Oil rises on large US stockpile draw, hurricane jitters

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 as the market awaited a potential resumption of Iraqi oil exports through the Ceyhan oil terminal, which could ease supply tightness caused by OPEC+ production cuts, while concerns over the Chinese economy weighed on demand outlook.

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.

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 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.

Oil futures rose to a one-week high due to a surge in U.S. diesel prices, a decrease in oil rigs, and a fire at a Louisiana refinery, despite weak economic data and a stronger dollar.

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 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.

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 dipped as concerns over China's slow post-pandemic recovery and weak global economic data outweighed expectations of supply cuts by OPEC+ producers.

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 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.

Goldman Sachs predicts that oil prices could reach $107 per barrel next year if OPEC+ producers maintain their production cuts, although this is not their base-case scenario.

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.

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.

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 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.

The recent catastrophic flooding in Libya, which has resulted in thousands of deaths and caused supply disruptions, has caused global oil prices to surge above $92 a barrel for the first time in nearly 10 months, leading to increased prices at the pump and concerns about inflation.

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.

US crude oil prices have surged and the futures strip has moved into a sharp backwardation as inventories have drained away from the NYMEX delivery point at Cushing in Oklahoma, but this may be exaggerating the tightness of supplies across the rest of the country and the world.

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.

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 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.

Goldman Sachs predicts that crude oil prices could reach $100 a barrel, posing a risk to global economic growth and complicating central bankers' efforts to control inflation, which could impact interest rate policies and further increase gasoline prices.

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.

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.

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.