Crude oil prices rise as US inventories decline and concerns about US rate hikes and China's economic indicators persist.
Oil prices fall on weak economic data and anticipation of US Federal Reserve Chair Jerome Powell's speech on interest rates. Concerns about global demand and rising supply, along with disappointing manufacturing data, contribute to the downward pressure on oil prices. Additionally, Iran's oil output is expected to increase and the US is considering easing sanctions on Venezuela's oil sector.
Natural gas prices declined during the Aug. 17-23 trading period due to the market's focus on the excess inventory rather than the summer temperatures.
Crude oil prices are trying to recover and show signs of support, with a "buy on the dips" attitude prevailing due to Saudi Arabia holding 1 million barrels per day out of the market, although supply concerns may arise despite a global slowdown.
Oil prices slightly decrease as concerns over China's economic growth and potential U.S. interest rate hikes weigh on fuel demand.
Crude oil prices rose after the U.S. Energy Information Administration reported a larger-than-expected inventory decline of 10.6 million barrels for the week ending August 25.
U.S. crude oil stocks have reached their lowest level this year and are expected to decrease further, leading to a tight crude oil market and a potential increase in global oil prices.
Oil prices jumped over 2.5% after OPEC+ members extended supply reductions, with Brent International topping $90 per barrel and West Texas Intermediate hovering above $87 per barrel, as Saudi Arabia announced an extension of its production cut and Russia reduced its exports. Despite slow recovery and increased production, crude futures have rallied more than 25% since late June, with experts predicting prices to continue rising unless a recession occurs. China's demand for petrochemicals has been dampened, but their mobility demand post-lockdowns has offset this.
Gold and silver prices are lower due to technical selling and a lack of fresh fundamental news, while rising crude oil prices have potential economic and marketplace effects.
Crude oil prices in the US increased due to a 6.3 million barrel inventory draw, following a massive decline of 10.6 million barrels the previous week, bringing inventories to the lowest in eight months.
The price of oil is surging as Saudi Arabia and Russia cut output, creating a supply deficit that is driving up prices and threatening a fragile global economy with inflation and potential interest rate hikes.
Oil prices continue to rise as OPEC+ supply cuts tighten the market, with Brent crude surpassing $94 a barrel and speculators increasing bullish wagers on Brent and West Texas Intermediate, leading to concerns about inflationary pressures.
Oil prices may briefly reach $100 per barrel due to output cuts and geopolitical tensions, but they are expected to decline by the end of the year due to faster supply growth compared to demand growth, according to a Wall Street analyst.
Gas prices in the US have reached their highest level in 11 months, posing challenges for the Federal Reserve in its campaign to control inflation. Factors contributing to the increase include rising oil prices, production cuts by Saudi Arabia and Russia, reduced refinery production due to hot weather, and low reserves in the Strategic Petroleum Reserve. However, prices are expected to decrease with the switch to a cheaper gasoline blend in the fall and projected global economic slowdown in 2024.
Crude oil prices rose as inventories declined and demand from Asia and Europe decreased, threatening higher gas prices in the US and potentially impacting the Federal Reserve's interest rate decisions.
Oil prices fell as U.S. interest rate hike expectations outweighed the impact of drawdowns in U.S. crude stockpiles.
The recent global supply concerns caused by Russia's fuel export ban are driving up oil prices, counteracting the demand fears driven by macroeconomic headwinds and high interest rates.
Oil prices close the week lower due to profit-taking and concerns about supply stemming from Russia's fuel export ban against future rate hikes.
Higher oil prices, boosted by supply cuts from Saudi Arabia and Russia, may benefit Russia's oil revenues by allowing them to sell crude over the $60-a-barrel price cap imposed by sanctions.
Crude oil prices dropped on Thursday after a brief rise, with Brent retreating from reaching $98 per barrel.
Oil prices fell about 2% to a three-week low due to a higher-priced Brent contract expiring, a strengthening U.S. dollar, and concerns about rising crude supplies and pressure on demand from high interest rates.
