Oil prices dipped by 6 percent early on Wednesday, with Brent slumping below $110 a barrel, as the market fears a looming recession would drive down global oil demand. As of 9:10 am EST on Wednesday, WTI Crude was down below the $105 a barrel mark and traded at $102.77, down by 6.24 percent on … Read more
The first week of May could have brought us a much-awaited paradigm shift, however the markets still appraise the impact of China’s COVID lockdowns amidst the mass-testing taking place in Beijing and the probability of a comprehensive European embargo on Russian oil. With no clear way out for either of those, Brent futures remained range … Read more
Gasoline prices in the United States climbed higher Monday, despite crude oil’s brief retreat under $100 per barrel as bearish sentiments emerged over China’s intensifying COVID lockdown. The national average price per gallon of regular gasoline climbed to $41.2 Monday, according to AAAup from $4.09 the previous Monday and up from $2.09 a year ago. … Read more
Oil prices have fallen to a two-week low, dipping below $100 on fears of the further demand consequences of a COVID-19 lockdown in China that has sparked bearish sentiments in markets, despite a Russian oil decline and declining US inventories. Brent was at $99.89–down some 5%–on Monday at 11:50am EST, while WTI was trading at … Read more
One popular saying in the oil industry says that the only cure for high oil prices is high oil prices. With a war in Europe, tight global supply that’s about to get even tighter, lockdowns in China, and economic uncertainty rife, oil prices may have finally become too high to be sustainable. While prices rebounded … Read more
Oil prices dipped by more than 4% early on Monday, with Brent falling below $100 a barrel, as COVID-related lockdowns in China weighed on demand expectations, while the coordinated massive release from oil reserves eased fears of supply shortages. As of 8:05 am ET on Monday, WTI Crude was down by 4.80% at $93.59, and … Read more
Oil prices remained fairly stable this week, with ICE Brent balancing slightly above the $100 per barrel mark. Fears of Russian supply disruptions were temporarily put on the back burner by the vast IEA-coordinated inventory release that greatly helped in flattening out the future curves of all three key crude benchmarks. The extensions of COVID … Read more
