as the market remains concerned about demand this year and on signs that a wider conflict in the key Middle East producing region could be avoided. Brent futures were up 13 cents, or 0.15%, at $87.42 a barrel, while U.S. West...

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 as Hamas’ Attack on Israel Fans Middle East Tensions

Oil surged more than 4% after Hamas’ surprise attacks on Israel over the weekend, the broadest and bloodiest in decades, threatened to inflame tensions in the Middle East, home to almost a third of global supply. West Texas Intermediate rose above $86 a barrel as a war-risk...

Oil Snaps Two-Day Drop With China Demand and Russia Cap in Focus

Oil rose for the first time in three days on optimism that China’s reopening will buoy demand, and as investors assessed the implications for global crude flows from the price cap imposed on Russian cargoes. West Texas Intermediate climbed above $77 a barrel following a roller-coaster...

Oil Snaps Three-Day Advance on Fed Outlook, Rising Inventories

Oil fell as US crude stockpiles rose to the highest in two years and the Federal Reserve struck a hawkish tone as it raised rates again. West Texas Intermediate for May traded near $70 a barrel after rising about 6% in the first three days of the week. Fed Chair Jerome Powell advised...

Oil Slumps on Demand Woes as Goldman Cuts Outlook Again

Oil extended losses amid persistent concerns around the demand outlook as Goldman Sachs Group Inc. cut its price forecast again. Brent futures traded below $73 a barrel after capping the biggest weekly drop since early May last week. Goldman made its third downward price revision...

Oil Slumps as Saudi Price Cuts Underscore Softer Market Outlook

Oil declined after Saudi Arabia cut official selling prices for all regions, the latest sign that fundamentals are worsening.  West Texas Intermediate tumbled 4.1%, the biggest drop in almost two months, to settle below $71 a barrel. State producer Saudi...

Oil Slips, Dragged by OPEC Meeting Delay

Oil slips in early Asian trade. The OPEC delayed its meeting as it seeks to resolve a disagreement over the output of African nations, according to delegates. OPEC and a group of Russia-led allies were slated to meet on Sunday to discuss production levels next year but the meeting has been pushed...

Oil Slips to Close Choppy Week as Slowdown Concerns Linger

Oil retreated on Friday after a volatile week as concerns over a global economic slowdown continue to hang over the market. Benchmark Brent futures traded near $91 a barrel amid risk-off sentiment across markets as bond yields surge. Investors are juggling slowdown fears against...

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 Rate Hike Worries, Russian Export Flows

Oil prices fell on Tuesday as the threat of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China. March Brent crude futures declined 25 cents to $84.65 per barrel by 0715 GMT. The March contract expires on Tuesday and the more heavily...

Oil Slips on Economic Uncertainty, Despite China Hopes

Oil slipped on Tuesday after two sessions of gains as uncertainty about the global economic outlook and a firmer dollar countered investor optimism about demand in China and expectations of a drop in U.S. crude inventories. The dollar rose as worries about corporate earnings and the outlook for...

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 on Demand Fears, Market Awaits Fed Decision

Oil prices edged lower on Wednesday following fresh indications of weak demand, and as the market awaited a crucial interest rate decision by the U.S. Federal Reserve. Brent crude futures , which have risen by almost 3% this week, were down 30 cents, or 0.40%, at $75.02 a barrel at 1026 GMT. U.S....

Oil Slips as Weak China Data Offsets Tightening Supply

Oil prices fell by more than 1.5% on Tuesday after data showed China's imports and exports fell much more than expected in July in yet another sign of a sluggish post-COVID rebound for the world's largest oil importer. Brent crude futures were down $1.33, or about 1.6%, at $84.01 a barrel at 1047...

Oil Slips as US Supply Build Overshadows Stronger China Outlook

Oil fell in a volatile session that was buffeted by a wave of supply and demand data and a sharply stronger dollar.  West Texas Intermediate pared sharp losses following US data that showed total crude inventories rose to their highest since the summer of 2021. The...

Oil Slips as U.S. Debt Caution Offset Supply Concerns

Oil prices slipped on Monday as caution around the U.S. debt ceiling talks and concerns about demand recovery in China offset support from lower supplies from Canada and OPEC+ producers. Brent crude futures fell 48 cents, or 0.6%, to $75.10 a barrel by 0201 GMT while U.S. West Texas Intermediate...

Oil Slips as Stronger Dollar Offsets Optimism Over China Demand

Oil dipped after a two-day rally as a stronger dollar offset optimism around the outlook for improved Chinese demand. West Texas Intermediate futures fell toward $88 a barrel as the dollar rose for the first time in three sessions, making commodities priced in the currency more...

Oil slips as Russia lifts supplies, jet fuel demand stirs caution

Oil prices dipped on Tuesday due in part to the prospect of rising supply from Russia, slower-than-expected downstream demand in sectors such as jet fuel, and cautious trading ahead of the Fed's decision on U.S. interest rates. The Brent crude oil futures contract for May delivery slipped 15...

Oil slips as risk premium eases after Iran attack

Oil prices drifted lower on Monday, with the market downplaying the risk of broader regional conflagration after Iran's weekend attack on Israel. Brent futures for June delivery fell 70 cents, or about 0.8%, to $89.75 a barrel by 1133 GMT while West Texas Intermediate (WTI) futures for May...

Oil Slips as Rate Cut Caution Overshadows Mideast Strikes

Oil prices slipped again on Monday as a strong U.S. job report which capped sharp falls last week dampened hopes of swift rate cuts, despite a U.S. pledge to continue air strikes in the Middle East which have kept geopolitical tensions high. Brent crude futures fell 65 cents, or 0.8%, to $76.68 a...

