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Daily (14.08.2023): Oil prices climbed on Friday amid IEA's forecasts of record global demand in 2023
Oil prices rose for the seventh week in a row on Friday, driven by recent projections from the International Energy Agency (IEA) regarding global oil demand growth in 2023. The IEA's monthly report indicates that demand is set to reach a historic high of 102.2 million barrels per day, making it the highest level ever recorded. Consequently, Brent crude increased by 0.5% to $86.81 a barrel, while WTI crude advanced by 0.4% to settle at $83.19 a barrel.
read more... 14/08/2023
Daily (09.08.2023): Oil prices rose on Tuesday as tight supply offset disappointing Chinese commercial data
Oil prices rose on Tuesday after initially losing ground, amid concerns about Chinese demand following the release of disappointing commercial data in the country. As a result, Brent crude surged by 1% to $86.17 a barrel, while WTI crude increased by 1.2% to settle at $82.92 a barrel.
read more... 09/08/2023
Daily (08.08.2023): Germany recorded seven hours of negative power with a low of -9.99 EUR /MWh amid elevated wind output
Crude oil prices fell on Monday as a result of reduced demand for gasoline in the US, following the end of the summer driving season. Furthermore, the expansion of Chinese strategic oil reserves added downward pressure on prices. Thus, Brent crude dropped by 1.1% to end at $85.34 a barrel. Meanwhile, U.S. WTI crude declined by over 1% to settle at $81.94 a barrel.
read more... 08/08/2023
Daily (01.08.2023): Crude prices extended gains on Monday as demand is likely to increase
On Monday, crude oil prices gained ground, supported by signs of tightening supply. Hence, Brent crude edged 0.7% higher at $85.56 a barrel, while WTI crude increased by about 1.5% to settle at $81.80 a barrel.
read more... 01/08/2023
Daily (28.07.2023): Oil prices rose by over 1% on Thursday amid tight supply, falling US crude reserves and improving demand
Oil prices rose on Thursday, driven by continued tight supply, while demand remained resilient despite recession fears. Weekly figures released on Wednesday by the EIA showing a drop in commercial crude reserves and an increase in demand provided further support. Thus, WTI crude ended 1.7% higher at $80.09 a barrel, while Brent crude advanced by 1.6% to settle at $84.24 a barrel.
read more... 28/07/2023