Oil prices were lower today on worries that global oil demand growth could be hit by a stronger dollar and negative economic news from some parts of the world. The dollar rose to a 7 week high today. In the world’s biggest oil consumer, U.S. business activity crept up to a 26-month high in June […]

Oil prices were higher today after the EIA reported a draw in crude oil inventories. Crude stocks fell by 2.5MM/bbls compared to a forecasted draw of 2.2MM/bbls. A summer uptick in oil demand, refinery runs and ongoing weather risks added to extended production cuts by the OPEC+ producer group mean that “oil balances should tighten […]

Oil prices were higher today due to geopolitical risk in Europe and the Middle East. Prices rose after a Ukrainian drone strike caused a large fire in a fuel tank at an oil terminal in Russia’s southern port of Azov, according to Russian officials and a Ukrainian intelligence source. “The Ukrainian attack reminds the market […]

Oil prices were higher today as the market grows more optimistic on oil demand outlook. Last week, both benchmarks posted their first weekly gain in four weeks after reports from the OPEC+ producer group, the International Energy Agency and U.S. Energy Information Administration raised confidence that oil demand will improve in the second half of […]

Oil futures prices settled slightly lower on Friday after a survey showed deteriorating U.S. consumer sentiment, but prices rose 4% week over week as investors weighed forecasts for solid demand for crude oil and fuel in 2024. West Texas Intermediate (WTI) U.S. crude futures were down 17 cents closing at $78.54 per barrel. The U.S. […]

West Texas Intermediate (WTI) U.S. crude futures lost 79 per cents per barrel, or 1%, to close at $77.84 a barrel, reversing small gains in the previous session. Oil prices rallied after the Organization of Petroleum Exporting Countries (OPEC) stuck to a forecast for relatively strong growth in global oil demand for 2024 and Goldman […]