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.
OPEC
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.
Brent Crude Oil Falls to 8-Month Low
Brent crude futures fell to below the $75.9 per barrel mark on Tuesday, the lowest since mid-December 2023, as expectations of muted demand magnified the impact of relatively ample supply. A batch of 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.
Crude oil prices fall on concerns over Chinese Demand
Crude oil prices fell on Tuesday as concerns about a slowdown in China’s economy hurt demand, although a growing consensus that the U.S. Federal Reserve will start cutting its key interest rates as soon as September limited the declines.
सऊदी अरब, रूस आगे भी जारी रखेंगे क्रूड उत्पादन में कटौती
Crude Oil Jackpot Call Update: कच्चे तेल की कीमतों (Crude Oil Prices) में एक बार फिर उबाल है, ब्रेंट क्रूड नंवबर के बाद से पहली बार 90 डॉलर प्रति बैरल को पार कर गया है. कच्चे तेल में आई तेजी के पीछे वजह है OPEC+ देशों का उत्पादन कटौती को लेकर किया गया ऐलान.