Oil prices under pressure, but bullish catalysts emerge

WTI crude oil futures in December are rising towards the end of Thursday but struggling to move higher this week. Price action has been volatile all week, especially today as traders were asked to deal with an aggressive Federal Reserve rate hike from the previous day, poor trading in the US dollar due to intervention … Read more

Oil dips below $80 as Powell warns recession could be on the way

Oil prices fell 5% early Friday, with the US benchmark plunging to its lowest level since January, amid heightened concerns about slowing economic growth and looming recessions. At 10:06 a.m. ET on Friday, WTI Crude had dipped below $80 a barrel and was trading 5.58% to $78.83 a barrel. Brent Crude, the international benchmark, stood … Read more

Oil prices unchanged due to large crude inventory build-up

The American Petroleum Institute (API) reported an increase of 6.035 million barrels of crude this week, while analysts forecast a decline of 200,000 barrels. The build comes as the Department of Energy released a record 8.4 million barrels from the Strategic Petroleum Reserves in the week ending Sept. 9, leaving the SPR with just 434.1 … Read more

Oil gains 2% as Iran deal fades, market is tight on supply

By Tom Kool – September 12, 2022, 11:30 a.m. CDT WTI crude gained 2% Monday morning. European diplomats expressed “serious doubt” that Tehran really wants a revival of the 2015 nuclear deal. Softer US dollar supports crude prices. Oil prices eased some losses on Monday, with Brent gaining nearly 2% as … Read more

Banning Russian crude oil will be much easier said than done

Global oil markets are still trying to bottom as oil prices become increasingly volatile. The EU’s expected ban on oil imports from Russia, which will come into effect on December 5, is likely to shake the foundations. While EU countries want to wean themselves off of Russian crude oil, EU trading firms’ appetite for Russian … Read more

Oil prices continue to lose gains on small inventory build-up

The American Petroleum Institute (API) reported a small build this week for crude oil of 593,000 barrels, while analysts predicted a draw of 633,000 barrels. The build comes as the Department of Energy has a huge 8.1 million barrels from the Strategic petroleum reserves in the week ending August 26, leaving the SPR with only … Read more

Oil drops 5% due to rising inflation fears

The price of crude oil fell more than 5% on Tuesday afternoon on inflation fears and concerns about a return in demand. Card of the week Can German industry withstand the pressure? – With the eurozone already in recession zone and most governments reflecting on the possibility of blackouts, Germany’s economic outlook is deteriorating day … Read more

Iran nuclear deal keeps oil markets on edge

The price of crude oil began to fall Friday after Federal Reserve Chairman Jerome Powell spoke for just 8 minutes and warned that pain was coming. Friday 26 August 2022 Oil prices have been in limbo this week, with ICE Brent trending around $100 a barrel as the market zoomed in on the prospects of … Read more

India’s oil production fell 4% in July

Private companies and the state-owned Oil and Natural Gas Corporation (ONGC) pumped less oil from some of their fields in India in July, reducing India’s total domestic crude oil production by 3.8 percent in July compared to the same month of 2021. India’s crude oil production fell to 2.45 million tons last month, from 2.54 … Read more

Europe spends on Russian oil as EU ban approaches

Prior to the implementation of a ban on Russian crude oil imports by the European Union on December 5, European buyers are now buying more Russian oil than they have in four months. Last week, overseas exports of Russian crude oil to European buyers rose to the highest level since April, Bloomberg reports:stating vessel tracking … Read more