Petroleum Daily Report 10-23-2024

Oil prices dropped on Wednesday due to higher-than-expected U.S. crude inventory builds, despite ongoing concerns about the Middle East conflict keeping prices elevated earlier in the week. Brent crude futures fell by $1.08, or 1.42%, settling at $74.96 per barrel, while U.S. West Texas Intermediate crude futures dropped by $1.32, or 1.83%, to $70.77 per […]

Petroleum Daily Report 10-22-2024

Oil prices continued to climb for the second straight session on Tuesday, driven by doubts over the potential for a Middle East ceasefire and optimism about increasing demand from China. Brent crude futures for December delivery increased by $1.75 (2.4%) to settle at $76.04 per barrel, while U.S. West Texas Intermediate (WTI) crude futures for […]

Petroleum Daily Report 10-21-2024

Oil prices rebounded on Monday, settling nearly 2% higher after last week’s significant losses. Brent crude futures rose by $1.23 (1.68%) to $74.29 per barrel, while U.S. West Texas Intermediate (WTI) futures increased by $1.34 (1.94%) to $70.56 per barrel. These gains come after both benchmarks dropped over 7% last week, their largest weekly losses […]

Petroleum Daily Report 10-18-2024

Oil futures declined on Friday, with Brent crude falling by $1.39 (1.87%) to settle at $73.06 per barrel, and U.S. West Texas Intermediate (WTI) dropping by $1.45 (2.05%) to $69.22. Both benchmarks saw their steepest weekly declines since early September, with Brent down over 7% and WTI losing about 8%. Concerns over slowing economic growth […]

Petroleum Daily Report 10-17-2024

Oil prices edged up slightly on Thursday, recovering from recent two-week lows following data showing a drop in U.S. crude and fuel inventories. Brent crude rose by 23 cents (0.31%) to settle at $74.45 a barrel, while U.S. West Texas Intermediate (WTI) ended down 28 cents (0.4%) at $70.67. U.S. crude inventories fell by 2.2 […]

Petroleum Daily Report 10-16-2024

Oil prices dropped over 4% on Tuesday, hitting a near two-week low, due to a weakened demand outlook and a report indicating that Israel would not target Iranian nuclear or oil sites, alleviating concerns of supply disruptions. Brent crude fell $3.21 (4.14%) to $74.25 a barrel, while West Texas Intermediate (WTI) dropped $3.25 (4.4%) to […]

Petroleum Daily Report 10-15-2024

Oil prices dropped over 4% on Tuesday, hitting a near two-week low, due to a weakened demand outlook and a report indicating that Israel would not target Iranian nuclear or oil sites, alleviating concerns of supply disruptions. Brent crude fell $3.21 (4.14%) to $74.25 a barrel, while West Texas Intermediate (WTI) dropped $3.25 (4.4%) to […]

Petroleum Daily Report 10-14-2024

Oil prices dropped 2% on Monday as OPEC reduced its global oil demand growth outlook for 2024 and 2025, while China’s oil imports fell for the fifth consecutive month. Brent crude futures settled at $77.46 per barrel, down $1.58 (2%), and U.S. West Texas Intermediate (WTI) dropped $1.73 (2.29%) to $73.83. China, the world’s largest […]

Petroleum Daily Report 10-9-2024

Oil prices fell on Wednesday due to rising U.S. crude inventories, but concerns over potential Iranian supply disruptions from the Middle East conflict and Hurricane Milton limited losses. Brent crude settled at $76.58 per barrel, down 60 cents (0.8%), and WTI dropped 33 cents (0.5%) to $73.24. U.S. crude inventories increased by 5.8 million barrels […]

Petroleum Daily Report 10-8-2024

Oil prices dropped over 4% on Tuesday following news of a potential ceasefire between Hezbollah and Israel, which eased immediate concerns over regional conflict impacting oil supply. Brent crude futures fell $3.75, or 4.63%, to settle at $77.18 per barrel, while U.S. West Texas Intermediate (WTI) dropped $3.57, or 4.63%, to $73.57 per barrel. Both […]