Photo by Christian Ender/Getty Images Saudi Arabia may “flush” the market with a flood of supply that would sink prices, an expert said. That comes as OPEC+ concluded its latest meeting where members pledged voluntary production cuts without giving firm commitments. Meanwhile, US crude output has been on a tear this year, hitting new record …
sefa ozel/Getty Images Oil prices fell on Thursday after OPEC delayed its meeting from November 26 to November 30. It’s set to take place virtually, suggesting members have made an agreement, says Anas Alhajji. There could be additional cutbacks not anticipated by the markets, he added. As the US Thanksgiving holiday puts the stock market …
By Florence Tan In Singapore, oil futures saw a slight uptick on Monday as the market believed OPEC+ would deepen supply cuts to support prices. This comes after a four-week decline in prices due to easing concerns over supply disruption from the Israel-Hamas conflict in the Middle East. At 0012 GMT, Brent crude futures increased …
Oil prices saw a decline on Monday after a recent rally, with concerns about weakening demand in the United States and China impacting market sentiment. At 0051 GMT, Brent crude futures for January dropped by 35 cents, or 0.4%, to $81.08 a barrel, while U.S. West Texas Intermediate (WTI) crude futures for December hit $76.82, …
Saudi Arabian Energy Minister Prince Abdulaziz bin Salman.REUTERS/Satish Kumar The energy minister of Saudi Arabia disputed the recent drop in oil prices, attributing it to a scheme by speculators, rather than weak demand. Prince Abdulaziz bin Salman stated, “It’s not weak. People are pretending it’s weak. It’s all a ploy.” In response to the perceived …
Oil prices experienced a sharp decline of around 3% on Tuesday following China’s sixth consecutive month of declining exports, highlighting a global reduction in demand. China, the world’s largest oil consumer, observed a 6.4% decline in year-over-year exports, contrasting with a 3% increase in imports. In morning trading, West Texas Intermediate (CL=F) and Brent (BZ=F) …
BEIJING, Oct 9 — Oil prices surge over $3 per barrel in early Asian trade on Monday, heightening political uncertainty across the Middle East as Israeli and Hamas forces engage in dramatic military clashes. Brent crude (LCOc1) rises $3.34, or 3.95%, reaching $87.92 per barrel, while U.S. West Texas Intermediate crude (CLc1) sits at $86.23 …
Saudi Arabia and Russia have agreed to extend their voluntary oil production cuts until the end of the year. This move will remove 1.3 million barrels of crude from the global market, resulting in increased energy prices. The announcement from Riyadh and Moscow has already pushed benchmark Brent crude above $90 per barrel for the …
Consumer price hikes in Minneapolis accelerated on an annual basis for the first time in over a year, according to data released by the Bureau of Labor Statistics. The Consumer Price Index rose by 3.2% for the year through July, compared to a 3% increase in June. Although the annual increase fell short of economists’ …
The price of oil is falling below the expectations of the United Conservative government for the budget year. This could potentially lead to financial challenges for the province, including the depletion of its projected surplus, according to critics. “The UCP may already be facing a deficit, and even a slight drop in oil prices will …