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 Industry Report Points to Jump in US Stockpiles

Oil edged lower as an industry report pointed to a rise in US crude stockpiles and investors fretted about weaker demand amid slowing growth.  West Texas Intermediate fell below $85 a barrel in early Asian trading after rising 0.9% on Tuesday. The American Petroleum Institute...

Oil Slips as Industry Report Points to Jump in US Stockpiles

Oil fell as an industry report showed a rise in US crude stockpiles and investors fretted about weaker demand amid slowing growth.  West Texas Intermediate retreated below $85 a barrel after rising 0.9% on Tuesday. The American Petroleum Institute reported US inventories expanded...

Oil Slips as Global Market Weakness Snaps Recent Rally

Brent oil fell toward $92 as the impact of a rapidly tightening market was offset by low risk appetite across markets with investors pricing in a prolonged period of higher interest rates. The global benchmark was down as much as 1.6% in London on Tuesday. The move mirrored a pullback in...

Oil slips as dollar firms, but supply worries check losses

Oil futures fell early on Thursday as the dollar firmed on the Federal Reserve's hawkish stance, but concerns over looming supply risks kept a floor under prices. Brent crude shed 44 cents, or 0.5%, to $95.72 a barrel at 0146 GMT, while U.S. West Texas Intermediate (WTI) crude futures retreated...

Oil Slips as Concern Eases About Middle East Supply Risk

Oil edged lower on Tuesday as easing concern about supply risks and a rapidly escalating conflict after Iran's weekend attack on Israel offset data showing China's economy grew faster than expected in the first quarter. Also weighing was stronger-than-expected U.S. retail sales for March that...

Oil slips as China COVID curbs outweigh concerns over U.S. output

Oil prices fell on Monday on concerns that widening COVID-19 curbs in China will curtail demand, offsetting signs that output at the top U.S. shale field is losing steam. Brent crude futures dropped 36 cents, or 0.4%, to $95.41 a barrel by 0151 GMT after slipping 1.2% on Friday. U.S. West Texas...

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 rally last week on Middle East, tight supply

Oil prices slipped on Monday as investors indulged in some profit-taking after both benchmarks ended last week about 6% higher on Middle East tensions and as refining outages squeezed refined products markets. Brent crude futures were down 82 cents, or about 1%, at $81.37 a barrel, while U.S....

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 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 Middle East tensions ease

Oil prices slid more than $1 a barrel on Monday, with Brent falling below $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict. Brent crude futures dropped $1.42, or 1.6%, to...

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 Slides After IMF Says Slowing Global Growth Engines Portend Tougher 2023

Oil prices slid on Tuesday from their highest levels in a month on a stronger dollar and after the head of the International Monetary Fund warned of a tougher 2023 as major economies experience weakening activity. Brent crude futures dropped 98 cents, or 1.1%, to $84.93 a barrel by 0148 GMT while...

Oil Sinks Into Bear Market as Robust Supply Pressures OPEC+

Oil headed for a fourth weekly loss after sinking into a bear market as signs of healthy supplies and rising stockpiles offset attempts by OPEC+ leaders Saudi Arabia and Russia to keep declines in check. West Texas Intermediate traded near $73 a barrel after dropping more than 20% drop from...

Oil Sinks Into Bear Market as Robust Supply Pressures OPEC+

Oil headed for a fourth weekly loss after sinking into a bear market as signs of healthy supplies and rising stockpiles offset attempts by OPEC+ leaders Saudi Arabia and Russia to keep declines in check. West Texas Intermediate traded near $73 a barrel after dropping more than 20% from a...

Oil Sinks in Volatile Trading as Bank Failure Sparks Selling

Oil prices slid and volatility surged as traders fled risk and tried to come to grips with how the biggest US bank collapse since 2008 would reverberate through the economy.  Brent, the global benchmark, fell below $80 for the first time since early February as investors fled risk assets and...

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 more than 4% higher as Israel-Hamas war raises risk to oil in the Middle East

Oil futures rallied Monday by more than 4%, lifting U.S. prices to their highest finish in nearly a week. Palestinian militant group Hamas attacked Israel over the weekend raising worries about disruptions to oil supplies in the Middle East region. "The violence will keep upward pressure on oil...

Oil Settles Lower on Weaker US Gasoline Demand, Gaza Ceasefire Hopes

Oil prices settled slightly lower on Thursday, pressured by weaker U.S. gasoline demand data and reports of a United Nations draft resolution calling for a ceasefire in Gaza. Brent crude futures for May settled down 17 cents, or 0.2%, to $85.78 a barrel, while U.S. West Texas Intermediate futures...

Oil settles lower as traders continue to assess the Israel-Gaza war’s impact on supplies

Oil futures ended lower on Wednesday for a second straight session. Traders continued to monitor developments tied to the Israel-Gaza war and whether the conflict involved other countries in the oil-rich Middle East region. “The risk to the world’s crude oil supply is low for now,” said Brian...

Oil settles lower as traders continue to assess risks to Middle East supplies

Oil futures declined on Tuesday, easing back after a more than 4% rally a day earlier as traders continued to assess the impact of the Israel-Gaza war on crude supplies in the Middle East. Despite the easing of prices, “the markets remain unsettled by the situation in Israel, which could still...

Oil Settles Higher After Israeli Strike Overshadows Ceasefire Talks

Oil prices settled up $1 on Wednesday after three sons of a Hamas leader were killed in an Israeli airstrike in the Gaza Strip, feeding worries that ceasefire talks might stall. Brent crude futures settled up $1.06, or 1.2%, to $90.48 per barrel while U.S. West Texas Intermediate (WTI) crude...

