CRUDE SUPPLIES
Oil little changed as investors eye impact of storm Beryl on Texas
Oil prices held steady with Texas ports closed for Tropical Storm Beryl, a potential Category 2 hurricane. Brent at $86.65, WTI at $83.08. Analyst Tony Sycamore cited power outages, inventory draws, and rate cut hopes from easing inflation. Energy Information Administration data showed weekly draws, with unchanged Baker Hughes rigs. Key ports Corpus Christi and Houston closed.
Oil settles 1% lower as Mideast ceasefire talks ease supply disruption concerns
The head of Israel's Mossad has returned from Doha after an initial meeting with mediators trying to reach a Gaza ceasefire and hostage release deal, and negotiations will resume next week, Prime Minister Benjamin Netanyahu's office said on Friday.
Oil prices on track for fourth straight week of gains
Oil prices stabilized in Asian trade, set for a fourth week of gains amid strong U.S. summer demand and supply concerns. Brent and WTI prices rose. Russia's Rosneft and Lukoil to cut July exports. Saudi Aramco lowered Asian prices. Sentiment boosted by geopolitical tensions, a 12.2 million barrels draw, potential Fed rate cuts, and the Gaza conflict.
Oil prices inch up on large US crude stock draw
Brent crude oil futures climbed 16 cents, or 0.2%, to $85.60 a barrel by 0033 GMT. U.S. West Texas Intermediate crude futures rose 14 cents, or 0.2%, to $82.95 per barrel.
Oil inches higher on summer demand outlook
Oil prices rose on supply deficit forecasts and OPEC+ cuts amid global economic challenges. Traders are cautious about rising non-OPEC+ output. Monitoring includes China's oil demand, the Atlantic hurricane season, and the impact of Hurricane Beryl.
Oil prices edge higher as supply risks mount
Oil prices responded to geopolitical tensions and supply disruptions, with concerns over fuel demand dynamics. The market saw gains in Brent and WTI futures amidst heightened uncertainties, while attention remained on the impact of geopolitical conflicts on oil supply. Anticipation of increased gasoline consumption over the July 4th weekend offered some relief amid persisting demand challenges.
After a 13% rally so far this year, is upside in MCX crude oil futures capped?
European Union's sanctions and China's economic concerns pose challenges for oil demand. Amidst the ongoing rally, uncertainties like a potential ceasefire in Gaza and China's economic health could influence oil prices. Expert projections hint at sustainability hurdles for the current uptrend in crude oil prices.
Oil prices slide on fears of slow US demand after surprise inventory build
Oil prices dropped due to rising U.S. stockpiles, affecting market sentiment. Brent crude traded at $84.17, and U.S. West Texas Intermediate at $80.58 per barrel. Escalating conflicts in Gaza, notably in Rafah, contribute to market uncertainties amidst concerns over weakening demand.
Oil prices steady as markets weigh supply tensions, China economic recovery
Oil prices remained steady on Tuesday, balancing concerns over China's economic recovery, tensions in the Middle East, and Ukrainian attacks on Russian refineries.
Oil extends losses as strong dollar weighs on commodities markets
Oil prices fell in early Asian trade on Monday due to a stronger dollar and concerns of higher interest rates. Brent crude futures slid to $84.84 a barrel, while U.S. West Texas Intermediate crude futures were at $80.34. Geopolitical risks in the Middle East and issues in Ecuador impacted prices.
Brent rises on Middle East war jitters, while WTI dips ahead of inventories report
Brent crude futures rose as Israeli tanks advanced into Gaza, while U.S. crude dipped on the U.S. federal holiday of Juneteenth.
Oil up on firming demand, Mideast tensions underpin risk premium
Oil prices rose on Tuesday due to a stronger demand outlook and investor confidence in OPEC+ producers. Global benchmark Brent crude futures and U.S. West Texas Intermediate crude futures were up, closing at their highest since April.
Oil slips on US growth worries, ample crude supply
Oil prices fell as U.S. Federal Reserve maintained interest rates, impacting market sentiment. Concerns over supply disruptions and ceasefire negotiations in Gaza added volatility to the market.
Oil slips for sixth consecutive day on big builds in US oil, fuel stocks
Oil prices decline as U.S. stockpiles rise, OPEC+ plans supply boost. EIA's upcoming report on stockpiles awaited for market impact.
Oil prices extend losses on worries of supply rising later in 2024
Oil prices fell with Brent crude at $78.16 and U.S. West Texas Intermediate at $74.05. OPEC+ extended output cuts into 2025. GasBuddy data indicated a decline in U.S. gasoline prices.
Oil dives 3%, OPEC+ decision fails to allay demand worries
OPEC+ on Sunday agreed to extend most of its deep oil output cuts into 2025 but left room for voluntary cuts from eight core members to be gradually unwound from October onwards. The group also agreed to a new output target for the United Arab Emirates, which has been pushing for higher quota.
Oil falls more than $1 as Fed rate outlook stokes demand fears
Oil prices dropped by more than $1 on Tuesday, extending losses on the potential for lingering U.S. inflation to keep interest rates higher for longer, depressing consumer and industrial demand.
Oil prices slide 1% to 11-week low on weaker IEA 2024 demand forecast
Crude prices slid about 1% to an 11-week low on Wednesday after data from the International Energy Agency (IEA) showed oil demand in developed countries likely would flag this year.
Oil prices tick up on tighter supply outlook
The market is watching wildfires in remote western Canada that could disrupt the country's oil supply, Tony Sycamore, market analyst with IG, said in a note.
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