Crude oil futures rose toward $71 per barrel, reaching a near one-month high as Middle East tensions escalated. Irans missile attack on Israel sparked concerns over potential disruptions in oil supply from the region, which accounts for a third of global production. Despite the tension, EIA data showed a 3.89 million barrel increase in U.S. crude inventories and weak gasoline demand. OPEC+ plans to restore some halted capacity starting in December, further easing concerns. MCX October delivery oil futures were up by Rs 57, trading near Rs 6000.
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तूफान फ्रांसिन के बाद आपूर्ति संबंधी चिंताओं के कारण कच्चे तेल की कीमतों में उछाल
कच्चे तेल की कीमतों (Crude Oil Prices) में वृद्धि हुई क्योंकि बाजार का ध्यान तूफान फ्रांसिन के बाद आपूर्ति संबंधी चिंताओं और अमेरिकी कच्चे तेल के भंडार में अपेक्षित कमी पर केंद्रित था।
Ganesh Chaturthi 2024: Crude oil plunges on demand-supply imbalance in 2024, Brent down 20% in 12 months; OPEC+ in focus
Crude oil has plunged around 20 per cent in the last year due to an oversupply from non-OPEC member countries, even as OPEC+ aims to keep markets stable.
OPEC+ to pause planned October oil output hike of 180,000 bpd for two months after crude crashes to 14-month low
OPEC+ to pause planned October oil output hike of 180,000 bpd for two months after crude crashes to 14-month low.
Crude Oil crashes 5% to hit nine-month low on reports of Libya dispute resolution; Brent slips below $74, erases 2024 gains
International crude oil prices crashed five per cent on Tuesday, September 3, to hit their lowest levels in nine months after reports emerged that a deal was in the offing to resolve a dispute that has halted Libyan production and exports. The Libya news compounded an earlier price fall tied to weak Chinese economic data.
WTI Crude Approaches 7-Month Low
WTI crude oil futures fell below the $72.2 per barrel mark on Tuesday, the lowest since touching a seven-month low of $71.9 in August as muted demand magnified the impact of relatively ample supply. New data from China exacerbated concerns that economic growth from one of the world’s largest oil consumers is unlikely to bounce back this year, with key gauges of domestic factory demand dropping more than expected in August.
Crude Oil sits 2% lower after China data fuels demand concerns amid US Fed rate cut hopes; Brent slips below $80/bbl
Global crude oil prices settled down nearly two per cent in the previous session, with Brent crude below $80 a barrel, as investors tempered expectations of demand growth from top oil importer China. Crude oil prices were little changed on the week after Wall Street lifted US Fed’s interest rate cut bets.
China’s crude oil reserves fell significantly in July 2024
The International Energy Agency (IEA) has revised its forecast for crude oil demand slightly downwards this year. This was due to a significant slowdown in demand in the second quarter, particularly in the emerging economies, where the annual increase was the lowest since 2020, which was impacted by the COVID-19 pandemic, Commerzbank’s Commodity Analyst Carsten Fritsch notes.
Crude oil prices jump due to sharp drop in reserves
Crude Oil Forecast for Today, 08 August 2024: Oil prices rose for a third day after a significant drop in US crude oil reserves. Brent and WTI futures saw marginal gains. An unexpected drop in US crude oil reserves and potential supply risks in the Middle East also fueled the surge in prices. In addition, Libya announced production cuts due to protests, which increased market volatility.
Crude Oil Rises on Risk of Broadening Middle East Conflict
Crude Oil prices: rose in early Asian trading on Thursday, extending strong gains in the previous session after the killing of a Hamas leader in Iran raised the threat of a wider Middle East conflict and on signs of strong oil demand in the U.S.