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 End Turbulent 2022 with Second Annual Gain

Oil rose on Friday and was on track for a second straight annual gain in a volatile year marked by tight supplies because of the Ukraine war and weakening demand from the world's top crude importer, China. Crude surged in March with global benchmark Brent reaching $139.13 a barrel, the highest...

Oil Set to End Turbulent 2022 Modestly Higher

Oil prices edged up on Friday, on track for their second straight annual gains, although modest, in a stormy year marked by tight supplies because of the Ukraine war, a strong dollar and weakening demand from the world's top crude importer, China. Brent crude futures rose 59 cents, or 0.7%, to...

Oil Set to End First Week of Year Lower on Sour Demand Outlook

Oil headed for a weekly loss of around 8% as price cuts by Saudi Arabia highlighted concerns over the demand outlook. While West Texas Intermediate climbed to trade near $74 a barrel on Friday, steep losses at the start of the week have put futures on track for a large weekly...

Oil Set for Worst Week This Year as Traders Watch for OPEC+ Move

Oil headed for the biggest weekly loss this year after banking turmoil rippled across global markets, with investors watching for a potential response from OPEC and its allies to the rout. West Texas Intermediate was steady near $68 a barrel and down around 11% for the week. OPEC+ chiefs...

Oil Set for Worst Week This Year as Traders Watch for OPEC+ Move

Oil headed for the biggest weekly loss this year after banking turmoil rippled across global markets, with investors watching for a potential response to the rout from OPEC and its allies. West Texas Intermediate futures edged toward $69 a barrel on Friday, but are still down about 10% for...

Oil Set for Worst Run This Year as Recession Fears Rattle Market

Oil headed for a third straight weekly decline, the longest losing run this year, as slowdown concerns and turmoil in the US banking sector prompted investors to flee from risk. West Texas Intermediate edged higher toward $69 a barrel on Friday, but the US crude benchmark has still...

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 China’s Covid Outbreak Shakes Outlook

Oil headed for a weekly loss of over 6% as China continues to grapple with swelling Covid cases, weighing on the outlook for demand. Daily infections have climbed to the highest since April as China’s top leaders reinforced the need to stick with Covid Zero, although they urged...

Oil Set for Weekly Gain With Global Supply Risks Mounting

Oil rose, cementing a weekly advance, aided by supply risks in the Middle East and Libya.  Brent crude climbed to trade near $78 a barrel as tensions in the Middle East and North Africa ratcheted higher this week. US Secretary of State Antony Blinken heading to the region for...

Oil Set for Weekly Gain on Signs of Tight Supply, China Comeback

Oil headed for the biggest weekly gain since early October on signs of tightening supply and the prospect for improved Chinese demand, despite downward pressure from interest-rate hikes. West Texas Intermediate futures traded near $76 a barrel and are up around 7% this week. There are...

Oil Set for Weekly Gain on Signs of Tight Supply, China Comeback

Oil headed for the biggest weekly gain since early October on signs of tightening supply and the prospect for improved Chinese demand, despite downward pressure from interest-rate hikes. West Texas Intermediate futures edged toward $77 a barrel and are up over 7% this week. There are...

Oil Set for Weekly Gain on Signs of Tight Supply, China Comeback

Oil headed for the biggest weekly gain since early October on signs of tightening supply and the prospect for improved Chinese demand, despite downward pressure from interest-rate hikes. While West Texas Intermediate fell below $76 a barrel on Friday, futures are up about 7% for the week....

Oil Set for Weekly Gain on China Optimism, Brighter US Outlook

Oil headed for a weekly gain of around 6% on China’s improving demand outlook and as US inflation cooled. West Texas Intermediate traded near $78 a barrel after a six-day run of gains, the longest winning streak since February. China ramped up purchases of crude this week after the...

Oil Set for Weekly Gain on China Optimism, Brighter US Outlook

Oil headed for a strong weekly gain, rebounding from a weak start to the year, on China’s improving demand outlook and cooling US inflation.  West Texas Intermediate was steady near $79 a barrel, approaching a 7% advance this week. The Brent benchmark is poised for its strongest week...

Oil Set for Weekly Gain as Red Sea Attacks, OPEC Unity in Focus

Oil is poised to advance for a second week as shippers avoid the Red Sea amid increased attacks, while Angola’s exit from OPEC put the spotlight on the group’s unity. West Texas Intermediate traded near $74 a barrel and is set for a second weekly gain after notching a string of seven...

Oil Set for Weekly Gain as Commodities Rally on China Rumor

Oil jumped toward $90 a barrel as commodities and equities in Asia rallied on more speculation that China may ease its Covid restrictions. West Texas Intermediate futures rose around 2%, putting crude on track for a second weekly gain, after rumors circulated on social...

Oil Set for Weekly Gain as China Eases Covid Stance, Dollar Dips

Oil is poised for a weekly advance as China takes steps to soften its strict Covid-19 approach and Washington mulls a pause in sales from strategic reserves.  West Texas Intermediate traded above $81 a barrel after four straight sessions of gains, its longest winning steak since...

Oil Set for Weekly Gain as China Demand Optimism Trumps Recession Fears

Oil prices fell on Friday, but were poised for a weekly gain as renewed optimism on China's demand recovery overrode recession worries brought by growing crude inventories in the U.S. and tightening monetary policy in Europe. Brent crude futures dipped 18 cents, or 0.2%, to $84.57 a barrel at...

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 Weekly Drop as Weak China Outlook Weighs on Demand

Oil headed for a weekly loss as China presses on with its strict Covid Zero strategy, which has weighed on its economy and energy demand. West Texas Intermediate edged lower toward $86 a barrel after closing 0.8% higher on Thursday following a broader rally across markets on...

