Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while political unrest in Libya and Ecuador added to those supply concerns. U.S. West Texas Intermediate (WTI) crude futures rose 1.7% to $111.44 a barrel, extending a Read More
Oil prices settled up by more than $3 a barrel on Friday, supported by tight supply, but they notched their second weekly decline on concern that rising interest rates could push the world economy into recession. Brent crude settled up $3.07, or 2.8%, at $113.12 a barrel by 12:10 p.m. EDT (1610 GMT). U.S. West Read More
Gold prices inched lower on Thursday, pressured by expectations of aggressive interest rate hikes after the U.S. Federal Reserve chief doubled down on the central bank’s fight against inflation. Spot gold was down 0.2% at $1,832.91 per ounce by 0239 GMT. U.S. gold futures fell 0.2% to $1,834.30. “With [Fed Chair Jerome] Powell pointing out Read More
Oil prices rose on Tuesday on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine. Brent crude rose $1.67, or 1.5%, to $115.80 a barrel. U.S. West Texas Intermediate (WTI) crude for July, which expires later on Tuesday, rose $2.38, or 2.2%, to $110.41. The Read More
Oil prices rose to a 13-week high on Wednesday as U.S. demand for gasoline has kept rising despite record pump prices, on expectations China’s oil demand will rise and on supply concerns in several countries. Brent futures rose $2.77, or 2.3%, to $123.34 a barrel. U.S. West Texas Intermediate (WTI) crude rose $2.70, or 2.3%, Read More
Oil prices were stable on Tuesday as the market balanced risk sentiment with supply concerns and the prospect of higher demand as China relaxes its Covid curbs. Brent crude futures were down 26 cents, or 0.2%, at $119.25 barrel. U.S. West Texas Intermediate (WTI) crude futures were down 21 cents, or 0.2%, at $118.29 a Read More
Oil rose higher on Friday, supported by expectations that OPEC’s decision to increase production targets by slightly more than planned won’t much affect tight global supply and by rising demand as China eases Covid restrictions. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, on Thursday agreed to boost output by 648,000 Read More
Oil slipped on Friday after OPEC+ decided to increase production targets by slightly more than planned, although tight global supply and rising demand as China eases Covid restrictions limited the decline. The Organization of the Petroleum Exporting Countries and allies, or OPEC+, on Thursday increased their output boost to 648,000 barrels per day (bpd) in Read More
Oil prices rose on Wednesday after European Union leaders agreed to a phased ban on Russian oil and as China ended its COVID-19 lockdown in Shanghai, which could bolster demand in an already tight market. Oil benchmarks have marched steadily higher for several weeks as Russian shipments are squeezed by EU and U.S. sanctions and Read More
Oil prices firmed on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and as China ended its Covid-19 lockdown in Shanghai. Brent crude gained 1.3% to trade at $117.09. U.S. West Texas Intermediate (WTI) crude advanced 1.8% to $116.02 per barrel. Both benchmarks registered gains over May, marking Read More
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