Summary: Oil prices are expected to continue rising due to tightening in the physical market, with a projected deficit of 2MMbbls/d in the second half of 2023, and forecasts of Brent averaging $86/bbl over 3Q23 and $92/bbl over 4Q23, while the medium sour crude market tightens, and concerns remain over Russian oil supply risks and global demand.
Crude oil prices continue to decline due to concerns about demand in China and the United States, despite positive news of production cuts and high global oil demand; technical charts indicate the possibility of further short-term losses.
Weak manufacturing data in major economies led to a decrease in oil prices, despite a larger-than-expected drop in U.S. crude stocks, while market focus is on Federal Reserve Chair Jerome Powell's speech on interest rate outlook, and Iran's oil output is predicted to increase despite U.S. sanctions.
Oil prices fell for the fourth consecutive day, with concerns about China's economic growth and potential interest rate hikes in the US weighing on the market, while the possibility of increased production from Iran and Venezuela added to bearish sentiment.
Oil prices edge higher in an uncertain market as US crude futures rise 0.1% to $78.94 a barrel, despite a 2% drop for the week, due to production cuts by major oil producers and a mixed US economy.
Oil prices fell as U.S. labor market data indicated tight conditions, potentially leading to further interest rate increases by the Federal Reserve, overshadowing concerns of weakening demand and rising inventories.
Oil prices rose over 1% as the dollar strengthened ahead of a speech by the head of the U.S. Federal Reserve for clues on interest rates, with Brent crude reaching $84.29 a barrel and U.S. West Texas Intermediate crude at $79.92, while a strong dollar and recent inventory draws affected demand and supply.
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.
The American Petroleum Institute (API) has reported a significant draw of 11.486 million barrels in U.S. crude inventories, leading to rising oil prices as the market compares China's economic activity with U.S. crude inventories.
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.
A group of oil analysts and economists have raised their 2023 oil price forecasts, predicting Brent crude will average $82.45 a barrel and that Saudi Arabia is likely to extend its voluntary oil supply cut into October.
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.
The total number of active drilling rigs in the United States fell by 1 this week, bringing the total count to 631 and marking a loss of 148 rigs so far this year, with the number of oil rigs staying the same at 512 and the number of gas rigs falling by 1 to 114.
The price of WTI crude oil reached a new high for the year, hitting $85 per barrel, due to falling inventory levels and factors such as production cuts and a weakening dollar.
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.
U.S. stocks fell as oil prices reached a 10-month high, raising concerns about inflation and its impact on the economy; tech mega caps stumbled, leading to losses in the Nasdaq, S&P 500, and Dow Jones Industrial Average.
Oil prices could reach triple-digit territory by next year if Russia and Saudi Arabia maintain their aggressive supply cuts, according to Goldman Sachs, with Brent crude potentially climbing to $107 a barrel by December 2024.
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 US continues to see draws in crude inventories, tightening markets, despite Saudi Arabia and Russia's extension of production and export cuts, as well as other energy news such as the cancellation of Alaskan drilling, Kurdistan's demand for funds, and the spike in jet fuel costs.
Oil prices are climbing towards $100 per barrel due to supply disruptions in Libya and expectations of a further U.S. inventory draw.
The American Petroleum Institute (API) reported a build in U.S. crude inventories, causing the total number of barrels of crude oil gained this year to be in the red, according to API data.
Stocks fell at the end of a volatile week, with traders taking a step back to assess the week's events and concerns about the triple-witching day, while U.S. crude futures climbed to a 2023 high of $90.77 per barrel, reflecting improving economic data and the potential for $100 oil.
US crude oil prices have surged and the futures strip has moved into a sharp backwardation as inventories have drained away from the NYMEX delivery point at Cushing in Oklahoma, but this may be exaggerating the tightness of supplies across the rest of the country and the world.
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.
China's record crude oil processing and robust imports in August have painted a bullish picture of demand, but the vast quantities of oil flowing into inventories should not be ignored, with China adding about 1.32 million barrels per day to either commercial or strategic crude stockpiles in August.
Global oil prices continue to soar, with Brent crude nearing $95 per barrel and some crude grades surpassing $100, driven by tight supply, excess demand, and production cut extensions by Saudi Arabia and Russia.
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.