By Adedapo Adesanya The crude oil market was down by 2 per cent on Tuesday on worries that slower economic growth in the US and China could reduce energy demand offsetting production disruption from Libya. It was observed that Brent futures fell by $1.88 or 2.3 per cent to settle at $79.55 a barrel and… Continue reading Crude Oil Market Dips on US, Chinese Economic Worries
Tag: Oil Market
Oil Climbs 3% as Libya Halts Production
By Adedapo Adesanya Oil jumped more than 3 per cent on Monday as production cuts in Libya added to supply concerns stemming from reports of escalating conflict in the Middle East. Brent crude futures went up by $2.41 or 3.05 per cent to trade at $81.43 a barrel, and the US West Texas Intermediate (WTI)… Continue reading Oil Climbs 3% as Libya Halts Production
Oil Prices Jump as US Central Bank Indicates Rate Cuts Soon
By Adedapo Adesanya Oil prices rose more than 2 per cent a barrel on Friday after comments by US Federal Reserve Chairman, Mr Jerome Powell, indicated the central bank was preparing to cut interest rates. Brent crude futures moved up by $1.80 or 2.33 per cent at $79.02 a barrel and the US West Texas… Continue reading Oil Prices Jump as US Central Bank Indicates Rate Cuts Soon
Crude Oil Market Rises on Positive Interest Rate Cut Signals
By Adedapo Adesanya The crude oil market appreciated by more than 1 per cent on Thursday, as expectations for a US interest rate cut increased further and eased recent worries, with Brent crude futures growing by $1.17 or 1.54 per cent to $77.22 a barrel and the US West Texas Intermediate (WTI) crude futures gaining… Continue reading Crude Oil Market Rises on Positive Interest Rate Cut Signals
Brent, WTI Down Despite Positive US Job Data, Crude Inventories Drop
By Adedapo Adesanya Oil prices settled lower on Wednesday despite positive data from the United States outweighed by other headwinds facing the market. Brent crude futures lost $1.15 or 1.49 to finish at $76.05 per barrel at midweek and the US West Texas Intermediate (WTI) crude futures depreciated by $1.24 or 1.69 per cent to… Continue reading Brent, WTI Down Despite Positive US Job Data, Crude Inventories Drop
Ease in Middle East Tensions, Weak Chinese Data Depress Oil Prices
By Adedapo Adesanya Oil prices fell about 1 per cent to a two-week low on Tuesday as Middle East supply concerns eased after Israel accepted a proposal to tackle disagreements blocking a ceasefire deal in Gaza, and as economic weakness in China weighed on fuel demand. Brent futures declined by 46 cents or 0.6 per… Continue reading Ease in Middle East Tensions, Weak Chinese Data Depress Oil Prices
Oil Slips on Gaza Ceasefire Talks, Weak Chinese Economy
By Adedapo Adesanya Oil depreciated by more than 2 per cent a barrel on Monday amid the prospect of successful Middle East peace talks reducing supply risks while leading oil importer China’s economic weakness threatened to curb demand. Brent crude futures settled at $77.66 a barrel after losing $2.02 or 2.5 per cent, as the… Continue reading Oil Slips on Gaza Ceasefire Talks, Weak Chinese Economy
Mounting China Worries Drown Brent Below $80 Per Barrel
By Adedapo Adesanya The Brent crude oil grade drowned by $1.36 or 1.7 per cent on Friday to $79.68 per barrel as the US West Texas Intermediate (WTI) crude benchmark sank by $1.51, or 1.9 per cent to $76.65 per barrel amid ease in investors’ expectations over demand growth from top oil importer, China. Data… Continue reading Mounting China Worries Drown Brent Below $80 Per Barrel
Crude Oil Prices Rise on Positive US Data Signals
By Adedapo Adesanya Crude oil prices appreciated on Thursday after US economic data eased fears of a recession in the world’s biggest economy, with Brent up by $1.28 or 1.6 per cent to $81.04 per barrel and the US West Texas Intermediate (WTI) crude futures rising by $1.18 or 1.53 per cent to $78.16 a… Continue reading Crude Oil Prices Rise on Positive US Data Signals
Oil Prices Drops on US Stockpile Rise, Easing Middle East Tensions
By Adedapo Adesanya Oil prices went down on Wednesday after US crude inventories rose unexpectedly as worries that a wider Middle East conflict could threaten supplies from the largest crude production regions of the world slightly eased. These brought down the Brent crude futures by 93 cents or 1.15 per cent to $79.76 per barrel… Continue reading Oil Prices Drops on US Stockpile Rise, Easing Middle East Tensions