OPEC
![Oil steady as players take stock of Middle East supply concerns](https://img.etimg.com/thumb/msid-112910454,width-100,height-75,resizemode-4/markets/commodities/news/oil-steady-as-players-take-stock-of-middle-east-supply-concerns.jpg)
Oil steady as players take stock of Middle East supply concerns
Oil prices were steady in early Friday trading as investors balanced supply concerns in the Middle East with weak demand signals. Libyan production and exports faced significant disruptions, while Iraqi output plans to reduce next month. Despite supply issues, oil prices are set for a second consecutive monthly decline.
![Oil steady as smaller-than-expected US stock draw counters Libya supply disruption](https://img.etimg.com/thumb/msid-112881060,width-100,height-75,resizemode-4/markets/commodities/news/oil-steady-as-smaller-than-expected-us-stock-draw-counters-libya-supply-disruption.jpg)
Oil steady as smaller-than-expected US stock draw counters Libya supply disruption
Oil prices remained mostly steady, impacted by a smaller-than-expected draw in U.S. crude inventories and concerns over China demand amid supply disruptions from Libya. U.S. crude inventories fell by 846,000 barrels, less than forecasted. Supply disruptions in Libya have significantly reduced output, adding to market uncertainties.
![Oil’s hot summer is ending, posing risks for majors and OPEC+](https://img.etimg.com/thumb/msid-112797725,width-100,height-75,resizemode-4/markets/commodities/news/oils-hot-summer-is-ending-posing-risks-for-majors-and-opec.jpg)
Oil’s hot summer is ending, posing risks for majors and OPEC+
Oil prices declined over 10% from July highs due to China's economic issues and anticipated American supply increases. OPEC+ confronts a tough choice on production levels as demand stabilizes but supply rises. The outcome impacts oil majors' profits and shareholder returns, presenting a crucial juncture for the global oil market.
![OPEC+ has limited scope to increase supplies to oil market : BP chief economist](https://img.etimg.com/thumb/msid-112684952,width-100,height-75,resizemode-4/industry/energy/oil-gas/opec-has-limited-scope-to-increase-supplies-to-oil-market-bp-chief-economist.jpg)
OPEC+ has limited scope to increase supplies to oil market : BP chief economist
Oil producer club OPEC+ faces limited scope to increase supply as US, Brazil, and Guyana boost output, meeting global demand growth, BP's Spencer Dale states. OPEC+ has kept 5.8 million barrels per day off the market and plans to gradually return supply starting October. Dale believes OPEC will maintain influence in the oil market despite rising non-OPEC supplies. He predicts EVs will impact oil demand significantly by the 2040s, with rapid electric vehicle adoption in China.
![Learn with ETMarkets: How to trade crude oil futures using moving averages?](https://img.etimg.com/thumb/msid-112584889,width-100,height-75,resizemode-4/markets/commodities/news/learn-with-etmarkets-how-to-trade-crude-oil-futures-using-moving-averages.jpg)
Learn with ETMarkets: How to trade crude oil futures using moving averages?
West Texas Intermediate (WTI) and Brent Crude are the main types of crude oil traded globally. WTI, mainly sourced from the United States, is lighter and has a lower sulfur content compared to Brent, making it easier and more cost-effective to refine into gasoline and other petroleum products.
![Oil prices ease as markets refocus on demand worries](https://img.etimg.com/thumb/msid-112480897,width-100,height-75,resizemode-4/markets/commodities/news/oil-prices-ease-as-markets-refocus-on-demand-worries.jpg)
Oil prices ease as markets refocus on demand worries
Oil prices declined on Tuesday, ending a five-day surge, as OPEC cut its 2024 demand growth forecast due to weaker expectations in China. Brent crude dropped to $81.89 per barrel, and U.S. crude fell to $79.63 per barrel. Market attention also turned to Middle East tensions and the upcoming U.S. inflation report.
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Oil falls, Brent settles at 7-month low after disappointing US job numbers
Oil prices fell significantly on Friday, with Brent and U.S. West Texas Intermediate crude futures settling at their lowest since January. The drop was triggered by weaker-than-expected U.S. job growth and sluggish economic data from China. Manufacturing activity weakened across Asia, Europe, and the U.S., raising concerns over global demand and economic recovery.
Oil hovers at 8-month lows as U.S. recession fears offset Mideast tensions
Oil prices dropped to their lowest in eight months amid fears of a U.S. recession. Brent crude and U.S. West Texas Intermediate futures saw minor declines. Escalating tensions in the Middle East, including Israeli airstrikes in Gaza, are raising concerns about future crude exports. Recent economic data showing weak global demand also weighed on prices.
