Crude oil prices rise as US inventories decline and concerns about US rate hikes and China's economic indicators persist.
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.
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 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 their cuts in oil supplies through the rest of 2023, pushing oil prices higher.
Crude oil prices reached their highest level of the year after Saudi Arabia and Russia agreed to cut output, raising concerns about gasoline prices for American consumers.
Oil prices rose in early Asian trade after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year, leading to concerns about a supply shortage and higher oil prices worldwide.
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.
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.
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.
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.
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 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 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.
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.
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.
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.
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.
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.
Higher oil prices, boosted by supply cuts from Saudi Arabia and Russia, may benefit Russia's oil revenues by allowing them to sell crude over the $60-a-barrel price cap imposed by sanctions.
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.
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.
Rising oil prices, driven by production cuts from Saudi Arabia and Russia, could have long-term economic repercussions, particularly in developing countries.
Oil prices hit their highest levels in over a year as ongoing production cuts raise concerns about the global economy, while the specter of $100 oil looms and supply tightness becomes apparent with reduced stockpiles and increased refining. Higher interest rates may dampen crude demand, but for now, the focus remains on supply.
The secretary general of Opec+ predicts that oil prices will remain high due to increasing energy demand, as Saudi Arabia cuts its crude oil production by a million barrels a day and warns of a potential supply shortfall.
The recent oil price rally has been driven by Saudi Arabia and Russia's efforts to cut supply to the global crude market, but China and the West will be eager to bring prices down using all the weapons at their disposal.
Saudi Aramco, the world's largest oil exporter, has raised the price of its crude oil for November, with substantial increases for Europe and the Mediterranean markets.
Global oil prices are rising after Hamas' attack on Israel, sparking concerns that the conflict could disrupt oil supplies and escalate prices.
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 rose in Asian trade after a deadly blast at a Gaza hospital hindered a U.S. diplomatic effort and U.S. inventories shrank more than expected, fueling concerns about the spillover of the Israel-Hamas conflict disrupting crude supplies in the Middle East.
Oil prices increase as Iran calls for a Muslim country embargo against Israel following a deadly explosion in Gaza, while gold also rises due to escalating conflict in the Middle East.
