Oil prices were little changed today as concerns about interest rates and global demand caused the market to take a break after a strong week last week. “We will again note that global crude supply has yet to be significantly disrupted by the Mideast hostilities and that rerouted oil cargoes around the Red Sea have […]
Oil prices were higher today on concerns of a broadening mid-east conflict after the proposed ceasefire between Israel and Hamas was rejected. “The market is holding its breath on what the next potential fallout could be,” said John Kilduff, partner with Again Capital LLC. Attacks on shipping by Iranian-backed Houthi rebels continued to disrupt global […]
Oil prices rose for a third consecutive day today boosted by a larger-than-expected fall in U.S. fuel stocks and continued tensions in the Middle East. According to the U.S. Energy Information Administration – gasoline stocks fell by 3.15 million barrels and distillate stocks fell 3.2 million barrels. Crude stocks, however, posted a larger-than-expected build of […]
Oil rises nearly 1% today as traders assessed a worsening geopolitical situation. U.S. Secretary of State Antony Blinken, on a Middle East trip to seek an end to the Gaza War, said a Hamas reply to a proposal for a cease-fire was being reviewed on today. Brent and U.S. crude futures initially climbed over $1 […]
Oil prices rose nearly 1% as traders assessed a worsening geopolitical situation. Traders have been closely following the situation in the Middle East, where progress on ceasefire negotiations between Israel and Hamas appeared elusive (go figure), indicating tensions in the oil-producing region are set to linger. The United States also continued its campaign against Houthis […]
Oil prices fell today and posted a weekly loss as US jobs data shrank the odds of imminent interest rate cuts. Both benchmarks were down 7% on the week. “Prices were chugging along little changed prior to the report, but a huge beat on jobs created is kicking the can down the road for interest […]
Oil prices traded down after a large US refinery shut down. BP on Thursday said it was in the process of shutting down its 435,000 barrel-per-day (bpd) Whiting, Indiana, refinery after a power outage. However tensions in the Middle East have continued to provide support for oil prices. Attacks by Yemen-based Houthi forces on vessels […]
Oil prices settled lower today pressured by economic activity in China. Manufacturing activity in China, the world’s second-largest economy, contracted for a fourth straight month in January, an official factory survey showed on Wednesday. The latest sign of the broader Chinese economy struggling to regain momentum came days after a court ordered the liquidation of […]
Oil prices were higher today as global tensions outweighed concerns about Chinese demand. On Monday, both crude contracts fell by more than $1 as a deepening real estate crisis in China fueled concerns over demand in the world’s biggest crude consumer, with a Hong Kong court ordering the liquidation of property company China Evergrande Group. […]
Oil prices fell today after trading up earlier in the session. Both benchmarks had gained about 1.5% early in Monday trade, with Brent prices touching their highest since early November after a fuel tanker was hit by a missile in the Red Sea and U.S. troops were attacked in Jordan near the Syrian border. The […]