Petroleum Daily Report 5-28-2025

Oil prices rose more than 1% on Wednesday as supply concerns mounted following an OPEC+ decision to maintain its current output policy and after the U.S. barred Chevron from exporting Venezuelan crude. Brent crude settled at $64.90 a barrel, up 81 cents or 1.26%, while U.S. West Texas Intermediate (WTI) climbed 95 cents, or 1.56%, […]

Petroleum Daily Report 5-27-2025

Oil prices fell by about 1% on Tuesday as traders weighed signs of progress in U.S.-Iran nuclear talks and anticipated further production increases from OPEC+, raising concerns of a potential oversupply. Brent crude settled at $64.09 a barrel, down 65 cents or 1%, while U.S. West Texas Intermediate (WTI) crude dropped 64 cents, or 1.04%, […]

Petroleum Daily Report 5-23-2025

Oil prices rose on Friday as U.S. traders covered short positions ahead of the Memorial Day weekend, while concerns over stalled nuclear negotiations between the U.S. and Iran added to supply uncertainty. Brent crude settled at $64.78 per barrel, up 34 cents or 0.54%, while U.S. West Texas Intermediate (WTI) gained 33 cents, also 0.54%, […]

Petroleum Daily Report 5-22-2025

Oil prices fell Thursday as market sentiment turned bearish on news that OPEC+ may raise output in July, fueling worries that supply could exceed demand. Brent crude dropped 47 cents, or 0.72%, to settle at $64.44 per barrel, while U.S. West Texas Intermediate closed 37 cents lower, down 0.6%, at $61.20. The decline followed a […]

Petroleum Daily Report 5-21-2025

Oil prices slipped on Wednesday after Oman confirmed a new round of nuclear talks between the U.S. and Iran would take place later this week, dampening earlier gains tied to rising geopolitical tensions. Brent crude fell 47 cents, or 0.7%, to close at $64.91 a barrel, while U.S. West Texas Intermediate dropped 46 cents, or […]

Petroleum Daily Report 5-20-2025

Brent crude dipped 16 cents, or 0.2%, to settle at $65.38 a barrel, while U.S. West Texas Intermediate (WTI) lost 13 cents, or 0.2%, to close at $62.56. Tehran hardened its stance, with Iran’s Supreme Leader Ayatollah Ali Khamenei rejecting U.S. demands to end uranium enrichment, casting further doubt on the likelihood of a nuclear […]

Petroleum Daily Report 5-19-2025

Brent crude settled up 13 cents at $65.54 a barrel, while U.S. West Texas Intermediate (WTI) rose 20 cents to $62.69. Both benchmarks had posted over 1% weekly gains the previous week. Iranian Deputy Foreign Minister Majid Takht-Ravanchi said nuclear talks would stall if the U.S. insists Tehran halt uranium enrichment, dampening hopes for a […]

Petroleum Daily Report 5-16-2025

Oil prices rose Friday, capping a second straight weekly gain, as U.S.-China trade tensions eased—but gains were limited by supply concerns from Iran and OPEC+. Brent crude settled up 88 cents (+1.4%) at $65.41 per barrel, while U.S. West Texas Intermediate (WTI) rose 87 cents (+1.4%) to $62.49. For the week, Brent climbed 2.3% and […]

Petroleum Daily Report 5-15-2025

Crude oil prices fell sharply on Thursday as renewed optimism around a potential U.S.-Iran nuclear agreement raised the prospect of increased Iranian oil exports, adding bearish pressure to an already uncertain market. Brent crude futures dropped $1.56, or 2.36%, to settle at $64.53 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.53, or […]

Petroleum Daily Report 5-14-2025

Crude oil prices retreated on Wednesday, snapping a two-day rally, as government data revealed an unexpected rise in U.S. crude inventories, reigniting concerns about oversupply. Brent crude futures fell 54 cents, or about 0.81%, to settle at $66.09 a barrel, while U.S. West Texas Intermediate (WTI) crude slid 52 cents, or 0.82%, to finish at […]