Oil prices rebounded on Monday as attention shifted back to the fundamentals of supply and demand, with Russia's output expected to decline and China's reopening boosting slightly the demand. As a result, Brent crude oil gained 1.3% day-on-day to settle at $84.07 a barrel.
read more... 21/02/2023
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
Oil prices fell on Thursday amid fears of further interest rate hikes by the Federal Reserve following the release of Producer Price Index (PPI) report showing an increase of 0.5% in inflation on a monthly basis in January. Thus, Brent crude oil slipped by 0.3% to $85.14 a barrel.
read more... 17/02/2023
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 fell on Tuesday after the United States announced that it will be reducing its strategic crude reserves, resulting in a large influx of oil onto the market despite weak demand. Thus, Brent crude oil decreased by 1%, settling at $85.58 a barrel.
read more... 15/02/2023