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 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.
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.
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.
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.
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.
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 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 hit a 3-month high as OPEC maintains tight supply, leading to the threat of higher gasoline prices and increased inflation.
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.
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.
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 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.
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.
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 are facing pressure due to a strengthening U.S. dollar and concerns about higher interest rates impacting demand.
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 rose by about 3% after U.S. crude stocks fell more than expected, causing concerns about supply tightness amid OPEC+ production cuts.
A spike in crude oil prices to the highest level of the year adds to the challenges faced by world markets, leaving investors turning to the Federal Reserve chair for reassurance amidst concerns over inflation, a potential government shutdown, unresolved autoworker strikes, and the Chinese property sector bust.
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.
Oil prices continue to rally due to tighter supply and rising demand, while the upcoming week features key events such as OPEC+ meeting, earnings updates from various companies, and conferences in the technology and healthcare sectors.
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.
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 surged by 4% amidst concerns that the conflict between Israel and Gaza may disrupt oil output from the Middle East, posing a risk to global oil supply.
Oil prices surged more than 4% in response to the attacks by Hamas in Israel, while stocks in Australia traded slightly higher and futures for Hong Kong and US stocks experienced losses.
Oil prices surge over 2% as tensions between Israel and Hamas raise concerns of a wider conflict in the Middle East, reversing last week's decline in prices due to a darkening macroeconomic outlook and intensifying global demand concerns.
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.
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.
Oil prices surged over 3% as stocks declined due to heightened tensions in the Middle East following an explosion at a Gaza hospital, with Iran calling for an embargo against Israel, while gold prices rose as investors sought safe haven assets.