The secretary general of Opec+ predicts that oil prices will remain high due to increasing energy demand, as Saudi Arabia cuts its crude oil production by a million barrels a day and warns of a potential supply shortfall.
China's decreased oil demand, coupled with its shift from crude imports to refined product exports and sizable oil inventories, is countering recent crude price surges and playing a significant role in the global oil market.
The recent oil price rally has been driven by Saudi Arabia and Russia's efforts to cut supply to the global crude market, but China and the West will be eager to bring prices down using all the weapons at their disposal.
The start of October saw oil prices decline due to factors such as a strong dollar, weak economic data from Europe, and the potential for another OPEC+ policy change.
Oil prices fell due to concerns about demand driven by macroeconomic headwinds, despite pledges from Saudi Arabia and Russia to continue crude output cuts until the end of 2023.
Oil prices fell to their lowest level since September 11th as global financial markets experienced a selloff, despite reassurances from Saudi Arabia and Russia that they will continue output cuts until the end of the year.
US oil prices and energy stocks, including ExxonMobil, Chevron, and Occidental Petroleum, fell as crude oil inventories decreased but gasoline stockpiles increased, while the outlook for demand remains uncertain and refinery stocks struggle.
US crude oil stockpiles fell to their lowest this year due to strong export demand, while gasoline inventories rose more than expected on weak demand, according to the Energy Information Administration.
Oil prices fell on Thursday, continuing a decline that followed a sharp drop of as much as 6% the previous day, with lower demand for gasoline and concerns of weakening oil demand playing a role in the decline.
Gasoline prices are expected to drop significantly as crude oil prices decrease and demand remains low, with many areas already seeing falling prices due to the production of less expensive winter grade fuel and the lowest seasonal demand levels in 25 years.
Wholesale gas prices are expected to fall in the coming months due to weakening oil demand and Saudi Arabia's production cuts pushing crude prices too high, according to energy analyst Paul Sankey.
U.S. gasoline prices are expected to decrease and may reach $3 per gallon due to a drop in crude oil futures, potentially benefiting consumers and cooling inflation but also indicating economic weakness with low gasoline demand.
Oil prices have dramatically dropped, providing relief to drivers and nervous central bankers, with gas prices predicted to continue decreasing in the coming weeks.
Crude oil prices are poised to experience their largest weekly drop since March due to concerns about weak demand, a bond market selloff, and economic worries, despite OPEC+'s decision to maintain supply constraints.
Oil prices have fallen, resulting in relief for consumers at the gas pump, with prices expected to continue dropping in the coming weeks.
Diesel prices are expected to decrease after Russia lifted a ban on oil exports, causing a drop in global supplies and a decrease in fuel costs.
OPEC+ decides to maintain current oil production cuts, causing a drop in crude oil prices despite the potential need for higher prices to impact demand, with oil demand booming in China and India but declining in the US.
Oil prices fell over $1 a barrel as traders remained cautious about potential supply disruptions amid military clashes between Israel and Hamas, although concerns about Middle East supply and an expected deficit for the rest of the year have led to the pricing in of a risk premium.
Oil prices fell on Tuesday as concerns about potential supply disruptions from the conflict between Israel and Hamas eased, although traders remained watchful. Both Brent crude and U.S. West Texas Intermediate (WTI) crude experienced significant drops, with Brent down 47 cents at $87.68 a barrel and WTI falling 42 cents to $85.92 a barrel.
Crude oil prices extended losses for the second day but geopolitical tensions in the Middle East provide a positive backdrop for energy markets.
Oil prices jumped $2 after the U.S. tightened sanctions against Russian crude exports, raising supply concerns and global inventories are forecasted to decline.
Gas prices in the United States have fallen despite rising oil prices, with experts predicting further declines if there are no geopolitical shocks or further violence in the Middle East.
Gasoline prices in the US are continuing to decline despite a 5% increase in crude oil futures since the start of the Israel-Hamas war, primarily due to the switch to a cheaper winter blend driving fuel and lower seasonal demand, as well as increased refined products supply and higher inventories compared to last year.
Crude oil prices fall as concerns over an oil embargo on Israel fade and Venezuela sanctions are set to ease.
