Oil prices were higher today and rose for a second week in a row. This was the highest close in nearly months as positive US economic growth and signs of Chinese stimulus boosted demand expectations. “Economic stimulus from China, stronger-than-expected 4Q GDP growth in the U.S., cooling U.S. inflation data, ongoing geopolitical risks, and the […]
Oil prices were higher today gaining about 3% to settle at the highest close since December. Geopolitical tensions in the Middle East and disruptions to shipping in the Red Sea corridor remained in focus during today’s session. “We are finally seeing energy markets wake up to the distinct possibility that these supply chain disruptions will […]
Oil prices edged up slightly today on bigger than expected inventory draws and the ongoing slump in US crude output. “It’s a weather report all-around … Nobody was driving (last week). One big number is domestic production was down, and Bakken production took a big hit,” said Bob Yawger, director of energy futures at Mizuho. […]
Oil prices settled lower today as traders focused on rebounding crude outputs in parts of the US. In ND, the third largest oil producing state, production is coming back online according to the states pipeline authority. Production is still down approx. 300K bpd. “You’ve got the geopolitical pressures that aren’t enough to really rally the […]
Oil prices rose about 2% today over concerns of a global energy supply crunch. Severe cold weather across the U.S. is limiting crude oil output in North Dakota, as well hampering production in other states, said Phil Flynn, analyst with Price Future Group. Meanwhile Global oil production is higher while the growth outlook in China […]
Oil prices settled slightly lower today but recorded a weekly gain as Middle East tensions and disruptions to oil output offset concerns about the Chinese and global economies. In China, slower-than-expected economic growth in the fourth quarter raised doubts about forecasts that demand there will drive global oil growth in 2024. U.S. West Texas Intermediate […]
Oil prices were higher today after the IEA joined OPEC in forecasting strong growth in global oil remand. Also helping prices, cold weather disrupted US crude output. In the United States, about 40% of oil output in North Dakota’s oil output remained shut-in due to extreme cold weather and operational challenges, the top oil-producing state’s […]
Oil prices were mostly flat today as severe cold disrupted some US oil production offsetting weaker than expected economic growth numbers out of China. Weakening prices today, China’s economy in the fourth quarter expanded by 5.2% year on year, missing analysts’ expectations and calling into question forecasts that Chinese demand will fuel 2024 global oil […]
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Oil rose on Friday as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the U.S. and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group. U.S. West Texas Intermediate (WTI) crude futures climbed 66 cents to close at $72.68 […]