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 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 almost 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 on Friday above $72 a barrel, the US...

Oil Set for Small Weekly Advance as Israel-Hamas Risk Lingers

Oil headed for a modest weekly gain as fears the Israel-Hamas conflict could destabilize the Middle East and crimp global supply were offset by signs of flagging demand. West Texas Intermediate rose toward $84 a barrel on Friday and is up around 1% this week. Most of the surge on Monday...

Oil Set for Sixth Monthly Loss on Deteriorating Demand Outlook

Oil headed for a sixth straight monthly decline — its longest run of such losses in more than eight years — as slowdown concerns in the US and Asia weighed on the outlook. West Texas Intermediate steadied near $75 a barrel after closing 0.6% higher on Thursday. Investors see US...

Oil Set for Second Weekly Gain After OPEC+ Leaders Pledge Cuts

Oil headed for a second weekly gain after OPEC+ leaders Saudi Arabia and Russia tightened supplies and US crude stockpiles fell. West Texas Intermediate was steady below $72 a barrel, on course for a weekly advance of nearly 2%. The US crude benchmark is set for the first back-to-back...

Oil Set for Second Weekly Drop as Demand Concerns Return to Fore

Oil headed for a second weekly drop as demand concerns returned to the fore, snuffing out gains driven by Saudi Arabia’s unilateral pledge to cut production. West Texas Intermediate fell to near $71 a barrel and is down more than 1% this week. Optimism that Riyadh’s move to reduce...

Oil Set for Second Week of Gains on Gaza Contagion Fears

Oil prices gained more than $1 on Friday and were on track to rise for a second week on heightened fears that the Israel-Gaza crisis may spread in the Middle East and disrupt supply from one of the world's top-producing regions. Brent crude futures was up $1.23 to $93.61 a barrel by 1116 GMT....

Oil Set for Monthly Gain Before OPEC+ Begins Cutting Output

Oil headed for its first monthly gain since May in anticipation of sizable production cuts by OPEC+ that are set to tighten the market. West Texas Intermediate futures rose above $88 a barrel and are up around 11% in October, the biggest gain since January. The Organization of Petroleum...

Oil Set for Modest Weekly Loss as Hawkish Fed Weighs on Market

Oil headed for a modest weekly loss as the prospect for further interest-rate hikes from the Federal Reserve and rising US stockpiles continued to weigh on the market, despite China’s reopening. West Texas Intermediate futures edged higher toward $76 a barrel in Asia but are down 1% this...

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 Fourth Monthly Loss as Fed Tightening Eclipses China

Oil headed for a fourth consecutive monthly decline as concerns over tighter monetary policy and swelling stockpiles in the US eclipsed optimism about rising demand in China. West Texas Intermediate ticked above $76 a barrel, but is still down about 3% this month. Crude has been under...

Oil Set for First Weekly Loss Since Banking Turmoil Last Month

Oil headed for the first weekly loss since last month’s banking crisis, weighed down by concerns over demand and the US economy. West Texas Intermediate was steady near $77 a barrel and more than 6% lower this week. Fuel markets from gasoline to diesel are flashing signs...

Oil Set for First Weekly Loss Since Banking Crisis Hit Markets

Oil headed for the first weekly loss since the banking crisis last month, weighed down by concerns over demand and the US economy. West Texas Intermediate futures slipped toward $77 a barrel and are more than 6% lower this week. Fuel markets from gasoline to diesel are...

Oil Set for Best Week Since October on Rising Geopolitical Risks

Oil headed for the biggest weekly gain since October on sustained geopolitical tensions, lower US crude stockpiles, and prospects for additional stimulus in China. West Texas Intermediate held above $77 a barrel after jumping 3% in the previous session to hit a two-month high in an...

Oil Set for Best Week Since October on Rising Geopolitical Risks

Oil headed for the biggest weekly gain since October on sustained geopolitical tensions, lower US crude stockpiles, and prospects for additional government stimulus in key crude importer China. Global benchmark Brent was near $82 a barrel after jumping 3% in the previous session in...

Oil Set for Annual Loss as OPEC+ and War Fail to Support Prices

Oil headed for the biggest annual drop since 2020 as war and OPEC+ production cuts failed to lift prices, with traders concerned that global crude supplies may still eclipse demand in the quarters to come. West Texas Intermediate held above $72 a barrel, on course for weekly, monthly and...

Oil Rises; Focus on U.S. Strategic Reserve

Oil prices rises in early Asian trade, recovering from the biggest weekly drop of 2023 on Friday. ANZ analysts reckon that it may be an opportune time for the U.S. to refill its strategic reserve, given that it's at its lowest level since the 1980s. "The White House administration has previously...

Oil Rises, Brent Tops $80 Ahead of OPEC+ Meeting

Oil prices rose on Tuesday as the possibility that OPEC+ will extend or deepen supply cuts was compounded by a storm-related drop in Kazakh oil output to send the Brent benchmark above $80 a barrel. OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies...

Oil Rises With Lower US Stockpiles and OPEC+ Meeting to the Fore

Oil extended a rally after an industry report pointed to a drawdown in US crude inventories, ahead of an OPEC+ meeting at which the group is expected to affirm current supply cuts. Futures for global benchmark Brent rose toward $90 a barrel after closing at the highest level since October on...

Oil Rises Toward $94 as Tightening Market Vies With Hawkish Fed

Oil edged higher toward $94 a barrel, capping a tumultuous week that saw the Federal Reserve flagging a further rise in US interest rates this year and Russia ban diesel exports.  Brent futures were up 0.6%, little changed from a week earlier. The Fed signaled borrowing costs will stay...

