Oil surges more than 1% in five days, continues gaining streak for second week; brent crude at $79/bbl

Oil surges more than 1% in five days, continues gaining streak for second week; brent crude at $79/bbl

Oil prices closed lower on Friday but posted a second consecutive weekly gain as investors considered factors such as potential supply disruptions in the Middle East and the effects of Hurricane Milton on fuel demand in Florida. Brent crude futures fell 36 cents, or 0.45%, to settle at $79.04 per barrel, while U.S. West Texas … 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