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 crashes to 33-month low after OPEC+ slashes demand forecasts, Brent sinks below $70 for first time since Dec 2021

Oil crashes to 33-month low after OPEC+ slashes demand forecasts, Brent sinks below $70 for first time since Dec 2021

International crude oil prices crashed to a 33-month low (near a three-year low) on Tuesday, September 10, with the benchmark Brent crude futures sinking below $70 a barrel for the first time since December 2021. This came shortly after the Organisation of Petroleum Exporting Countries and its allies (OPEC+) slashed its global oil demand forecast … 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