Brent

Oil futures closed lower on Tuesday, June 6, as concerns mounted over the impact of a decelerating global economy on oil demand. The downward pressure overshadowed the positive news of Saudi Arabia’s announcement to further reduce oil production by 1 million barrels per day. The West Texas Intermediate (WTI) crude futures experienced a decline of …

Oil Prices Slide as Slowing Global Economy Dampens Demand Read More »

Crude oil prices saw a modest increase in trading on Monday, June 5, following Saudi Arabia’s announcement of an additional 1 million barrels per day production cut. This decision comes in response to the sluggish global economy. WTI crude futures experienced a rise of 41 cents, settling at $72.15 per barrel, while Brent crude futures …

WTI Crude Rises in Tight Range as Saudi Arabia Announces Production Reduction Read More »

Oil prices experienced a significant increase on Monday, with Brent crude rising by $1.51 per barrel, or 2 percent, reaching $77.64, while the price of WTI crude climbed by $1.41, also 2 percent, to $73.15 per barrel. The surge followed Saudi Arabia’s announcement that it plans to further reduce its oil production by an additional …

Oil Prices Surge by 2% as Saudi Arabia Announces Deeper Output Cuts from July Read More »

Crude oil futures closed above $70 on Thursday (June 1) following the US House of Representatives’ approval of a bill to increase the debt ceiling. Investors also awaited the outcome of the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC Plus, scheduled for this Sunday. WTI …

Oil Prices Surpass $70 as Progress on Debt Ceiling Law Drives Market Read More »

Crude oil futures closed in negative territory on Wednesday as a result of a strengthening US dollar and concerns over China’s contracting manufacturing sector. These factors have sparked worries about the economic outlook of China, the world’s largest oil importer. WTI crude futures declined by $1.37, or 1.97%, settling at $68.09 per barrel. This marked …

Oil Prices Fall on Strong Dollar and Concerns Over China Manufacturing Read More »

Oil futures experienced a significant decline on Tuesday (May 30) amid concerns regarding the US Congress’ decision on legislation to increase the debt ceiling. Market sentiment was further dampened by uncertainty surrounding the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC Plus, scheduled for June 4. …

Oil Prices Plummet as Debt Ceiling Vote Looms and OPEC Plus Meeting Approaches Read More »

Crude futures ended the week on a positive note, driven by expectations of rising petroleum demand during the Memorial Day weekend and optimism surrounding the progress in negotiations to raise the US debt ceiling. WTI crude futures climbed by 84 cents, or 1.17%, settling at $72.67 per barrel, marking a 1.4% increase for the week. …

Oil Prices Close Higher on Optimism for Increased Demand and Progress in Debt Ceiling Negotiations Read More »

Global crude oil futures experienced a significant decline on Thursday (May 25) following Russia’s announcement that it had blocked further output cuts during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+. This development sent shockwaves through the oil market, resulting in a sharp drop in prices. …

Oil Prices Plunge as Russia Rejects OPEC+ Production Cuts Read More »