The price of Brent crude oil hitting triple digits this year is debatable, with some experts believing it is unlikely due to macro factors and demand concerns, while others predict it could reach $100 per barrel if certain conditions are met, such as consistent OECD crude and product stock draws and OPEC adherence to production cuts.
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 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.
Oil prices are reaching their highest levels in 10 months, leading to gains for energy stocks like Pioneer Natural Resources and Coterra Energy, prompting Jim Cramer to suggest it's a good time to invest in these companies.
Oil prices hit a 3-month high as OPEC maintains tight supply, leading to the threat of higher gasoline prices and increased inflation.
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.
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.
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.
Oil prices reaching $95 per barrel, the highest level since November 2022, pose a setback for Rishi Sunak's goal of halving inflation, with analysts predicting a 7.1% rise in consumer prices in August due to petrol price increases, adding to inflationary pressures and potentially influencing the Bank of England's interest rate decision.
Oil prices are rising again after a short pause, driven by Russia's temporary ban on fuel exports and concerns of low supply, with analysts predicting it could hit $100 a barrel for the first time in 13 months.
US oil prices reached $94 a barrel for the first time in over a year, leading to concerns of higher prices at the pump and inflation across the economy.
Oil prices are set for a weekly gain of around 2% due to strong holiday demand from China and tight US fundamentals, despite expectations of possible supply increases from Saudi Arabia.
