West Texas Intermediate (WTI) ended a four-day losing streak, trading around $72.50 per barrel on Wednesday. The benchmark crude oil is getting support from rising concerns about supply constraints due to ongoing geopolitical tensions in the Middle East. Hamas named Yahya Sinwar as its new leader in Gaza following the assassination of former chief Ismail … Read more
The OPEC+ group of oil producers has extended its production cuts totaling 3.66 mln bpd until 2025, maintaining a controlled supply while taking advantage of the current price of the benchmark Brent crude at over $85/barrel. OPEC forecasts that cumulative oil-related investment requirements from now until 2045 will amount to about $14 trln, or around … Read more
West Texas Intermediate (WTI) crude oil prices are building on the overnight recovery from the $80.00 level, or a two-week low and gaining follow-through positive traction during Asian trading on Thursday. The uptick is supported by a combination of factors and lifts the commodity to a multi-day peak, around $82.00 in the last hour. The … Read more
West Texas Intermediate price hovers around $77.50 per barrel during Asian trading on Tuesday, as crude oil prices are bolstered by expectations of increased fuel demand this summer. According to Reuters, analysts at the energy consulting firm Gelber and Associates noted that, “futures are higher as expectations of summer demand are supportive of prices despite … Read more
Oil prices fell more than a barrel on Tuesday due to skepticism about an OPEC+ decision to boost supply later this year.
The drop in crude oil prices is attributed to OPEC+ announcing a gradual plan to ease some of their oil production cuts.
Saudi Arabia’s government filed papers to sell a new stake in state oil giant Aramco that could raise as much as .1 billion.
Oil prices rose on Wednesday as major producers are expected to extend output cuts at a meeting on Sunday. Traders and analysts anticipate the OPEC+ group to keep voluntary production cuts of about 2.2 million barrels per day in place. The onset of the northern hemisphere summer season, when demand for road and aviation fuels peaks, is also supporting prices.
The West Texas Intermediate (WTI) futures on NYMEX were moving higher towards a weekly high near .25 in Tuesday’s European trading.
The WTI crude oil price has been on a losing streak for the fifth trading session due to a hawkish outlook on interest rates by Federal Reserve policymakers. Fed officials are uncertain about the disinflation process and are considering further tightening of monetary policy. The next trigger for oil prices will be the OPEC meeting scheduled for June 1 to discuss supply policy.