Oil sizzles from 33-month low on Israel-Iran war, Brent up 3% to $74; China demand, US inventories limit gains

Oil sizzles from 33-month low on Israel-Iran war, Brent up 3% to $74; China demand, US inventories limit gains

International crude oil prices climbed three per cent before paring gains on Wednesday, October 2, on worries that the escalating conflict in the Middle East due to the Israel-Iran war could threaten oil supplies from the world’s top-producing region. However, a large build-up in US crude inventories limited gains. Brent futures were last up 84 … Read more

Gold vs Oil | Yellow metal up 13%, Brent crashes 17% in three months: What should you bet on amid rate cuts?

Gold vs Oil | Yellow metal up 13%, Brent crashes 17% in three months: What should you bet on amid rate cuts?

Gold vs Oil: Commodity baskets, including gold, silver, and crude oil, among others, have swung by huge margins ever since the US Federal Reserve delivered its supersized interest rate cut by 50 basis points (bps). Monetary policy rates have varying effects on gold and crude oil prices due to the relative appeal of the commodities, … Read more

Oil recovers 3% from 33-month low after Hurricane Francine instils supply fears; Brent at $71, WTI gains over $2

Oil recovers 3% from 33-month low after Hurricane Francine instils supply fears; Brent at $71, WTI gains over $2

International crude oil prices slightly recovered from a 33-month low level and climbed three per cent or over $2 a barrel on Wednesday, September 11, driven by fears of lengthy production shutdowns in the offshore oil patch due to Hurricane Francine. The recovery in prices also came after an increase in US crude inventories reported … Read more

Oil plunges on demand-supply imbalance in 2024, Brent dips 20% in 12 months

Oil plunges on demand-supply imbalance in 2024, Brent dips 20% in 12 months

International crude oil prices have been on a broader downtrend and crashed nearly 20 per cent in the last 12 months due to a demand-supply imbalance in the market, even as the Organisation of Petroleum Exporting Countries and its allies (OPEC+) eye price stability. Brent and US West Texas Intermediate (WTI) crude futures logged the … Read more

Oil recovers 1% from 14-month low on US crude draw, delay on OPEC+ supply hike

Oil recovers 1% from 14-month low on US crude draw, delay on OPEC+ supply hike

International crude oil prices edged up about one per cent from a 14-month low level on Thursday, September 5, driven by a bigger-than-expected withdrawal from US inventories and a delay to hike supply by the Organisation of Petroleum Exporting Countries and its allies (OPEC+). Chinese demand fears and resolution to the Libya deal led to … Read more

Oil trades bearish on Libya deal resolution; Brent crashes over 11% in one week

Oil trades bearish on Libya deal resolution; Brent crashes over 11% in one week

International crude oil prices continued their bearish trend and fell by $1 a barrel or around two per cent on Wednesday, September 4, dragged by pessimism about demand fears after after reports emerged that a deal was in the offing to resolve a dispute that has halted Libyan production and exports. Brent crude futures were … Read more

Oil sits $1 lower on OPEC’s October supply plans; Brent drops 2.5% in August

Oil sits $1 lower on OPEC’s October supply plans; Brent drops 2.5% in August

International crude oil prices retreated in the previous session as investors weighed expectations of a rise in supply by the Organization of the Petroleum Exporting Countries and allies (OPEC+) starting in October, along with dwindling hopes of a hefty US interest rate cut next month, following data showing strong consumer spending and economic growth. Brent … Read more

Oil rises 2% on US Fed rate cut bets, tighter MidEast supply; Brent nears $80

Oil rises 2% on US Fed rate cut bets, tighter MidEast supply; Brent nears $80

Crude oil prices rose by more than a dollar a barrel on Thursday, August 29, as supply disruptions in Libya and plans to lower output in Iraq raised concerns of a tightening market. More than half of Libya’s oil production—nearly 70,000 barrels per day—was offline today, and exports were halted at several ports amid a … Read more

Oil snaps three-day winning streak on US, China growth concerns; Brent at $80

Oil snaps three-day winning streak on US, China growth concerns; Brent at $80

International crude oil prices snapped their three-day winning streak and fell around two per cent on Tuesday, August 27. Worries that slower economic growth in the US and China could reduce energy demand dragged prices down, especially after they surged over seven per cent in the prior three days. Brent futures last fell $1.31, or … Read more

Oil settles at one-month low; sheds over $2 led by firm US dollar, Gaza ceasefire hopes: Brent down 2% to $82/bbl

Oil settles at one-month low; sheds over $2 led by firm US dollar, Gaza ceasefire hopes: Brent down 2% to $82/bbl

International crude oil prices settled over $2 lower in the previous session at their lowest level since mid-June as investors eyed a possible ceasefire in the Middle East’s Gaza. A strengthened US dollar also drove values down further. Brent crude prices settled down $2.48, or 2.9 per cent, to $82.63 a barrel. US West Texas … Read more