Oil Prices Come Down on Expected Output Increase By OPEC+
After a slight drop on Friday, the oil prices came further down on Monday amid anticipation that the expected output increase by OPEC+ will negate the shortage caused by a halt in production and export in Libya.
Brent crude saw a 0.7% or $0.57 slide...
Oil Prices Climb Amid Expected Drop of Oil Production in Libya
Unsteady political situations, as well as an expected drop in oil production in Libya, have sent the oil prices surging on Monday.
West Texas Intermediate (WTI) Crude jumped as high as 3.7% before later settling at 3.46% and trading at $77.42 per barrel.
Brent Crude, used...
Oil Recovers as Mideast Tension Raises Supply Concerns
Oil prices steadied on Thursday following a two-day decline. Concerns about rising tension in the Middle East conflict have overshadowed data from China showing a decline in crude consumption. Brent traded near $80 a barrel after sinking by 3.1% over the previous two sessions,...
Oil Prices Rebound as U.S. Stockpiles Drop
Oil prices recovered from their recent losses following the release of a report by the American Petroleum Institute indicating the U.S. stockpiles declined by 5.2 million barrels over the past week. Should official figures reflect this change when released on Wednesday, this would be...
Oil Winning Streak Ends After IEA Outlook Report
Oil prices declined on Tuesday, snapping a five-day winning streak following the release of the International Energy Agency’s (IEA) monthly report. U.S. benchmark West Texas Intermediate slipped below $80 per barrel.
While oil prices were previously propped up by fears of an escalation in the...
OPEC Cuts Oil Demand Forecast for 2024
The Organization of the Petroleum Exporting Countries (OPEC) reduced its forecast for oil demand growth in 2024. In its monthly report, OPEC projected that oil demand would rise by 2.11 million barrels per day this year, down from its previous forecast of a 2.25...