Author: Updates Comex

Oil prices rose 2% on Friday, recouping most of the previous session’s declines, as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could dent demand. Brent crude futures rose $2.61, or 2.4%, to $111.63 per barrel. WTI crude futures for August delivery rose $2.41, or 2.25%, to $108.15 Read More

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

Oil prices traded higher but in a narrow range on Thursday, after being rocked earlier in the week by supply losses from Libya and a worrying outlook for demand as the International Monetary Fund cut its global growth forecasts. Brent crude futures rose $1.02, or nearly 1%, to $107.87 a barrel at 6:15 a.m. ET, recouping Read More

Oil prices rose on Tuesday as investors fretted over tight global supply after Libya was forced to halt some exports and as factories in Shanghai prepared to reopen post a COVID-19 shutdown, easing some demand worries. Brent crude futures rose 61 cents, or 0.5%, to $113.77 a barrel at 0349 GMT, while U.S. West Texas Read More

Oil prices climbed on Tuesday as Shanghai’s relaxation of some COVID-19 restrictions eased concerns about Chinese demand and as OPEC warned it would be impossible to replace potential supply losses from Russia. Brent crude futures advanced 6.26% to $104.64 while U.S. West Texas Intermediate settled 6.69% higher at $100.60 per barrel. Both contracts lost about Read More

Oil prices climbed on Tuesday as fears of a demand downturn in China eased after Shanghai relaxed some COVID-19 related restrictions, and OPEC warned it would be impossible to increase output enough to offset lost Russian supply. Brent crude futures were up $1.72, or 1.75%, to $100.20 a barrel, and U.S. West Texas Intermediate contracts Read More

Oil prices dropped by more than $2 a barrel on Monday after a second straight weekly decline on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China. Brent crude for June delivery was down $2.97, or 2.9%, at $99.78 a barrel. U.S. West Texas Read More

Oil futures fell on Wednesday following a surprising rise in U.S. crude stocks and after news that large consuming nations would also release oil from reserves in conjunction with the United States to counter supply worries. Member states of the International Energy Agency (IEA) will release 120 million barrels from strategic reserves, including 60 million Read More

Oil futures rose on Wednesday, paring early losses, as the threat of new sanctions on Russia raised supply concerns, countering fears of weaker demand following a build in U.S. crude stockpiles and Shanghai’s extended lockdown. Brent crude futures were up $1.07, or 1%, at $107.71 a barrel, having fallen to $105.06 earlier in the session. Read More

Oil futures extended gains on Tuesday as the United States and Europe planned new sanctions to punish Moscow over alleged war crimes by Russian troops in Ukraine, adding to concerns about supply disruptions, while Iran nuclear talks stalled. Brent crude futures rose $1.20, or 1.1%, to $108.73 a barrel, while U.S. West Texas Intermediate futures were up $1.25, Read More

Oil prices seesawed on Friday ahead of a meeting of International Energy Agency (IEA) member nations set to discuss a release of emergency oil reserves alongside a huge planned release by the United States. Brent crude futures were up 72 cents, or 0.7%, to $105.45 a barrel, after falling 5.6% on Thursday. U.S. West Texas Read More