Oil prices edged slightly higher on Tuesday as the U.S. government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows. Global consumption of liquid fuels is forecast to reach 102.2 million barrels per day in 2024, driven primarily by growth in countries like India and China, reflecting trends in Read More
Oil prices climbed more than 3% on Monday as China’s move to reopen its borders boosted the demand outlook and overshadowed global recession concerns. The rally was part of a wider recovery in risk sentiment supported by both the reopening of the world’s biggest crude importer and hopes for less-aggressive increases to U.S. interest rates Read More
Oil prices fell for a second straight session on Thursday on an uncertain demand outlook as more countries considered restrictions on Chinese travelers with Covid infections spreading in the top oil-importing nation. China’s government is dismantling pandemic restrictions, yet a surge in infections there is prompting tougher travel rules on Chinese visitors in some countries. Read More
Oil prices fell for a second straight session on Thursday on an uncertain demand outlook as more countries considered restrictions on Chinese travelers with Covid infections spreading in the top oil-importing nation. China’s government is dismantling pandemic restrictions, yet a surge in infections there is prompting tougher travel rules on Chinese visitors in some countries. Read More
Oil prices fell for a second straight session on Thursday on an uncertain demand outlook as more countries considered restrictions on Chinese travelers with Covid infections spreading in the top oil-importing nation. China’s government is dismantling pandemic restrictions, yet a surge in infections there is prompting tougher travel rules on Chinese visitors in some countries. Read More
Oil prices rose in early trade on Wednesday after industry data showed U.S. crude stockpiles fell more sharply than expected last week, highlighting supply tightness ahead of a looming European Union ban and G7 price cap on Russian oil. Brent crude futures gained 25 cents, or 0.3%, to $88.61 a barrel at 0101 GMT, while U.S. West Read More
Oil prices rose on Tuesday and settled higher after news that oil supply to Hungary via the Druzhba oil pipeline has been temporarily suspended due to a fall in pressure. Brent crude futures rose 72 cents to settle at $93.86 a barrel, while U.S. West Texas Intermediate crude rose $1.05 to $86.92. Russia’s state-owned pipeline monopoly Transneft has Read More
Oil prices extended losses in early Asian trade on Tuesday after OPEC cut its 2022 global demand forecast, while rising Covid-19 case numbers in China clouded the outlook for fuel consumption in the world’s top crude importing nation. Brent crude futures fell 39 cents, or 0.4%, to $92.75 a barrel by 0133 GMT after settling Read More
Gold prices jumped over 2% on Tuesday to firm above the key $1,700 per ounce level, boosted by a fall in the dollar and bond yields and technical buying, while market focus remained on U.S. inflation data later this week. Spot gold rose 2.2% to $1,711.87 per ounce Tuesday afternoon, its highest level since Oct. Read More
Oil prices edged 2% lower on Tuesday on growing worries about fuel demand as COVID-19 outbreaks worsened in top crude importer China, and jitters about the outcome of U.S. Midterm elections. Brent futures for January delivery fell $2.34 to $95.59 a barrel, a 2.4% loss. U.S. crude fell $2.64, or 2.9%, to $89.15 per barrel. Read More
