Global crude oil prices reported a second straight weekly gain and hit six-month high levels as markets watched for signs of any direct conflict between Israel and Iran that could further tighten supplies. This sudden uptick in crude oil prices has reignited fears of inflationary pressures and instilled fresh concerns among global central bankers, policymakers, … Read more
The Organisation of Petroleum Exporting Countries and its allies (OPEC+) conducted its joint ministerial monitoring committee meeting (JMMC) earlier this week and kept the supply policy unchanged till mid-2024, while pressing some oil producing nations to increase the compliance with output cuts. The April 3 policy decision by OPEC+ led to a spike in international … Read more
Global crude oil prices dropped on Thursday, April 4, as caution over global macroeconomic activity weighed against the supply output cuts as well as geopolitical conflicts. Investors continue to look to macroeconomic data and monetary policy for potential clues on the outlook for oil demand, while financial sanctions on Iran by the US also capped … Read more
Crude prices saw a modest 1% increase, reaching a five-month peak. This surge was fueled by anticipations of rising oil demand, prompted by upbeat economic updates from both the U.S. and China, on Monday. Additionally, global supplies faced constraints due to OPEC+ production cuts and assaults on Russian refineries. Brent futures climbed by 73 cents … Read more
Among other reasons, Ukraine’s drone attack on Russian refineries and OPEC extending its supply cuts till mid-2024 have also dictated the movement of crude oil prices. Overall, the Brent crude’s highest mark achieved in FY24 was $97.69 per barrel in September 2023, after the Israel-Hamas war breakout. The lowest was $71.28 per barrel in May … Read more