Oil Rises Slightly Ahead of Demand Estimates

Oil prices rose in early Asian trading, but price moves were limited as the market waited for monthly reports from oil agencies. Brent futures for May delivery rose 23 cents to $82.44 a barrel by 0221 GMT. The U.S. crude April contract rose 17 cents to end at $78.10 a barrel. "Crude oil traded...

Oil Rises on Weaker Dollar, IEA Demand Upgrade

Oil prices rose on Thursday, extending the previous session's gains, boosted by a weaker dollar and as the International Energy Agency (IEA) lifted its oil demand forecast for next year. Brent futures were up $1.42, or 1.9%, to $75.68 a barrel at 1131 GMT. U.S. West Texas Intermediate (WTI) crude...

Oil rises on weak dollar, OPEC+ output cut expectations

Oil prices rose on Tuesday, supported by a weak dollar and expectations that the OPEC+ producer group would deepen and extend output cuts due to concerns over subdued demand. Brent crude futures were up 57 cents, or 0.7%, to 80.55 a barrel at 0845 GMT, on track to snap a four-day losing streak....

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 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. Supply Concerns, Hopes for Returning China Demand

Oil prices rose for a second day on Tuesday as a key pipeline supplying the United States, the world's biggest crude consumer, remained shut and on expectations loosening COVID restrictions in China, the second-biggest user globally, will boost demand. Brent crude futures rose 64 cents, or 0.8%,...

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 U.S. debt deal, but rate hikes, OPEC+ talks curb enthusiasm

Oil prices rose on Tuesday as the expectations the debt ceiling deal in U.S., the world's biggest oil user, will spur more demand but fears of further interest rate rises and that OPEC+ will leave output quotas unchanged capped gains. Brent crude futures climbed 35 cents, or 0.5%, to $77.42 a...

Oil rises on U.S. crude draw, Iraqi supply risks

Oil prices rose on Thursday as a surprise drop in U.S. crude stockpiles and a halt in exports from Iraq's Kurdistan region offset a smaller-than-expected cut to Russian supplies. Brent crude futures rose 40 cents, or 0.51%, to $78.68 a barrel at 0926 GMT, while West Texas Intermediate crude rose...

Oil Rises on Tight Supplies, China Possibly Easing COVID Curbs

Oil prices rose by more than $1 on Thursday in response to tighter supplies and on news that China is considering a cut in the duration of quarantine for inbound visitors. Brent crude futures rose $1.33, or 1.4%, to $93.74 a barrel at 1020 GMT. U.S. West Texas Intermediate crude for November...

Oil rises on strong US fuel demand as supply concerns continue

Oil prices climbed in early trade on Thursday, supported by strong demand in the U.S. after gasoline stocks hit a three month low and crude stockpiles dropped unexpectedly, with supply concerns remaining after Ukrainian attacks on Russian refineries. Brent futures for May climbed 11 cents, or...

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 Saudi Arabia’s Go-It-Alone July Production Cuts

Oil advanced at the week’s open after Saudi Arabia pledged to shave an extra 1 million barrel-a-day from its production in July, taking output to the lowest level in years in an effort to stabilize the market. West Texas Intermediate jumped almost 5% early in the session before paring...

Oil rises on lower-than-expected rise in U.S. crude stockpiles

Oil prices rose for a third day on Wednesday after industry data showing U.S. crude inventories grew less than expected and a cut in the forecast for output growth in the U.S., the world's biggest producer, eased concerns about potential oversupply. Brent crude futures were up 10 cents to $78.69...

Oil Rises on Kurdistan Output Halt and Banking Optimism

Oil prices rose on Monday after a halt to oil exports from Iraqi Kurdistan via Turkey and moves to contain a potential banking crisis that could have hit demand for crude. Brent crude futures were up $1.16, or 1.6%, at $76.15 a barrel by 1210 GMT. West Texas Intermediate U.S. crude rose $1.19, or...

Oil Rises on Gaza Ceasefire Rejection and U.S. Stock Data

Oil prices gained ground on Thursday as investors considered the impact of Israel's rejection of a ceasefire offer from Hamas and unexpected drops in U.S. fuel stocks. Brent crude futures rose 81 cents, or 1.02%, to $80.02 a barrel by 1239 GMT. U.S. West Texas Intermediate crude futures were up...

Oil rises on debt ceiling optimism, OPEC uncertainty caps gains

Oil prices rose in Asian trade on Friday as markets cheered the approval of a bill to raise the U.S. debt ceiling and avoid a default, although uncertainty ahead of an OPEC meeting over the weekend kept gains in check. The U.S. Senate voted in favor of a bipartisan bill to increase the government...

Oil Rises on China Stimulus Expectations, Weaker Dollar

Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles. Brent crude futures rose 63 cents, or 0.8%, to $84.81 a barrel at 0840 GMT, while U.S. West Texas Intermediate futures gained 68 cents, or...

Oil Rises on China Recovery Hopes, OPEC+ Seen Standing Pat

Crude oil prices inched higher on Wednesday as optimism for a demand recovery in China and expectations that major producers will maintain current output policy offset global recession worries. Brent crude rose 17 cents, or 0.2%, to $86.30 per barrel by 0740 GMT after falling 2.3% in the prior...

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 rose 82 cents, or 1.01%, to $81.81 per barrel by...

Oil rises on China optimism, market shrugs off U.S. inventory build

Oil prices rose on Thursday as hopes of a robust fuel demand recovery in top oil consumer China offset losses arising from strength in the greenback and a large build in U.S. crude inventory. Brent crude futures rose 42 cents, or 0.5%, to $85.80 per barrel by 0352 GMT, while U.S. West Texas...

