Tag: Brent Crude Jul 2023
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Oil prices end at a more than 3-week high after this year’s largest weekly drop in U.S. inventories
[ad_1] Oil futures ended Wednesday at their highest in more than three weeks after the U.S. government reported a more than 12 million-barrel weekly drop in domestic crude inventories — the largest so far this year. The rise in prices came a day after Saudi Arabia’s energy minister warned of pain ahead for short sellers.…
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Oil prices score a weekly gain as traders assess potential for more OPEC+ production cuts
[ad_1] Oil futures settle higher on Friday, contributing to a gain for the week, as investors weighed prospects for further cuts in crude production when the Organization of the Petroleum Exporting Countries and its allies meet in early June. Price action West Texas Intermediate crude for July delivery CL00, +1.32% CL.1, +1.32% CLN23, +1.32% rose…
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Oil steady after snapping streak of four-straight losing weeks
[ad_1] Oil futures were slightly higher early Monday, flipping between small gains and losses as traders monitored talks to lift the U.S. government’s debt ceiling and avert a default. Price action West Texas Intermediate crude for June delivery CL.1, -0.03% CLM23, -0.03% rose 10 cents or 0.1%, to $71.65 a barrel on the New York…
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Oil prices rise as traders weigh demand prospects and a second-weekly climb in U.S. crude supplies
[ad_1] Oil futures climbed on Wednesday as traders weighed the outlook for crude demand as well as a second straight weekly rise in U.S. crude supplies. Recent economic data from China came in weaker than the market expected, but the International Energy Agency on Tuesday lifted its global oil demand growth forecast. Price action West…
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Crude-oil prices tally a gain of more 2% as recession fears ease
[ad_1] Oil futures gained more than 2% on Monday, finding support after U.S. benchmark crude prices snapped a four-day losing streak at the end of last week following a stronger-than-expected April jobs report. Natural-gas futures also finished up sharply, leading the percentage gains among energy futures, with analysts attributing the strength to a potential weather-related…
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Oil prices on track for April decline despite OPEC+ production cuts
[ad_1] Oil futures were on track Friday to end April with a loss, with worries over the economic outlook and its implications for demand having sapped the rally that kicked off the month after Saudi Arabia and its OPEC+ allies announced a surprise round of production cuts. Price action Price action Crude futures this week…
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Oil prices lose ground after back-to-back gains
[ad_1] Oil futures traded lower Tuesday, slipping after back-to-back gains as investors weighed recession fears versus upbeat data on Chinese travel. Price action Market drivers Oil prices “looked as if they were going to mount a rally before old banking worries reemerged,” said Phil Flynn, senior market analyst at The Price Futures Group, in a…