Oil prices jumped 3% on Monday, driven by escalating Middle East tensions. Brent crude rose to $81 per barrel, while US crude climbed 3.5% to $77.42. The surge in oil prices was fueled by the exchange of fire between Hezbollah and Israel on Sunday, sparking concerns about regional stability. In addition, Libya’s eastern administration shut […]Read More
Despite a stronger greenback, oil prices gained 3% last week as signs of robust demand for oil products in the U.S. and supply constraints from OPEC+ cuts boosted benchmark crude contracts. Gasoline Demand Hits Seven-Week High, Jet Fuel Consumption Returns to Pre-Pandemic Levels U.S. crude inventories fell, while gasoline demand rose for the seventh consecutive […]Read More
Early Asian trading saw oil prices in a holding pattern on Monday as investors awaited the upcoming OPEC+ meeting on June 2. The meeting is expected to address the continuation of voluntary output cuts for the remainder of the year. The Brent crude July contract edged up 11 cents to $82.23 a barrel, while the […]Read More
On Monday, oil prices continued their downward trend, influenced by indications of weak fuel demand and comments from U.S. Federal Reserve officials that tempered expectations of interest rate cuts, potentially slowing growth and impacting fuel demand in the world’s largest economy. Brent crude futures dipped by 25 cents, or 0.3%, reaching $82.54 a barrel by […]Read More
Oil prices saw minor increases on Tuesday amid supply uncertainties after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, or OPEC+, decided to reduce production, along with heightened demand fears in the world’s largest oil consumers, the US and China, and tension in the Middle East. International benchmark crude Brent traded at […]Read More
Oil prices rose on Wednesday as a storm in the Black Sea region disrupted oil exports from Kazakhstan and Russia, raising fears of supply tightness, while investors awaited a crucial decision by OPEC+, which may deepen or extend output cuts. Brent crude futures gained 33 cents, or 0.4%, at $82.01 a barrel at 0127 GMT. […]Read More
TOKYO: As fresh worries about declining demand in China and the US weighed on the market, oil prices eased on Monday, reversing their Friday surge. U.S. West Texas Intermediate (WTI) crude futures for December were down 35 cents, or 0.5%, to $76.82, while Brent crude futures for January were down 35 cents, or 0.4%, at […]Read More
Due to worries about declining demand in the two countries that consume the most oil globally—China and the United States oil prices stumbled on Wednesday after falling to their lowest point in more than three months during the previous session. By 03:33 GMT, U.S. oil prices fell 14 cents to $77.24 a barrel, while Brent […]Read More
Oil prices fell on Tuesday, taking a breather after surging more than $5 a barrel in the previous session as a plunging dollar supported buying interest and on expectations, the US Federal Reserve’s interest rate hike may be less than thought. Also Read: US dollar strengthens against rupee in interbank Brent crude futures for September […]Read More
NEW YORK: Goldman Sachs economists have predicted oil prices will surge to $140 (Rs28,382) a barrel this summer, with a drop in Russian production and a gradual recovery in Chinese demand adding to the pressure on already low supplies. But they said consumers will feel as though oil has hit $160 a barrel; because a […]Read More
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