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 Near $94 as Tightening Market Vies With Hawkish Fed

Oil traded near $94, capping a tumultuous week that saw the Federal Reserve flagging a further increase in interest rates this year and Russia banning diesel exports.  Brent futures edged up, even as they remained little changed from a week earlier. The Fed signaled borrowing costs will...

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 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 $1.32, or 1.5%, to $89.25 a...

Oil Rises Marginally as Markets Weigh Inventory Data, U.S. Ratings Downgrade

Oil prices rose slightly in early Asian trading on Thursday, as markets weighed bullish U.S. inventory data on Wednesday and a likely extension of OPEC+ output cuts against the fallout of Fitch’s downgrade of the U.S. government’s top credit. Brent crude futures rose 27 cents, or 0.32%, to $83.47...

Oil Rises Further as Middle East Tensions Push Brent Above $90

Oil headed for a weekly gain as tensions in the Middle East escalated further. West Texas Intermediate rose toward $87 after notching up advances in each of the previous five sessions, while global benchmark Brent closed above $90 for the first time since October. Israel...

Oil Rises From Three-Week Low as Demand Outlook Remains in Focus

Oil edged higher from the lowest closing level in over three weeks even as investors considered the outlook for global demand amid concerns over the health of the economy.  West Texas Intermediate futures rose toward $78 a barrel after dropping 2.2% on Tuesday, while US equity...

Oil Rises From Three-Month Low After SVB Turmoil Rattles Markets

Oil rose from its lowest close in three months as traders took stock of the outlook for demand amid turmoil in the US banking sector. West Texas Intermediate climbed toward $72 a barrel after losing 7% over the previous two sessions. The market is facing the prospect of another...

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 Saudis Tell Short Sellers ‘Watch Out’

Oil rose for a third session after Saudi Arabia issued a warning to short-sellers, suggesting OPEC+ might cut output to buoy prices. West Texas Intermediate climbed toward $74 a barrel after adding almost 2% over the previous two days. Saudi Arabian Energy Minister Prince Abdulaziz bin...

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 but stays on track for third weekly decline

Oil prices rose on Friday but were poised for a third straight week of losses after markets registered dramatic drops on fears of a weakening U.S. economy and slowing Chinese demand. Brent crude rose $1.88, or 2.6%, to $74.38 a barrel by 1128 GMT. U.S. West Texas Intermediate was up $1.89, or...

Oil Rises as U.S. Moves to Replenish Stockpiles

Oil prices advanced on Tuesday after U.S. authorities announced plans to start refilling its Strategic Petroleum Reserve after tapping into it earlier this year. West Texas Intermediate, the U.S. benchmark, climbed 1.3% to $76.19 a barrel. Brent crude, the international standard, gained 1% to...

Oil rises as U.S. inventories shrink, but recession fears persist

Oil prices rose on Thursday as data showed U.S. inventories shrank at a faster-than-expected rate, although rampant fears of a recession dimmed the outlook for crude markets after causing sharp losses this week.  An increasing number of market participants warned that high U.S. inflation and...

Oil Rises as Traders Try to Shake off Demand Worries

Oil prices rose Wednesday even after a surprise rise in U.S. crude inventories stoked demand concerns as economic worries competed with a tighter supply outlook for later in the year. Brent crude futures rose 44 cents, or 0.6%, to $75.35 a barrel. West Texas Intermediate U.S. crude was up 41...

Oil rises as supply concerns offset weak China data

Oil prices rebounded in Asian trade on Tuesday, after a drop of more than 3% in the previous session, as worries over supply stirred by conflict in the Middle East offset dismal China data. December Brent crude futures, set to expire on Tuesday, rose 65 cents, or 0.74%, to stand at $88.10 a...

Oil Rises as Strikes Against Houthis Raise Middle East Risks

Oil rose after the US and its allies launched airstrikes against Houthi rebels in Yemen, retaliating for attacks on ships in the Red Sea that have imperiled flows of fuel and goods through the vital waterway. Brent climbed 1.1% to settle above $78 a barrel, while West Texas Intermediate...

Oil Rises as Saudi Comments Outweigh Recession Concerns

Oil rose on Tuesday after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China’s rising Covid-19 case numbers. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman...

Oil Rises as Russian Price Cap Looms, But Weekly Losses on Tap

Oil prices rose on Friday as markets awaited the passing of a price cap on Russian exports, although concerns over Chinese demand and a hawkish Federal Reserve put crude on course to end the week lower. Reuters reported that the Group of Seven (G7) rich countries agreed to set a fixed price when...

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 producers forecast demand growth, U.S. fuel stockpiles drop

Oil prices rose on Wednesday, reversing earlier losses, as major producer group OPEC kept to their relatively strong forecast for demand growth this year and an industry report showed a sharp decline in U.S. fuel stockpiles amid a refinery outage. Brent futures climbed 16 cents to $82.93 a barrel...

Oil rises as Middle East worries offset US crude stock buildup

Oil prices rose on Wednesday after two straight days of losses, as the deadlock in Gaza ceasefire talks renewed uncertainty about the security of supplies from the Middle East, offsetting a bigger-than-expected build in U.S. crude inventories. Brent crude futures were up 25 cents at $89.67 per...

Oil rises as markets weigh OPEC+ cuts against China demand concerns

Oil prices rose slightly in Asian trade on Wednesday, after posting losses for four sessions, as investors weighed the effectiveness of an extension in OPEC+ cuts on tightening supplies against worries of a worsening demand outlook in China. Brent crude futures climbed 17 cents to $77.37 a barrel...

