Crude oil prices fell further on Tuesday, with WTI falling to its lowest benchmark price since January this year. Crude oil prices began their fall on Monday, dragged down by China’s disappointing economic data that led to China’s central bank cutting lending rates. WTI prices fell to $86.13 per barrel by 2:24 pm ET, down … Read more
Resilient Russian oil supply and an expected surplus on the market prompted Barclays to slash its Brent oil price forecast to $103 per barrel for this year and next, down from $111 a barrel previously expected. The bank also cut its outlook on near-term WTI Crude prices by $8 a barrel, expecting the US benchmark … Read more
While oil and gas prices may continue to weaken in the near term, by the time winter sets in, the market is going to become extremely tight and the per-barrel price of oil should return to around $120, Energy Aspects’ Amrita Sen told Bloomberg Monitoring on Monday. Sen suggests that while gasoline prices have declined, … Read more
The spread between Brent crude oil prices and West Texas Intermediate (WTI) hit its widest level in over three years on Monday, with WTI down more than $8 compared to Brent as US gasoline demand falls. Brent crude was trading at $104.8 on Monday 11:41 EST, while WTI was trading at $96.12, representing a spread … Read more
Crude oil prices moved lower after the Energy Information Administration reported an inventory build of 8.2 million barrels for the week to July 1. This compared with a draw of 2.8 million barrels for the previous week. A day earlier, the API had estimated a crude oil inventory build of close to 4 million barrels, … Read more
Oil prices nosedived alongside the broader market on Tuesday, with US crude dipping to the psychologically important level of $100/bbl as growing recession fears coupled with concerns over weakening demand outweigh a fundamentally tight supply market. WTI crude tumbled 8.2% to $99.50/bbl, the lowest since April 25 and the first close below the $100/bbl level … Read more
Despite serious supply problems in the market, oil prices crashed on Tuesday morning due to recession renewed fears and the prospect of demand destruction. Whilst most of 2022 could only be characterized as a period of hardship for Europe’s embattled industries, things are about to get even worse as Russian pipeline supply falls and power … Read more
Brent prices are expected to average $106.82 a barrel in 2022, the monthly Reuters poll showed on Thursday—and that’s the highest average oil price forecast in the survey so far this year, as the West is scrambling to replace Russian oil supply. In the previous May survey by Reuters, nearly three dozen economists and analysts … Read more
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
