In recent weeks, oil prices have given up on any gains they’ve made since Russia’s invasion of Ukraine, as market fears of a recession mounted. There are signs of slowing economic growth, which could affect oil demand. But oil market participants and analysts are struggling to estimate how much demand could suffer in a recession … Read more
The 100,000 bpd production target set by OPEC+ for September could eventually turn into a production cut, the IEA said on Thursday, with a possible dip in Russian production. According to the IEA, OPEC+ is unlikely to increase production in the coming months because of a shortage of spare capacity. “Relatively low levels of operational … Read more
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The Canadian dollar CADUSD rose against its generally weaker US counterpart on Monday as oil prices rose and investors continued to bet on another outrageous rate hike by the Bank of Canada, despite disappointing Canadian jobs data last week. The price of crude oil, one of Canada’s top exports, recovered from a six-month low it … Read more
Oil falls amid recession fears, slow recovery of imports from China Oil prices fell on Monday and remained near their multi-month low as recession fears hurt demand prospects and data pointed to a slow recovery of Chinese crude oil imports last month. Brent oil futures fell 74 cents, or 0.8 percent, to $94.18 a barrel. … Read more
By Julianne Geiger – August 05, 2022, 10:25 am CDT Total nonfarm payrolls rose 528,000 in July, well above expectations of a decline to 250,000. WTI crude rose from $88 a barrel to well above $90 a barrel. US dollar gained after the strong jobs report. Crude oil prices rose on … Read more
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A vehicle drives into a BP service station in central London, Great Britain, on Aug. 2. Oil started to rise late last year, well before the Russian invasion of Ukraine on February 24.HENRY NICHOLLS/Reuters UN Secretary-General António Guterres called them examples of “exceptional greed.” A Friends of the Earth campaigner said: “It’s unbelievable that these … Read more
By Julianne Geiger – Aug 4, 2022, 8:15 a.m. CDT Saudi Arabia raised its OSPs for its September shipments to Asia to new highs. Arab Light to the Far East is now set at $9.80 above the Oman/Dubai benchmark. Saudi Arabia also increased the price of crude oil bound for the United … Read more
The price of crude oil could drop to $90 a barrel if the economies of the world’s two largest consumers continue to struggle with growth, the chairman of Bharat Petroleum told the Economic Times. “Prices could reach $90 in two months if the US continues with inflation and low growth and China is unable to … Read more
Increasing reliance on US diesel supplies in many parts of the world could lead to problems in the coming months as domestic demand for the fuel increases while production does not increase at the same pace. Bloomberg reports that the United States is exporting diesel fuel at a record pace, reaching 1.4 million barrels a … Read more
Russian oil exports appear to have stabilized, based on Bloomberg data released Monday showing steady levels of 500,000 barrels per day below the peak reached before February’s invasion of Ukraine. Russian crude oil exports by sea reached 3.5 million barrels per day in the week to July 29 Bloombergwhile the four-week average shows about 3.2 … Read more