Oil prices rise as global supply tightens due to lower exports from Saudi Arabia and Russia, offsetting concerns about global demand growth amid high interest rates.
Oil prices dipped due to the possibility of Iraqi exports resuming and concerns over China's weakening economy impacting demand.
Oil prices in Asia rose slightly as traders considered weak demand indicators from China and the possibility of further U.S. rate hikes, while also factoring in potential supply constraints.
Crude oil prices rise as US inventories decline and concerns about US rate hikes and China's economic indicators persist.
Oil prices dipped in early Asian trade due to weak manufacturing data in major economies and concerns about the duration of interest rates staying at current levels, despite a larger-than-expected drop in U.S. crude stocks.
Oil prices increase as China takes steps to support its economy, but concerns about global growth, US interest rate hikes, and Chinese manufacturing data persist.
Most Asian stocks rose on Monday, led by Chinese shares, as China implemented measures to support its stock markets and investors looked ahead to key economic indicators from China and the US.
Oil prices in Asia extended gains from the previous session due to signs of a significant decrease in US crude stockpiles and concerns about potential supply disruptions caused by Hurricane Idalia.
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.
Oil prices ticked up in Asian morning trade on Monday, buoyed by positive China and U.S. economic data, as well as expectations of ongoing crude supply cuts from major producers.
Oil prices dipped as concerns over China's slow post-pandemic recovery and weak global economic data outweighed expectations of supply cuts by OPEC+ producers.
Oil prices ease in Asia as concerns over slow demand from China outweigh fears of tighter supply due to output cuts by Saudi Arabia and Russia.
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.
Saudi Arabia and Russia have announced that they will extend voluntary oil cuts until the end of the year, despite a rally in the oil market and expectations of tight supply, contributing to a rise in oil prices and posing a fresh blow to US President Joe Biden.
Oil prices reached a new high for the year after Saudi Arabia and Russia agreed to extend output cuts, reinforcing efforts to support oil prices by the OPEC+ alliance.
Oil prices surged by two per cent to their highest level since November after Saudi Arabia and Russia extended their voluntary supply cuts by three months, raising concerns about potential shortages during peak winter demand.
Asia-Pacific markets were mixed on Thursday as Saudi Arabia and Russia extended voluntary oil production cuts, leading to a rise in oil prices, while Chinese property stocks surged.
Summary: Rising oil prices and increasing gas prices, driven by the Russian-Saudi agreement to extend oil production cuts, are contributing to inflation concerns and putting pressure on the markets, leading to potential gains for oil stocks like ConocoPhillips and Chevron.
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.
Saudi Arabia may face an economic contraction this year due to extended crude production cuts, which highlights its heavy reliance on oil and slow progress in diversification reforms, although a sizable dividend from Saudi Aramco is expected to provide some financial cushioning.
Most stock markets in the Gulf rose in response to a rise in oil prices, except for the Saudi index which closed lower; however, the International Monetary Fund predicts a further slowdown in Saudi Arabia's GDP growth due to the extension of oil production cuts.
Stock prices in Asia were mostly higher as investors awaited updates on U.S. inflation and China's economic data, while concerns about rising oil prices and possible higher interest rates weighed on markets.
Oil prices fell due to a stronger US dollar and concerns about Chinese economic growth, but were supported by extended supply cuts by Saudi Arabia and Russia.
The extension of voluntary oil production cuts by Saudi Arabia and Russia has caused oil prices to surge above $90 a barrel, threatening an inflationary spike that could disrupt central banks' plans to wind down interest-rate hikes, particularly for the Bank of Canada.
Oil prices reach new highs in 2023 due to supply constraints caused by output reductions from Saudi Arabia and Russia, raising concerns about global inventory shortages and potential inflationary pressures.
Oil prices rose on Friday as China's better-than-expected economic data and record oil consumption supported the belief that demand in the country will continue to surge.
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 increased for a third consecutive session due to forecasts of a supply deficit in the fourth quarter, the extension of output cuts by Saudi Arabia and Russia, and optimism about a recovery in demand in China.
The International Energy Agency warns of a deepening oil market deficit in the fourth quarter due to extended Saudi and Russian production cuts, leading to diesel shortages and higher fuel prices impacting sectors such as construction, transport, and farming.
Oil prices rose for a fourth consecutive session due to concerns about a supply deficit caused by weak U.S. shale output and extended production cuts by Saudi Arabia and Russia.
Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, stated that the decision to extend crude oil supply cuts with Russia is not about raising prices, but rather about making the right decision at the appropriate time based on data and clarity, as oil prices near $100 per barrel and analysts predict further increases.
Oil prices surged to a 10-month high on tightening supply cuts from OPEC+, with predictions of $100 oil returning, potentially rekindling inflation and posing a challenge for central bankers and the Biden administration.
Crude oil prices reach new highs despite concerns about China's economy and tightened monetary policies, with the oil market structure indicating strong demand and potential support for higher prices.
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.
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 rose over 1% after Russia implemented an export ban on diesel and gas, which aims to replenish domestic supply and reduce prices, potentially impacting global oil supply and driving up energy prices, excluding demand shrinkage, while also predicting easing gas prices in the US except for some western states.
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