Crude oil futures experienced a notable surge of over 2% on Friday (Dec. 8) following robust U.S. employment data, bolstering expectations for an expansion in oil demand. The day saw WTI crude futures rising by $1.89, marking a 2.73% increase, to close at $71.23 per barrel, while BRENT crude oil futures rose by $1.79, a …
Oil Prices Rally on Upbeat Employment Data, Anticipating Increased Demand Read More »
On Thursday, December 7, crude oil futures closed lower amid rising concerns surrounding dwindling energy demand in both the United States and China, with US oil production soaring to near-record levels. The day saw WTI crude futures sliding by 4 cents, marking a 0.06% decrease to conclude at $69.34 per barrel. Simultaneously, BRENT crude futures …
Oil Prices Drop as Concerns Grow Over Slowing Chinese and US Demand Read More »
The General Administration of Customs (GAC) reported a significant 9.2% year-on-year decline in China’s crude oil imports for November, marking the first downturn since April. This decline, signaling weakened demand, is attributed to the nation’s high oil reserves and a decrease in orders from independent refinery groups, indicating less robust economic conditions. In specific terms, …
Crude oil contracts experienced a notable dip, closing below the $70 threshold on Wednesday (Dec. 6), following revelations from the United States indicating a substantial increase in gasoline stocks. This data signals a potential slowdown in fuel demand within the country. The WTI (West Texas Intermediate) crude futures observed a decline of $2.94, marking a …
WTI Closes Below $70 Amid Concerns Over Rising Gasoline Stocks Read More »
Crude oil futures faced a downward trajectory on Tuesday (Dec. 5), influenced by a combination of a strengthening dollar and mounting apprehensions surrounding oil demand, compounded by uncertainties about OPEC+ group’s production capacity reduction. WTI crude futures witnessed a dip of 72 cents, marking a 1% decline, ultimately closing at $72.32 per barrel. Simultaneously, BRENT …
Oil Prices Slide on Strong Dollar and Demand Worries Read More »
On Monday (Dec. 4), WTI crude futures edged downwards, closing with a decline spurred by worries over decreased demand and lingering uncertainty surrounding OPEC+ oil production cuts. WTI crude futures recorded a dip of $1.03, marking a 1.39% decrease, ultimately closing at $73.04 per barrel. Simultaneously, BRENT crude futures experienced a similar trend, falling by …
Oil Slips Amid Demand Concerns and Uncertainty Over OPEC+ Production Cuts Read More »
WTI oil prices have surged above the $74 per barrel mark, fueled by growing speculation surrounding the potential impact of forthcoming US sanctions on Venezuelan oil supply. The morning saw a significant rebound, with WTI crude futures climbing by 46 cents, marking a 0.62% increase to hit $74.53 a barrel. The surge in prices finds …
WTI Surges Above $74 as Speculation Mounts Over US Sanctions on Venezuelan Oil Read More »
Crude oil contracts faced a stark decline of over 2% on Friday (Dec. 1) after a week of fluctuation. This slump comes as investors closely monitor the OPEC+ group’s recent round of oil production cuts, juxtaposed with apprehensions about stagnant manufacturing activities worldwide. These concerns paint a looming picture of decreased oil demand. On the …
Global Economic Slowdown Concerns Trigger Over 2% Drop in Oil Prices Read More »
Crude oil contracts faced a decline on Thursday following the announcement from the Organization of the Petroleum Exporting Countries (OPEC) and its allied nations, known as OPEC+, regarding a reduced oil production cut for the first quarter of the upcoming year. This decision fell short of the market’s initial expectations. WTI crude futures registered a …
Oil Prices Dip by $1.90 as OPEC+ Announces Smaller Production Cut than Expected Read More »
Crude oil contracts maintained an upward trend, closing positively for the second consecutive day on Wednesday (Nov. 29). Market optimism persists as expectations grow for the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) to announce additional reductions in oil production. Price Movements: Analyst Insights: Matt Smich, an analyst at Kpler, highlighted …
Oil Prices Close Higher as OPEC+ Hints at Further Production Cuts Read More »