Crude oil prices were steady to bearish on Tuesday, as the market remained cautious ahead of the Organisation of the Petroleum Exporting Countries (Opec) and its Opec+ partners meeting, as well as the release of US inventories. Thus, Brent crude declined by 2.3% to settle at $89.16 a barrel. Meanwhile, the American WTI crude price steadied at $88.20 a barrel.
read more... 02/02/2022
Geopolitical tensions sent crude prices higher amid an already tight oil market. Threats to infrastructure in the United Arab Emirates and struggles by OPEC+ to hit its targeted monthly output increase lent additional support to prices. As such, Brent crude rose by 2.2% to end at $88.20 a barrel. At the same time, WTI crude price increased by 2.8% to settle at $85.20 a barrel.
read more... 26/01/2022
Crude oil prices rose on Wednesday, as the International Energy Agency (IEA) predicted a rise in crude demand, despite the spread of the Omicron variant. Furthermore, the situation was exacerbated by the apparent inability of OPEC+ to meet its production targets. Thus, Brent oil gained 1.1% at $88.44 a barrel and WTI crude jumped by 1.8% to $86.96 a barrel.
read more... 20/01/2022
Crude oil prices were bullish on Friday, reaching their highest in two and a half months, amid data showing that the production of black gold from OPEC+ may struggle to meet a rise in demand. As such, both Brent oil and WTI crude settled around 2% higher at $86.06 a barrel and $83.82 a barrel, respectively.
read more... 17/01/2022
Oil prices continued to add ground on Tuesday after OPEC+ group agreed yesterday to increase output by 400, 000 barrels per day in February as originally planned. The move provides some comfort to the market as it signals that they are confident with the demand outlook in the coming months. Hence, Brent crude increased by 1.3% to settle at $80.00 a barrel, the highest level since late November. U.S. WTI crude rose by 1.2%, to $76.99 a barrel.
read more... 05/01/2022