Oil prices eased about 1% today as traders took profits after prices rose to 10 month highs. Rising interest rate worries are also dragging down sentiment. “Oil was ripe for a pullback. After coming a few dollars short of the $100 level, energy traders are quickly locking in profits,” Edward Moya, senior market analyst at […]
WTI crude futures climbed $3.29, or 3.6 per cent, to settle at$93.68/bbl. The session high was over US$94. Brent crude futures closed up $2.59, or 2.8 per cent, to close at US$96.55/bbl. Brent traded above US$97/bbl during the trading session to the highest settlement in 2023, after a steep drop in U.S. crude stocks compounded […]
Oil prices settled nearly 1% higher today, rebounding from a two week low earlier in the session. Expectations of tighter supply is outweighing worries of economic uncertainty. “Refined products remain under pressure as fears of higher oil prices for a longer period of time combined with higher interest rates for a longer period of time […]
Oil prices settled mostly flat for the day in a choppy session as Russia relaxed its fuel ban and investors eyed elevated interest rates. Fed officials not only indicated another rate hike before year end but also indicated rates could stay higher for longer which would crimp oil demand. The news was enough to snap […]
Oil prices were lower today after a choppy trading session. Prices were higher earlier in the session on a Russian fuel export ban. Russia temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect to “stabilize the domestic fuel market”. This pushed heating oil futures […]
Oil prices were lower today after a choppy trading session. Prices were higher earlier in the session on a Russian fuel export ban. Russia temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect to “stabilize the domestic fuel market”. This pushed heating oil futures […]
Oil prices were lower today falling to a one week low after the Fed left interest rates unchanged. The Federal Reserve decided to leave rates unchanged but has projected one more quarter point increase by year end. Crude oil inventories had a draw of 2.1MM/bbls last week, pretty much in line with the forecasted drop […]
Oil prices eased today after initially rising to 10 month highs earlier in the session as investors took profits. After Brent topped $95 a barrel on Tuesday, investment bank UBS said in a note it started taking profits. Still, strategists there expect Brent to trade in a range of $90-100 per barrel over the coming […]
Oil prices were higher today as weak shale production is offsetting concerns about demand. U.S. oil output from top shale-producing regions is also expected to fall for a third month in a row in October to its lowest level since May 2023. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts […]
Oil traded higher today for third straight week on tight supply and China optimism. U.S. West Texas Intermediate futures traded higher today and closed up 61 cents per barrel to close at $90.77 per barrel. Brent crude futures rose 23 cents, to settle at US$93.93 per barrel. Both contracts gained about four per cent week […]