Archive for Tag: OIL Market Outlook

Oil rises to $82 as demand recovery seen on track

Brent Oil was trading 1.16% down at $82.05. Oil rose to around $82 a barrel on Tuesday, supported by tight supply and hopes that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery. OPEC supply additions are running below their allowed...

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Oil prices steady ahead of OPEC+ meeting

Brent Oil was trading 0.70% Up at $79.53. Oil prices were largely steady on Tuesday as investors expected major producers to agree to stick to their planned output increase at their meeting later in the day amid diminishing concerns over the spread of the Omicron variant of COVID-19. Brent...

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OPEC+ starts two days of talks amid oil price gyrations, Omicron fears

Brent Oil was trading 3.43% up at $73.70. OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid big gyrations in crude prices and uncertainty about the impact of the Omicron coronavirus variant on...

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Global jet fuel demand under pressure from Omicron, border curbs

Brent Oil was trading 2.43% down at $71.70. Global jet fuel markets stayed under pressure on Tuesday as more countries expanded border restrictions to keep the new Omicron coronavirus variant at bay, prompting travellers to reconsider their plans. Jet fuel demand – the biggest laggard in the oil complex...

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Oil rises as investors look past possible reserve releases

Brent Oil was trading 0.74% down at $81.87. Oil prices rose on Friday, after wild swings the day before, on investor concerns that potential coordinated releases by the world’s major economies of their official crude reserves to try to lower prices may have less of an impact than expected....

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Oil prices on track for weekly dip as dollar firms

Brent Oil was trading 0.52% down at $82.41. Oil prices fell on Friday, wiping out gains from the previous session, as the dollar continued to gain on bets the U.S. central bank will bring forward plans to raise rates to tame inflation. U.S. West Texas Intermediate (WTI) crude futures...

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Oil prices steady after falling on signs U.S. may release more reserves

Brent Oil was trading 0.06% down at $82.58. Oil prices were steady on Thursday after falling in the previous session on concerns rising inflation in the United States, spurred by climbing energy costs, may prompt the government to release more strategic crude stockpiles to drive down prices. On Wednesday,...

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Oil rises on surprise U.S. crude stockpile decline

Brent Oil was trading 0.48% up at $85.15. Oil prices rose on Wednesday, extending strong gains in the previous session, after industry data showed U.S Crude stocks unexpectedly fell last week just as near-term travel demand picked up with COVID-19 pandemic curbs easing. Brent crude futures were at $85.22...

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Oil drops more than 1% as U.S. stockpiles sap rally

Brent Oil was trading 1.19% down at $84.64. Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories increased unexpectedly last week in the United States, the world’s largest oil consumer. Brent Oil Futures fell $1.01 cents, or 1.2%, to...

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Oil drops as China considers intervention to ease coal crunch

Brent Oil was trading 0.98% down at $84.25. Oil prices fell on Wednesday after the Chinese government stepped up efforts to tame record high coal prices and ensure coal mines operate at full capacity as Beijing moved to ease a power shortage. Brent Oil futures dropped 73 cents, or...

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