Crude oil prices increased on Tuesday, hitting levels not seen since last November amid announcement that Saudi Arabia and Russia extended their voluntary production cuts, in a move to stabilize the markets. The closure of four oil export terminals in Libya due to a weekend storm provided additional support to oil prices. Hence, Brent crude rose by 1.6% to end at $92.06 a barrel. Meanwhile, U.S. WTI crude gained 1.8% to end at $88.84 a barrel.
read more... 13/09/2023
Crude oil prices remained relatively steady as they appeared to have reached a point of equilibrium due to the combination of declining demand and reduced OPEC production. Hence, Brent crude traded at $90.64 a barrel. Meanwhile, U.S. WTI edged 0.3% lower at $87.29 a barrel.
read more... 12/09/2023
Oil prices resumed their upward trend on Friday, boosted by the low level of US crude inventories, further tightening a market already worried about supply shortages. As a result, Brent crude edged 0.8% higher at $90.65 a barrel, while WTI crude rose by 0.7% to $87.51 a barrel.
read more... 11/09/2023
Crude oil prices lost ground on Thursday due to concerns about economic growth in both the United States and China, which overshadowed the impact of extended supply cuts by Saudi Arabia and Russia. Hence, Brent crude traded around 1% lower at $89.92 a barrel. Meanwhile, U.S. WTI crude fell by 0.8% to end at $86.87 a barrel.
read more... 08/09/2023
On Wednesday, crude oil prices edged higher as traders expected reductions in U.S. crude due to ongoing production cuts in both Saudi Arabia and Russia. Hence, Brent crude rose by 0.6% to $90.60 a barrel, while WTI crude increased by about 1% to $87.54 a barrel.
read more... 07/09/2023