Oil settles at 8-month low after disappointing US job numbers
Oil prices dropped on Friday to their lowest levels since January after the U.S. reported slower job growth and China released weak economic data. Brent crude fell to $76.81, and U.S. West Texas Intermediate to $73.52. The decline was fueled by concerns over global economic recovery and increased OPEC oil output.
Oil claws back some losses after Israel retaliates against Hezbollah
On Wednesday, oil futures bounced back from seven-week lows amid heightened geopolitical tensions following Israel's response to a Hezbollah attack. Brent crude and U.S. West Texas Intermediate experienced slight gains. Concerns over China's demand and expectations of OPEC+ adhering to current production cuts continued to affect prices.
Oil prices tick down on worries about Chinese demand
Oil prices decrease slightly due to concerns over China's economic growth and potential U.S. interest rate cuts. Houthi attacks on ships in response to Middle East crisis affect shipping routes. Russian official expects global oil market balance thanks to OPEC+ production agreement.
Oil steadies as OPEC keeps demand forecasts unchanged
Oil prices steadied on Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) kept its growth forecast for oil demand unchanged for this year and next, while U.S. crude and gasoline inventories likely fell last week.
Oil settles lower on worries Hurricane Beryl could hit US demand
Oil prices declined as Hurricane Beryl impacted U.S. refinaries, lowering Brent futures to $85.75. Gaza ceasefire hopes eased supply concerns. Texas faced significant damage; Kazakhstan to compensate for OPEC+ excess. China’s imports fell, India’s fuel consumption rose. Analysts, including Gelber and Ritterbusch, noted de-risking. U.S. and UK elections may influence outcomes.
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.
Brent crude above $87 at highest levels since April
Brent crude prices reach a 3-month high at $87 due to a significant drop in US inventories. Market sees gains supported by dollar weakness and improved US fuel demand outlook. However, economic worries persist with unexpected German industrial orders decline and rise in US jobless claims.
Brent crude oil holds above $87 a barrel
Brent crude futures fell 29 cents (0.3%) to $87.05 a barrel, and U.S. West Texas Intermediate (WTI) crude futures dropped 40 cents (0.5%) to $83.48 amid thin trading due to the U.S. Independence Day holiday. In the previous session, Brent rose 1.3% to $87.34, its highest close since April 30, while WTI settled at an 11-week high of $83.88.
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.
Hedge funds rebuild oil position after OPEC⁺ round trip: Kemp
Navigating through diverse commodities, my investment strategy adapted to changing market conditions. From crude oil to natural gas, I observed shifts in positions and prices, reflecting resilience and caution. The market's response to OPEC+ reassurance and high inventories showcased a dynamic landscape, with investors strategizing for potential opportunities and challenges ahead.
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.
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.
World oil demand will rise 2.25 million bpd in 2024: OPEC
OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024, despite lower than expected use in the first quarter, saying travel and tourism would support consumption in the second half of the year.
Oil slips on dollar's strength from US jobs data
Oil prices slipped on Monday due to a stronger dollar and delayed interest rate cuts following strong U.S. jobs data. Developments in Iraq, including progress in oil export talks with the Kurdistan region, impacted market sentiment.
Oil dips on deflated US interest rate cut expectations, OPEC+ decision
Oil prices fell for a third consecutive week as investors considered OPEC+ reassurances and the latest U.S. jobs data impacting Federal Reserve interest rate decisions.
Oil prices climb as OPEC+ reassures markets, ECB cuts interest rate
Oil prices rose as OPEC+ members Saudi Arabia and Russia hinted at output adjustments. Brent crude futures reached $80.03 per barrel, and U.S. West Texas Intermediate crude futures hit $75.71. Europe's interest rate cut raised expectations of a similar move in the U.S. Analysts await Chinese commodity trade data for insights into global oil demand.
Oil rises on strengthening Fed rate cut expectations
Oil prices rose in Asian trading on rising expectations of a Federal Reserve interest rate cut in September and a rebound from a selloff linked to growing U.S. inventories and an OPEC+ supply increase.
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 prices slip despite OPEC+ production cut extension
Oil prices fell as OPEC+ extended output cuts, impacting Brent and WTI futures. Goldman Sachs analysts view meeting as bearish. Gaza conflict mediators urge Israel-Hamas ceasefire. Israel considers alternative to Iran-backed group.
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