Oil Moves Higher On Large Crude Inventory Draw

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 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.

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.

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.

Oil prices slightly decrease as concerns over China's economic growth and potential U.S. interest rate hikes weigh on fuel demand.

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.

Oil prices ease as China's manufacturing activity drops and investors await U.S. personal consumption expenditure report, while U.S. government data shows tighter crude supplies and concerns arise over potential crude oil supply disruptions due to a military coup in Gabon.

U.S. commercial crude oil inventories have fallen by 34 million barrels since mid-July, tightening the market and causing spot prices and spreads to rise.

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.

Crude oil prices remain high, supported by production cuts and a decrease in inventory, while the WTI futures contract reached a 10-month peak at $86.09 and the Brent contract traded above $89 for the first time since January.

The US dollar's influence in the oil markets is diminishing as more oil is being transacted in non-dollar currencies, according to JPMorgan.

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.

The price of crude oil may reach triple digits by the end of next year, potentially impacting Americans' voting decisions, as global demand for oil is projected to reach a record high of 102 million barrels per day, according to the International Energy Agency and Goldman Sachs analysts.

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 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.

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 surged on Thursday, with U.S. crude surpassing $90 a barrel, as the possibility of a tighter supply increased, driven by extended output cuts from Saudi Arabia and Russia.

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 continued to rise in early Asian trade on Monday, driven by falling inventories, OPEC+ cuts, and hopes of China's stimulus measures reviving its economy.

Gasoline prices are rising due to oil supply cuts in Saudi Arabia and Russia, as well as flooding in Libya, but some experts believe that increasing oil prices will not have a significant impact on the US economy and do not expect them to rise much higher in the next year or two due to factors such as increased US oil production, slow global economic growth, and the green energy transition. However, high oil prices can lead to higher inflation, potential recession, and could influence the Federal Reserve to raise interest rates, but the impact may not be as severe as in the past, and some experts recommend investing in the energy transition and adopting a more defensive investment strategy.

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.

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.

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.

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 reach a 3-month high as OPEC maintains tight supply. Gas prices in the US rise, posing a threat to efforts against inflation.

Rising crude oil prices, driven by supply concerns and output cuts, threaten to push up petrol prices and hinder efforts to tame inflation, putting pressure on central bankers.

The increased exports of oil from the United States into Europe and Asia have allowed U.S. crude to regain its dominance in setting international oil prices, reducing volatility and potential market distortion, while also shifting power to U.S. companies and traders in the market.

Oil prices dipped after reaching a 10-month high due to profit taking and anticipation of a Fed decision on interest rates, but analysts remain bullish on the future of oil.

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.