Tag: Crude Oil Markets
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Oil prices pull back from 3-month highs ahead of Fed decision
[ad_1] Oil futures fell early Wednesday as investors awaited a Federal Reserve policy decision and official data on U.S. inventories of crude and petroleum products. Price action West Texas Intermediate crude for September delivery CL.1, -1.08% fell 81 cents, or 1%, to $78.82 a barrel on the New York Mercantile Exchange. September Brent crude BRNU23,…
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Oil prices score a 4th straight weekly gain
[ad_1] Oil futures rose Friday, with U.S. and global crude benchmarks scoring a fourth straight weekly rise on expectations the second half of 2023 will see a tightening of supplies in the crude market. Price action West Texas Intermediate crude for September delivery CL00, +1.73% CL.1, +1.73% CLU23, +1.73% rose $1.42, or 1.9%, to settle…
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Oil prices retreat after weak China data
[ad_1] Oil futures fell Monday, kicking off the week on a negative note after data on China’s economic growth fell short of expectations. Price action West Texas Intermediate crude for August delivery CL00, -1.27% CL.1, -1.27% CLQ23, -1.27% fell $1.04, or 1.4%, to $74.38 a barrel on the New York Mercantile Exchange. September Brent crude…
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Oil prices edge up to highest since April, bolstered by weaker U.S. dollar, production cuts
[ad_1] Oil prices rose slightly to reach their highest levels since April on Thursday as declining inventories and production cuts helped boost prices amid the annual summer surge in demand. Price action West Texas Intermediate crude for August delivery CLQ24, +0.39% CL00, -0.25% gained 13 cents, or 0.2%, to $75.89 per barrel on the New…
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Oil prices retreat after best week in 3 months
[ad_1] Oil futures inched lower on Monday after recording their largest weekly gain in three months on Friday, as traders await key supply data due out later this week. Price action West Texas Intermediate crude for August delivery CL00, +0.31% CLQ24, -0.06% shed 13 cents, or 0.2%, to trade at $73.73 a barrel on the…
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Oil prices on track for weekly gains
[ad_1] Oil futures were slightly higher Friday, on track for weekly gains after data showed further declines in U.S. crude and product inventories this week. Price action West Texas Intermediate crude for August delivery CL00, +0.06% CL.1, +0.06% CLQ23, +0.06% rose 30 cents, or 0.4%, to $72.10 a barrel on the New York Mercantile Exchange,…
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Oil prices rise on reports Saudi Arabia has said it’ll do ‘whatever necessary’ to support oil
[ad_1] Oil futures headed sharply higher on Wednesday, finding support after Saudi Arabia’s energy minister reportedly said that the kingdom will do whatever is necessary to support the oil market. The comments from Saudi Energy Minister Prince Abdulaziz at an OPEC+ seminar was reported by a number of news agencies and follows the Saudi’s announcement…
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Oil prices rise as EIA reports a nearly 10 million-barrel weekly drop in U.S. crude supplies
[ad_1] Oil futures headed higher on Wednesday after official data show that U.S. crude inventories fell by almost 10 million barrels last week, but domestic supplies of gasoline and distillates unexpectedly rose. Prices had posted a decline on Tuesday, giving back a modest rise that followed a short-lived weekend rebellion in Russia by the Wagner…
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Oil prices drop, failing to hold gains after China delivers rate cut
[ad_1] Oil futures moved lower Tuesday, failing to hold modest gains scored after China delivered an interest-rate cut amid concerns over the demand picture from the world’s second-largest crude importer. U.S. traders were returning from a three-day weekend after markets were closed Monday for the Junteenth holiday. Price action West Texas Intermediate crude for July…
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Oil scores first gain in 4 sessions as China’s rate cut boosts prospects for demand
[ad_1] An earlier version of this article misspelled the last name of Glenmede’s Jason Pride. The article has been corrected. Oil futures finished higher on Tuesday for the first time in four sessions, finding support as China’s economic stimulus plans, including a cut to a key interest rate by the central bank, lifted prospects for…