Oil Rises as Market Weighs OPEC+ Supply Rebalance

Oil rebounded on Tuesday after falling to more than 11-month lows in the previous session, as investors weighed a potential output adjustment from the major oil producers, who are set to have a key meeting this week. Brent crude futures advanced $1.81, or 2.2%, and traded at $85.00 a barrel 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 weigh China’s demand outlook

Oil futures rose Monday, finding support as investors assessed the longer-term outlook for Chinese demand as the country relaxes its COVID-19 curbs. West Texas Intermediate crude for January delivery rose 40 cents, or 0.5%, to $74.69 a barrel on the New York Mercantile Exchange. February Brent...

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 Chinese border opening spurs fuel demand optimism

Oil prices climbed on Monday as the borders reopened in China, the world's top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns. Brent crude futures rose 90 cents, or 1.2%, to $79.47 a barrel at 0520 GMT, while U.S. West Texas Intermediate crude...

Oil rises as China recovery, U.S. buyback plan brighten outlook

Oil rose on Monday as the prospect of demand recovery, led by China's loosening of COVID-19 curbs and the United States' decision to buy back oil for its state reserves, gained the upper hand over global recession fears. Brent crude futures gained 42 cents, or 0.5%, to $79.46 a barrel by 0753 GMT...

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 Amid Forecasts for 2023 Demand Uptick

Oil prices rose Wednesday as bearish signals from data indicating a surprise build in U.S. crude inventories were more than offset by forecasts of oil demand rebounding over 2023 from OPEC and the International Energy Agency (IEA). Brent crude futures rose 99 cents, or 1.2%, to $81.67 per barrel,...

Oil Rises Amid Demand Hopes

Oil rises in the Asian morning session amid demand hopes. Sentiment looks supported, ANZ Research analysts saying in a research note, citing comments from IEA executive director Fatih Birol saying that global oil demand will likely increase by 2 million barrels a day in 2024, similar to the growth...

Oil Rises Ahead of Interest Rate Decisions, Oversupply Fears Linger

Oil prices ticked up on Tuesday but investors remained cautious ahead of key interest rate decisions and inflation data releases, while concerns over excess supply and slowing growth in demand kept a lid on gains. Brent crude futures for February were up 47 cents, or 0.6%, at $76.50 a barrel as...

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 US leaders strike provisional debt deal

Oil rises after US leaders strike provisional debt deal Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains. Brent crude...

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 Saudis Pledge Million-Barrel Cut at OPEC+ Meet

Oil advanced at the week’s open after Saudi Arabia said it will make an extra 1 million barrel-a-day supply cut in July, taking its production to the lowest level for several years following a slide in prices. West Texas Intermediate jumped almost 5% early in the session before paring...

Oil Rises After Industry Report Points to Massive Inventory Draw

Oil resumed a rally after an industry estimate pointed to a huge drawdown in US inventories, adding to signals the market is tightening. West Texas Intermediate climbed above $82 a barrel, overturning Tuesday’s 0.5% loss. The American Petroleum Institute reported that...

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 on OPEC+ Cut Chatter, Falling Stockpiles

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 may see the group agree to cut production. West Texas Intermediate climbed toward $79 a barrel after advancing 2.5% over the previous two...

Oil Rises 2% as Middle East Crisis, Inflation Fight in Focus

Oil prices rose on Tuesday after sliding in the previous session as markets weighed Middle East tensions against demand worries and rising OPEC supply. Brent crude futures rose $1.47, or 1.93%, to settle at $77.59 a barrel, while U.S. West Texas Intermediate crude futures gained $1.47, or 2.08%,...

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 Russian supply worries; U.S. storm impact in focus

Oil prices rose more than $1 on Friday on expectations of a drop in Russian crude supply, which helped offset worries of a hit to U.S. transport fuel demand growth as a looming Arctic storm threatens travel during the holiday season. Brent crude was up by 73 cents, or 0.9%, to $81.71 a barrel by...

Oil Reverses Gains as Traders See Central Banks Staying Hawkish

Oil reversed early gains after hot inflation data led traders to anticipate that central bankers are likely to stay hawkish for the coming months. West Texas Intermediate dropped below $76.50, having earlier reached $77.74 after China and India released...

Oil retreats from multi-month highs, strong dollar dents demand

Oil prices edged lower on Wednesday, as a stronger dollar curbed investor appetite while traders took some money off the table after benchmarks rallied to multi-month highs in the previous session. Brent crude futures for May fell 28 cents, or 0.3%, to $87.10 a barrel by 0711 GMT. U.S. West Texas...

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 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. Brent futures fell near $92 a barrel, dropping for a third day in the longest losing...

Oil retreats as demand concerns weigh, tracking for steep weekly losses

Oil pared early gains and was on track for a steep weekly decline on concerns about weakening demand in China and further interest rate rises by the U.S. Federal Reserve. Brent crude futures had edged lower by 13 cents or 0.1% to $89.65 a barrel by 0737 GMT, and were not far off four-week lows of...

Oil Retreats as China’s Covid Struggles Tarnish Demand Outlook

Oil fell as China’s Covid Zero policy fanned concerns about energy demand in the largest crude importer, with lockdowns spreading. West Texas Intermediate eased toward $85 a barrel, after losing 3.5% on Wednesday as data showed US crude stockpiles hit the highest since July...

Oil Retreats as Biden Commits to Israel Trip to Contain Crisis

Oil fell as the US intensified diplomatic efforts to contain the crisis in Gaza, with President Joe Biden to visit Israel this week to spearhead his administration’s drive to prevent a regional conflagration. West Texas Intermediate dropped toward $86 a barrel after ending more than 1%...

