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
