Main Topic: U.S. gas prices hit an eight-month high amid rising oil prices.
Key Points:
1. National average price for a gallon of regular unleaded climbed to $3.71, the highest level since November.
2. Gas prices are up by at least $0.15 cents in 16 states in the past week alone.
3. Surge in oil prices, production cuts by OPEC nations, and U.S. refinery outages contribute to the increase in gas prices.
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 surged to $85 as efforts by OPEC+ to reduce supplies and China's commitment to bolster its economy drive up global crude consumption and support prices.
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 rose to their highest level in over six months due to expectations of tightening supplies, with Saudi Arabia expected to extend its voluntary oil production cut and Russia agreeing to cut oil exports next month.
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.
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 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 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 are climbing towards $100 per barrel due to supply disruptions in Libya and expectations of a further U.S. inventory draw.
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 hit a 3-month high as OPEC maintains tight supply, leading to the threat of higher gasoline prices and increased inflation.
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.
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.
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.
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.
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.
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.
Rising oil prices amid supply constraints and growing demand for petroleum products threaten to complicate central bankers' efforts to control inflation.
Oil prices have risen due to Saudi Arabia's decision to cut back oil production, which has led to higher gasoline and diesel prices, complicating the global fight against inflation and benefiting Russia's economy.
Oil prices rose on Tuesday amid tight supplies and speculation over what $100 oil could do to the economy, with JPMorgan economists projecting a potential impact on global GDP growth if prices remain elevated.
Oil prices reached a 2023 high as inventories at the largest storage hub in the US decreased, leading to speculation of $100 per barrel oil in the near future.
Oil majors ExxonMobil, Chevron, and BP are near buy points as U.S. crude oil prices continue to rise above $90 per barrel.
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 rose by about 3% after U.S. crude stocks fell more than expected, causing concerns about supply tightness amid OPEC+ production cuts.
Oil prices reached their highest level in over a year as crude stocks at a key storage hub in Oklahoma fell to their lowest level since July 2022, signaling a potential "rough" period for crude oil supplies into the market and a sustained high level of oil prices for the rest of the year.
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.
Oil prices near $100 per barrel, driven by supply cuts from major producers, may not be sustainable in the long term due to global economic fragility, incoming seasonal demand drops, and the potential for demand destruction once prices reach $110 per barrel.
Oil prices crashed this week as fuel inventories climbed and demand concerns took center stage, with WTI falling to $82.50 and Brent trading at $84.23.
Oil prices surged on Wednesday amid escalating tension in the Middle East following a blast at a Gaza hospital, raising concerns about potential oil supply disruptions from the region.
Crude oil prices could rise to $140 per barrel, potentially triggering a global recession, due to tensions in the Middle East and the possibility of a broader conflict between Israel and Hamas, according to Allianz Trade.
