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.
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 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 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.
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.
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.
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.
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 drop after 9-day winning streak, ending the longest streak of daily gains since January 2019.
Oil prices rebounded on Thursday as the market focuses on tighter crude supply for the rest of 2023 and strong demand, with fears of deficient supplies underpinning prices.
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 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.
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.
Crude oil prices are expected to decline this week due to profit-taking and concerns over the economy, despite Russia's ban on fuel exports adding upward pressure to prices.
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 industry analysts have raised their price forecasts for 2023, with most expecting Brent Crude to average $84.09 per barrel, but few foresee sustained $100 oil due to an artificially tightened market and uncertain global economic outlook.
Oil prices fell about 2% to a three-week low due to a higher-priced Brent contract expiring, a strengthening U.S. dollar, and concerns about rising crude supplies and pressure on demand from high interest rates.
Oil prices fell ahead of an OPEC+ meeting as concerns about high interest rates and a strengthening dollar outweighed expectations of supply tightness.
Oil prices fell due to concerns about demand driven by macroeconomic headwinds, despite pledges from Saudi Arabia and Russia to continue crude output cuts until the end of 2023.
Oil prices fell to their lowest level since September 11th as global financial markets experienced a selloff, despite reassurances from Saudi Arabia and Russia that they will continue output cuts until the end of the year.
US oil prices and energy stocks, including ExxonMobil, Chevron, and Occidental Petroleum, fell as crude oil inventories decreased but gasoline stockpiles increased, while the outlook for demand remains uncertain and refinery stocks struggle.
US crude oil stockpiles fell to their lowest this year due to strong export demand, while gasoline inventories rose more than expected on weak demand, according to the Energy Information Administration.
Oil prices plummeted and energy stocks fell as Americans reduce their gasoline consumption in response to high prices, with average gas prices hitting $3.79 per gallon, causing concerns about slower economic growth and cutting into demand.
Oil prices are suddenly in free-fall mode, resulting in a significant drop in gas prices that is expected to bring relief to consumers and influence the Federal Reserve's decision to keep interest rates steady, with further drops predicted in the coming weeks.
Oil prices fell on Thursday, continuing a decline that followed a sharp drop of as much as 6% the previous day, with lower demand for gasoline and concerns of weakening oil demand playing a role in the decline.
Gasoline prices are expected to drop significantly as crude oil prices decrease and demand remains low, with many areas already seeing falling prices due to the production of less expensive winter grade fuel and the lowest seasonal demand levels in 25 years.
U.S. gasoline prices are expected to decrease and may reach $3 per gallon due to a drop in crude oil futures, potentially benefiting consumers and cooling inflation but also indicating economic weakness with low gasoline demand.
Oil prices have dramatically dropped, providing relief to drivers and nervous central bankers, with gas prices predicted to continue decreasing in the coming weeks.
Crude oil prices are poised to experience their largest weekly drop since March due to concerns about weak demand, a bond market selloff, and economic worries, despite OPEC+'s decision to maintain supply constraints.
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 have fallen, resulting in relief for consumers at the gas pump, with prices expected to continue dropping in the coming weeks.
Oil prices fell over $1 a barrel as traders remained cautious about potential supply disruptions amid military clashes between Israel and Hamas, although concerns about Middle East supply and an expected deficit for the rest of the year have led to the pricing in of a risk premium.
Crude oil prices dipped slightly following a significant increase in gasoline inventories, raising concerns about demand, despite the war premium added by events in the Middle East.
Oil prices jumped $2 after the U.S. tightened sanctions against Russian crude exports, raising supply concerns and global inventories are forecasted to decline.
Gas prices in the United States have fallen despite rising oil prices, with experts predicting further declines if there are no geopolitical shocks or further violence in the Middle East.
Crude oil inventories in the United States fell by 4.383 million barrels for the week ending October 13, countering the previous week's large rise, according to API data.
Crude oil prices fall as concerns over an oil embargo on Israel fade and Venezuela sanctions are set to ease.
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.
Crude oil prices declined as diplomatic talks eased concerns of the conflict in the Middle East escalating, lowering the risk of disruption to oil supplies.
Oil prices fell for the third consecutive session due to slow economic data from Germany, the euro zone, and Britain, which raised concerns about energy demand.
Oil prices fell for a fourth day due to concerns about slowing European demand and Middle East supply disruptions, despite falling crude stockpiles in the US.
Oil prices dropped over 2.5% as traders assessed the Middle East conflict and stronger than expected US economic output, suggesting the Federal Reserve's continuation of higher interest rates.