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 Retreats After China Pledges to Stick With Covid Zero Policy

Oil fell after China signaled no relaxation of its Covid Zero stance, setting back the outlook for consumption in the largest crude importer. West Texas Intermediate sank below $91 a barrel, after surging more than 5% last week as speculation about a potential pivot in China’s health strategy and...

Oil Retreats After China Pledges to Stick With Covid Zero Policy

Oil fell after China signaled no relaxation of its Covid Zero stance as cases hit a six-month high, setting back the outlook for demand in the world’s biggest importer. West Texas Intermediate sank toward $91 a barrel, after surging more than 5% last week as speculation about a...

Oil Resumes Slide on Demand Worries after Latest Rate Hikes

Oil dropped for a second day on Friday and was heading for a weekly decline, as a UK interest rate hike added to concern over economic growth that outweighed lower U.S. crude stocks and other signs of tighter supplies. Both crude benchmarks had dropped about $3 on Thursday after the Bank of...

Oil Resumes Slide as Weak Economy Outweighs Supply Risks

Oil prices fell on Monday, deepening a multi-week decline, as a weakening global economy offset supply woes stemming from the closure of a key pipeline supplying the United States and Russian threats of a production cut. Brent crude futures were down 38 cents, or 0.4%, at $75.72 a barrel by 0900...

Oil Resumes Retreat as Traders Take Stock of OPEC+ Supply Curbs

Oil weakened after rallying more than 2% Tuesday on Saudi Arabian and Russian output cuts, with traders waiting for potentially important commentary from Saudi Energy Minister Prince Abdulaziz bin Salman. Global benchmark Brent dropped back below $76 a barrel following the gain in the...

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 Gain as Israel Prepares for Potential Iran Attack

Oil resumed gains as Israel braced for a potential strike by Iran or its proxies, and traders looked ahead to an International Energy Agency report on the supply and demand outlook. Brent futures rose above $90 a barrel after closing 0.8% lower in the previous session. West Texas...

Oil Resumes Climb as Israel Prepares for Possible Iranian Attack

Oil resumed gains to end the week’s trading as Israel braced for a potential strike by Iran.  Brent approached $91 a barrel against a backdrop of heightened geopolitical risks. The US and its allies believe a major missile attack by Iran or its proxies is imminent in...

Oil Recovers From 15-Month Low After Banking Crisis Roils Market

Oil climbed from the lowest close in 15 months after a three-day rout started by the US banking crisis and accelerated by options covering. West Texas Intermediate futures edged above $68 a barrel after tumbling around 12% over the previous three sessions. The turmoil whipped up by...

Oil recoups some losses on supply fears, strong dollar weighs

Oil futures recouped some losses on Wednesday after dropping by 2% in the previous session, supported by supply worries stemming from OPEC+ production cuts, although a stronger dollar weighed on market sentiment. Brent crude futures were down 2 cents, or 0.02%, to $94.27 a barrel by 0727 GMT...

Oil Rebounds on Weaker Dollar; Economy Concerns Cap Upside

Oil prices rebounded on Thursday amid dollar weakness and as investors emerged to buy dips after two sessions of steep losses, though economic concerns capped recovery. Brent crude futures had climbed 75 cents, or 1.0%, to $78.59 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude...

Oil Rebounds on Mideast Tensions but Set for Weekly Loss

Oil prices rose on Friday as heightened tensions in the Middle East raised the risk of supply disruptions from the oil-producing region, though prices are set for weekly losses amid expectations of fewer U.S. interest rate cuts this year. Brent crude futures climbed 75 cents, or 0.84%, to $90.49...

Oil Rebounds on Fading Risk of U.S. Debt Default

Oil prices rebounded on Friday from losses of more than 1% the previous day as investors turned cautiously optimistic over the fading risk of a U.S. debt default. Brent futures rose $1.15, or 1.5%, to $77.01 a barrel by 1205 GMT, while West Texas Intermediate U.S. crude <CLc2> for July...

Oil Rebounds as US Attacks on Houthis Ratchet Tensions Higher

Oil rose, following its biggest weekly drop since October, as the US vowed more strikes against Iran’s forces and its proxies in the Middle East and Houthis in Yemen promised to retaliate against bombardments over the weekend.  Brent crude climbed to near $78 a...

Oil Rebounds as OPEC+ Output Cuts Override China, US Demand Concerns

Oil prices rebounded slightly on Wednesday after extended declines as signs of supply tightness amid output cuts by major producers overrode demand growth concerns in China and the U.S., the world's two biggest crude consumers. Brent crude futures were up 27 cents to $82.31 a barrel at 0745 GMT...

Oil Rebounds as Key Pipeline Remains Shut and China Eases Curbs

Oil rebounded as a key North American pipeline remained shut and on the potential boost to demand from the easing of virus curbs in China. West Texas Intermediate rose toward $72 a barrel after collapsing 11% last week. TC Energy Corp. is continuing recovery efforts at its shuttered...

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 after surprise drop in US crude, gasoline stocks

Oil prices rebounded on Thursday as U.S. crude and gasoline stock drawdowns lent support despite signs that the U.S. Federal Reserve may keep interest rates higher for longer. Brent crude futures for May rose 46 cents, or 0.5%, to $86.41 a barrel by 0730 GMT, after falling 1.6% on...

Oil Rebounds After Slumping 10% This Week on Demand Concern

Oil rose but the benchmark is still headed for a weekly loss of almost 10% as the outlook for demand faltered amid an uncertain global economic outlook.  West Texas Intermediate advanced above $69 a barrel on Friday. The US crude benchmark is still down for a third week in its...

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,...