Oil prices eased on Friday ahead of the long Christmas holiday weekend on expectations Angola could increase output after leaving OPEC, but rose for the week over week on positive U.S. economic news and worries Houthi ship attacks would boost supply costs. WTI closed at $73.56 per barrel down 33 cents per barrel. Merry Christmas […]
Oil prices were lower today on worries that OPEC+ would not be able to support prices by limiting global supplies. “It seems like OPEC is losing the battle to keep prices higher,” said Matt Smith of shipping tracking firm Kpler, noting that non-OPEC producers like the U.S. have stepped up to fill the supply gap. […]
Oil prices settled slightly higher today after a choppy trading session. Both benchmarks briefly turned negative following the EIA report but traded up later in the day on news of of more maritime carriers staying clear of the red sea. “The possibility of a significant price downturn would appear likely on first suggestion of stabilization […]
Oil prices rose more than $1 today extending yesterdays concerns as Houthi attacks on ships in Red Sea continue to disrupt maritime trade in the region. The U.S. on Tuesday announced the creation of a task force to safeguard Red Sea commerce from attacks by Iran-backed Yemeni militants. The Houthis have vowed to defy the […]
Oil prices rose nearly 2% as investors were concerned about disruptions to maritime trade. Geopolitical tensions are rising as ships in the Red Sea are falling under attack by rebel groups in Yemen. “There are now the increased supply costs to consider as a growing number of oil tankers are halting all sails through the […]
Oil prices closed at a small loss for the day in a choppy session. “What started the sell off was the sharp drop in the New York manufacturing numbers,” said Phil Flynn, analyst at Price Futures Group. “This market seems a little more sensitive to every new headline,” Flynn added. “They’re still not sure we’ve […]
Oil prices rose today extending gains from yesterday’s session boosted today by a weaker dollar and bullish IEA oil demand forecasts. The market has turned around after dropping to hit its lowest in nearly six months during Wednesday’s session. The International Energy Agency forecasted world oil consumption will rise by 1.1MM/bpd in 2024, up 130K/bpd […]
Oil prices edged up today from five month lows in yesterday’s session on a bigger than expected crude draw. Commercial crude inventories decreased by 4.3MM/bbls while gasoline inventories increased by 400K/bbls and distillate inventories increased by 1.5MM/bbls. “This (EIA) report is definitely more supportive than the (API) report that we saw yesterday,” said Phil Flynn, […]
Oil prices fell today trading down more than 3% on softening demand. In the U.S., the consumer price index unexpectedly rose in November, further bolstering the view the Federal Reserve was unlikely to cut interest rates early next year. Higher rates for longer could slow economic growth and speaks to a softening oil demand picture, […]
Oil prices were higher today coming off of last weeks lows as the market analyses OPEC production cuts. “Members participating in the output curtailments are not only seeing reduced revenue from smaller volumes but also from the price plunge that developed subsequent to the last OPEC+ decision,” said Jim Ritterbusch, president of Ritterbusch and Associates […]