Oil Slumps 4% as OPEC+ Meeting Delayed
Oil prices fell by 4% following news that Sunday's meeting between OPEC+ producers has been delayed. West Texas Intermediate (WTI) crude futures slumped 4.2% lower to $74.51 a barrel while Brent crude futures declined 4.1% to $79.06 per barrel.
Previously scheduled for Sunday 26 November,...
Oil Prices Rise as Saudi Arabia and Russia Stick to Output Cuts
Oil prices rose on Monday after Saudi Arabia and Russia confirmed that they would sustain their oil cuts until the end of the year. U.S. West Texas Intermediate crude rose $1.07, or 1.33%, to $81.58 per barrel, while Brent crude futures were up $1.03,...
JPMorgan Claims Oil Demand Destruction Has Begun
JPMorgan analysts have advised investors to expect crude demand to decline this quarter after rallying last quarter. Oil increased by an average of 28% last quarter, hitting a yearly high in September amid OPEC+ supply cuts and further output reductions by Saudi Arabia and...
Oil Sustains Losses Amid Signs of Supply Rebound
Oil prices remained down on Tuesday as signs of a rebound in supply begin to emerge. West Texas Intermediate futures, the U.S. benchmark, hovered above $80 per barrel after falling 0.7% during the previous trading session. This comes after Saudi Arabia and Russia looked...
Diesel Scarcity Looms Amid Expected Oil Shortage
Diesel is expected to remain in short supply as the northern hemisphere approaches the winter months, thereby raising its demand for heating. This comes as crude oil, the resource from which diesel is produced remains in short supply and relatively steeply priced. While the...
Oil Remains at Nine-Month High Ahead of Inflation Report
Oil remained near its highest level over the past nine months on Thursday as investors braced themselves for the release of a key U.S. inflation report later in the day.
West Texas Intermediate futures remained above $84 per barrel after gaining 3% over the past...