Oil prices continued their bearish trend on Friday, despite forecasts of rising Chinese demand, as oil producers are expected to maintain current volumes of crude exports and OPEC+ agreement will continue until the end of the year. Thus, Brent crude oil posted a 2.5% day-on-day loss to settle at $83.00 a barrel.
read more... 20/02/2023
OPEC and the International Energy Agency both increased their demand forecasts for the year on Wednesday, shaking off the U.S. Energy Information Administration (EIA) report of a large increase in U.S. crude inventories, which resulted in only a slight decline in oil prices. Hence, Brent crude oil edged down at $85.38 a barrel.
read more... 16/02/2023
Oil prices dropped on Monday as investors are anticipating the US Federal Reserve (Fed) interest rate announcement as well as the conclusion of the OPEC+ meeting. Hence, Brent crude oil has weakened by 2% to settle at $84.90 a barrel. Similarly, U.S. WTI crude ended at $77.90 a barrel, or a 2% daily loss.
read more... 31/01/2023
Crude oil prices rebounded on Wednesday following forecasts from OPEC and the International Energy Agency (IEA) of a rebound in demand over the next year, and as US interest rate hikes are expected to ease further alongside slowing inflation. Brent crude increased by $2.02, or 2.4%, to $82.70 per barrel, while U.S. WTI crude rose by $1.94 to $77.28 a barrel.
read more... 15/12/2022
Crude oil prices dropped to the lowest level since January following OPEC’s decision not to cut production any further. Moreover, stronger-than-expected US economic data fuelled speculation that the Federal Reserve would keep its policy tight to fight inflation. Hence, Brent crude decreased by $2.89, or 3.4%%, to settle at $82.68 a barrel. WTI crude fell by $3.05, or 3.8%, to end at $76.93 a barrel.
read more... 06/12/2022