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. …
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 surprising turn of events, crude oil futures closed higher than expected on Wednesday (May 24), driven by a substantial drop in US crude inventories last week, which pointed to robust demand in the market. The West Texas Intermediate (WTI) crude futures experienced a notable increase of $1.43 or 1.96%, reaching a closing price …
Crude Oil Prices Exceed Expectations as US Crude Stocks Plummet 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 »
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, …
Crude futures faced downward pressure on Friday (May 19) amid reports of stalled negotiations concerning the US debt ceiling. The WTI Crude Oil Contract for June Delivery experienced a decline of 31 cents, or 0.43%, settling at $71.55 per barrel. However, it recorded a weekly gain of 2.2%. Similarly, BRENT crude futures dropped 28 cents, …
Oil Prices Slide as US Debt Ceiling Talks Hit a Roadblock Read More »
Oil prices closed lower on Thursday (May 18) as the market grappled with the pressure of a robust dollar and growing expectations of an interest rate hike by the Federal Reserve (Fed) next month. WTI crude futures dropped by 97 cents, or 1.33 percent, settling at $71.86 per barrel, while BRENT crude futures fell by …
Oil Slumps on Strengthening Dollar and Fed Rate Hike Concerns Read More »