Oil prices traded down slightly today but were mostly flat. As the year comes to an end oil prices closed down 10% year over year, closing at the lowest year end levels since 2020. A Reuters survey of 34 economists and analysts forecast Brent crude will average $82.56 in 2024, down from November’s $84.43 consensus, […]

Oil prices settled down today trading down as more shipping companies say they are again ready to transit the Red Sea route. “The perception is that the Red Sea route is reopening and will bring supply to market weeks faster,” Price Futures Group analyst Phil Flynn said. The U.S. Energy Information Administration reported a much […]

Oil prices dropped nearly 2% today, eating into yesterday’s gains as investors monitor developments in the Red Sea. Danish shipping company Maersk said it has scheduled several dozen container vessels to travel via the Suez Canal and Red Sea in the coming weeks after calling a temporary halt to those routes this month after attacks […]

U.S. West Texas Intermediate crude rose by $2.01 per barrel, or 2.7%, to close at $75.57 per barrel.   Brent crude futures settled higher as well at $81.07 a barrel (2.5% higher), after rising as much as 3.4% during the trading session. Oil climbed to its highest level this month, as further attacks on ships in […]

Oil prices eased on Friday ahead of the long Christmas holiday weekend on expectations Angola could increase output after leaving OPEC, but rose for the week over week on positive U.S. economic news and worries Houthi ship attacks would boost supply costs. WTI closed at $73.56 per barrel down 33 cents per barrel.  Merry Christmas […]

Oil prices were lower today on worries that OPEC+ would not be able to support prices by limiting global supplies. “It seems like OPEC is losing the battle to keep prices higher,” said Matt Smith of shipping tracking firm Kpler, noting that non-OPEC producers like the U.S. have stepped up to fill the supply gap. […]

Oil prices settled slightly higher today after a choppy trading session. Both benchmarks briefly turned negative following the EIA report but traded up later in the day on news of of more maritime carriers staying clear of the red sea. “The possibility of a significant price downturn would appear likely on first suggestion of stabilization […]