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.
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.
Rising gasoline prices are impacting inflation-weary Americans.
The Federal Reserve's preferred inflation gauge increased slightly in July, suggesting that the fight against inflation may be challenging, but the absence of worse news indicates that officials are likely to maintain interest rates.
The price of WTI crude oil reached a new high for the year, hitting $85 per barrel, due to falling inventory levels and factors such as production cuts and a weakening dollar.
The U.S. is currently experiencing a prolonged high inflation cycle that is causing significant damage to the purchasing power of the currency, and the recent lower inflation rate is misleading as it ignores the accumulated harm; in order to combat this cycle, the Federal Reserve needs to raise interest rates higher than the inflation rate and reverse its bond purchases.
Major commodities trader Trafigura Group warns that oil prices could see a spike due to higher interest rates and underinvestment in the market.
Crude oil prices could be vulnerable to further rises due to tight supply, warns Ben Luckock, Co-Head of Oil Trading at Trafigura.
The rebounding crude oil prices and fading annual base effects suggest that energy prices may become a headwind for global markets, potentially complicating the battle against inflation and tightening monetary policies.
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.
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.
Inflation is expected to rise in August as oil and gasoline prices increase, putting pressure on the economy and potentially leading to higher interest rates and a stronger dollar.
Rising oil prices are making it harder for the Federal Reserve to achieve its 2% inflation target, as increased energy costs could lead to higher prices for goods and services, potentially complicating the Fed's plan to hold interest rates steady and achieve a "soft landing" for the economy.
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.
Uncertainty in various sectors, including potential strikes, government shutdowns, geopolitical tensions, and the question of future Federal Reserve interest rate hikes, is causing markets to lack conviction, but this week's inflation readings could provide direction for the markets. If inflation comes in below expectations, it may signal that the Fed will not hike rates further, while stronger-than-expected inflation could lead to more rate hikes and market volatility. Additionally, increasing energy prices and the potential strike by the United Auto Workers union add to the uncertainty.
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.
Rising energy costs are predicted to contribute to an increase in inflation rate, but it is unlikely to prompt the Federal Reserve to raise interest rates, though there may be another rate hike in the future.
Despite a spike in gas prices, the rise in inflation appears to be easing gradually, with core prices exhibiting a slower increase in August compared to July, suggesting that price pressures are being brought under control.
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.
Crude oil prices, inflation expectations, and labor strikes in the auto industry are among the key factors affecting global markets this week, as central banks grapple with mixed signals and low visibility.
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 oil prices pose a risk to the Federal Reserve's efforts to achieve a soft landing for the economy and return inflation to its 2% target without triggering a downturn.
World markets are cautious ahead of central bank decisions and concerned about inflation signals amidst rising oil prices, as crude oil reaches its highest levels of the year due to supply cuts from Saudi Arabia and Russia, while US production also falls.
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.
Rising oil prices, closing in on $100 a barrel, pose a threat to the Federal Reserve's efforts to combat inflation, as higher oil prices can drive up the cost of gasoline and other crude-related products and squeeze the Consumer Prices Index higher.
Gas prices are expected to rise to $100 per barrel of crude oil, but experts believe consumers will be able to handle the increase, with some price easing predicted in the future.
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.