Oil prices settled slightly lower today but recorded a weekly gain as Middle East tensions and disruptions to oil output offset concerns about the Chinese and global economies.  In China, slower-than-expected economic growth in the fourth quarter raised doubts about forecasts that demand there will drive global oil growth in 2024.  U.S. West Texas Intermediate […]

Oil prices were higher today after the IEA joined OPEC in forecasting strong growth in global oil remand. Also helping prices, cold weather disrupted US crude output. In the United States, about 40% of oil output in North Dakota’s oil output remained shut-in due to extreme cold weather and operational challenges, the top oil-producing state’s […]

Oil prices were mostly flat today as severe cold disrupted some US oil production offsetting weaker than expected economic growth numbers out of China. Weakening prices today, China’s economy in the fourth quarter expanded by 5.2% year on year, missing analysts’ expectations and calling into question forecasts that Chinese demand will fuel 2024 global oil […]

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Oil rose on Friday as an increasing number of oil tankers diverted course from the Red Sea following overnight air and sea strikes by the U.S. and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group.  U.S. West Texas Intermediate (WTI) crude futures climbed 66 cents to close at $72.68 […]

Oil prices gained 1% cent today after Iran seized an oil tanker off the coast of Oman, raising the prospect of escalating conflict in the Middle East.  U.S. West Texas Intermediate crude rose 65 cents per barrel, to settle at $72.02 per barrel. Brent futures rose 61 cents to close at US$77.41 per barrel. Earlier […]