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 »
In a bid to maintain its market share and adjust to evolving market conditions, Saudi Arabia, the world’s largest oil exporter, is considering further reductions in the price of crude oil for exports to Asian markets in July. This move comes as OPEC Plus (OPEC+) contemplates the possibility of additional crude production cuts at its …
Saudi Arabia Targets 20-Month Low in Crude Oil Prices for Asian Markets 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 »
In a week marked by significant developments, the Dow Jones Industrial Average closed higher on Friday (May 26) as talks to raise the US debt ceiling progressed, while chip stocks experienced a second consecutive day of gains driven by optimism surrounding the prospects of artificial intelligence (AI). Here’s a closer look at the market summary …
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. …
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 »
In a response to the rising demand for gasoline in the United States, crude futures closed higher on Tuesday (May 23). This positive market trend was further fueled by warnings from Saudi Arabia’s energy minister regarding speculators engaged in short-selling in the US market. WTI crude futures experienced a significant increase of 86 cents, or …
Oil Prices Surge as Gasoline Demand Soars in the US Read More »
In a significant development for Sri Lanka’s fuel sector, the country’s presidential palace announced on Monday (May 22) that Sinopec, along with other major oil companies, has been granted permission to enter the retail fuel market. This move comes as Sri Lanka aims to alleviate the strain on its limited foreign currency reserves. According to …
Sri Lanka Opens Fuel Retail Market as Sinopec and Other Oil Companies Secure Approval Read More »
Oil prices closed higher on Monday (May 22) as market sentiment was bolstered by expectations of a rebound in oil demand during the second half of the year. Despite the prevailing strength of the dollar and concerns surrounding the US debt ceiling, crude futures managed to gain ground. WTI crude futures increased by 44 cents, …