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.
Summary: Oil prices are expected to continue rising due to tightening in the physical market, with a projected deficit of 2MMbbls/d in the second half of 2023, and forecasts of Brent averaging $86/bbl over 3Q23 and $92/bbl over 4Q23, while the medium sour crude market tightens, and concerns remain over Russian oil supply risks and global demand.
Crude oil prices rise as US inventories decline and concerns about US rate hikes and China's economic indicators persist.
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 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.
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.
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 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.
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 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.
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 OPEC+ decision to cut production is putting inflationary pressure on the US and its allies, while China's encouragement of higher oil and gas prices may have negative economic consequences for the country. The short-term steady equilibrium price for Brent is projected to be around $80-85 per barrel, with a ceiling of $95 per barrel.
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 price volatility is expected to surge due to the significant supply shortfall caused by the OPEC+ supply cuts, potentially leading to a surplus if cuts are unwound next year but with low oil stocks.
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 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.
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.
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.
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.
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.
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 majors ExxonMobil, Chevron, and BP are near buy points as U.S. crude oil prices continue to rise above $90 per barrel.
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 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.
Crude oil prices dropped on Thursday after a brief rise, with Brent retreating from reaching $98 per barrel.
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 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.
OPEC+ decides to maintain current oil production cuts, causing a drop in crude oil prices despite the potential need for higher prices to impact demand, with oil demand booming in China and India but declining in the US.
Oil prices fell on Tuesday as concerns about potential supply disruptions from the conflict between Israel and Hamas eased, although traders remained watchful. Both Brent crude and U.S. West Texas Intermediate (WTI) crude experienced significant drops, with Brent down 47 cents at $87.68 a barrel and WTI falling 42 cents to $85.92 a barrel.
Oil prices surged on Friday due to speculation of Israeli ground offensive in Gaza, the possibility of further sanctions on Iranian oil, and concerns about a blockage in the Strait of Hormuz. Brent crude oil rose towards $90 a barrel, and WTI oil headed higher, despite a large EIA storage build.
