Oil prices rose on Friday but ended the week lower, as investors balanced rising global supply expectations with new stimulus from China. Brent crude gained 38 cents (0.53%) to $71.89, and U.S. WTI rose 51 cents (0.75%) to $68.18, though both fell 3-5% over the week. China’s central bank cut interest rates, but concerns over […]
Oil prices dropped over 3% on Thursday after a report from the Financial Times suggested that Saudi Arabia, the top crude exporter, is preparing to abandon its $100 price target as it plans to increase output, along with other OPEC members, in December. Brent crude fell $1.86 (2.53%) to $71.60 a barrel, while U.S. West […]
Oil prices were higher lower today trading down as worries over supply disruptions in Libya eased and demand concerns persisted. Falling crude inventories and rising Mid-East tensions did provide some support. “A pending resolution to Libya’s central bank crisis would restore significant oil supply, while U.S. Gulf production outages are seen as very temporary,” said […]
Oil prices climbed about 2% on Tuesday, reaching a three-week high as China’s announcement of its largest monetary stimulus since the pandemic and growing conflict in the Middle East fueled concerns over oil supply disruptions. Brent crude rose $1.27, or 1.7%, to settle at $75.17 a barrel, the highest close since September 2, while U.S. […]
Oil prices closed lower on Monday as demand worries were compounded by “disappointing economic numbers flowing from China along with a surprise slowdown in European manufacturing.” Brent crude futures for November fell 59 cents, or 0.8%, to $73.90 a barrel, while U.S. crude futures for November dropped 63 cents, or 0.9%, to $70.37. Euro zone […]
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Oil prices were lower on the day but traded higher week over week. Signs of a slowing economy in major commodity consumer China gave prices a ceiling. But for the week, both benchmarks settled up more than 4%. Prices have recovered after Brent fell below $69 for the first time in nearly three years on […]
Oil prices extended their recent recovery after a large cut in US interest rates and declining global stockpiles. Prices have gained in the last 5 of 7 sessions. Crude inventories fell to a one year low yesterday and this decline could accelerate next week as exports could rebound significantly. Declining global crude stockpiles should support […]
Oil prices were mostly flat today but traded down slightly despite the Fed announcing a 50bps rate cut. The cut is raising worries about the health of the US economy. While todays rate cut was largely expected it was larger then some initially thought, stoking concern the central bank may see a slowing job market. […]
Oil prices rose today trading up as the market bets that demand will grow if the Fed lowers interest rates at their meeting tomorrow. Markets are pricing in a 70% chance of a 50bps cut. Meanwhile more than 12% of crude output remained offline after Hurricane Francine last week. Prices also drew support from supply […]