Oil prices dropped on Thursday, with Brent crude falling 51 cents (0.7%) to close at $72.88 a barrel, while U.S. West Texas Intermediate (WTI) for January delivery declined 67 cents (1%) to $69.91 before expiration. The February WTI contract, which saw more activity, settled 64 cents lower at $69.38. The decline followed cautious remarks from […]
Petroleum Daily Report 12-18-2024
Oil prices rose modestly on Wednesday following a drop in U.S. crude inventories and an expected interest rate cut by the Federal Reserve. Brent crude closed up 20 cents (0.27%) at $73.39 a barrel, while U.S. West Texas Intermediate (WTI) gained 50 cents (0.71%) to settle at $70.58. However, both benchmarks retreated from session highs, […]
Petroleum Daily Report 12-17-2024
Oil futures slipped on Monday, retreating from multi-week highs due to weaker-than-expected consumer spending in China and investor caution ahead of the U.S. Federal Reserve’s interest rate decision. Brent crude fell 58 cents (0.8%) to settle at $73.91 a barrel, while U.S. West Texas Intermediate (WTI) dropped 58 cents (0.8%) to $70.71. Both benchmarks had […]
Petroleum Daily Report 12-16-2024
Oil futures slipped on Monday, retreating from multi-week highs due to weaker-than-expected consumer spending in China and investor caution ahead of the U.S. Federal Reserve’s interest rate decision. Brent crude fell 58 cents (0.8%) to settle at $73.91 a barrel, while U.S. West Texas Intermediate (WTI) dropped 58 cents (0.8%) to $70.71. Both benchmarks had […]
Petroleum Daily Report 12-13-2024
Oil prices climbed about 2% on Friday, reaching a three-week high on expectations of tighter supplies from sanctions on Russia and Iran, and optimism that lower interest rates in Europe and the U.S. could boost fuel demand. Brent crude settled at $74.49, up $1.08 (1.5%), while U.S. West Texas Intermediate (WTI) rose $1.27 (1.8%) to […]
Petroleum Daily Report 12-12-2024
Oil prices saw minimal movement on Thursday, balancing concerns over ample supply with optimism for a potential Federal Reserve rate cut. Brent crude settled at $73.41, down $0.11 or 0.15%, while U.S. West Texas Intermediate (WTI) closed at $70.02, declining $0.27 or 0.38%. The International Energy Agency (IEA) revised its 2024 demand outlook slightly upward […]
Petroleum Daily Report 12-11-2024
Oil prices climbed over $1 on Wednesday, buoyed by the European Union’s agreement on a new sanctions package targeting Russian oil flows, which could tighten global crude supply. Brent crude rose $1.33 (1.84%) to settle at $73.52 per barrel, while U.S. West Texas Intermediate increased $1.70 (2.48%) to $70.29. The EU’s 15th sanctions package focuses […]
Petroleum Daily Report 12-10-2024
Oil prices rose modestly on Tuesday as markets focused on increased Chinese demand and potential European supply tightness for the winter. Brent crude settled at $72.19 per barrel, up 5 cents (0.07%), while U.S. West Texas Intermediate closed at $68.59, gaining 22 cents (0.32%). This followed more than 1% gains for both benchmarks on Monday. […]
Petroleum Daily Report 12-9-2024
Oil prices rose over 1% on Monday, supported by heightened geopolitical risks following the ousting of Syrian President Bashar al-Assad and indications that China may adopt a looser monetary policy for the first time since 2010. Brent crude gained $1.02, or 1.4%, settling at $72.14 per barrel, while WTI crude increased $1.17, or 1.7%, to […]
Petroleum Daily Report 12-6-2024
Oil prices fell over 1% on Friday, marking weekly declines as supply surplus forecasts for 2025 overshadowed OPEC+’s decision to delay output hikes and extend production cuts through 2026. Brent crude dropped 97 cents (1.4%) to settle at $71.12 per barrel, while WTI crude declined $1.10 (1.6%) to $67.20. For the week, Brent lost 2.5%, […]