Oil Price Archives — City Business News

October 3, 2023 No Responses

OPEC Chief Warns Of Prolonged High Prices

The price of oil will continue to stay elevated as demand for energy increases, says the secretary general of Opec+. Opec+ is a group of 23 oil-exporting countries which decides how much crude oil to sell on the world market....

September 29, 2023 No Responses

Oil Prices Fall As Russia, Saudi Arabia Boost Supply

Oil prices fell in early trade on Friday after a recent rally, as profit-taking and expectations of supply increases by Russia and Saudi Arabia outweighed forecasts of positive demand from China during its Golden Week holiday. Reuters report that Brent.....

September 19, 2023 No Responses

Oil Prices Rise On Supply Deficit Concerns

Oil prices rose on Tuesday for the fourth consecutive session, as weak shale output in the U.S. spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia. Reuters report that U.S. West Texas...

August 14, 2023 No Responses

Oil Prices Drop Amid Concerns Over China’s Economy

Oil prices eased on Monday as concerns about China’s faltering economic recovery and a stronger dollar weighed against seven weeks of gains on tightening supply from OPEC+ output cuts. Reuters report that Brent crude futures fell 73 cents, or 0.84%,...

June 5, 2023 No Responses

Oil Prices Rise As Saudi Arabia Pledges Output Cuts

The prices of oil rallied at the start of trading on Monday morning after Saudi Arabia pledged more output cuts and the 23-member Opec+ alliance extended its production agreement into 2024. Brent, the benchmark for two thirds of the world’s oil,...

June 1, 2023 No Responses

Oil Prices Dip Amid Weak Chinese Demand

Oil prices dipped in early trade on Thursday for the third straight session after data showed an unexpected, large build in U.S. crude stocks, triggering fears of an oversupply amid signs of weaker Chinese demand. Reuters report that Brent crude...

February 3, 2023 No Responses

Price Cap On Russian Refined Fuels To Disrupt Trade

The European Union’s ban on imports of Russian refined oil products, including diesel and jet fuel, will disrupt global flows once it takes effect on Sunday and could hurt Moscow more than an embargo on crude oil. Although Western sanctions...

December 10, 2022 No Responses

Oil Bounces On Pipeline Shutdown

Oil prices bounced on Friday as closure of a major Canada-to-U.S. crude pipeline disrupted supplies, but both benchmarks were headed for a weekly loss on worries over slowing global demand growth. Brent crude futures were at $76.70 a barrel, up...

November 25, 2022 No Responses

Oil Muted As Price Cap Proposal Eases Supply Concerns

Benchmark Brent oil edged lower on Thursday while West Texas Intermediate (WTI) crude held steady, hovering in sight of two-month lows as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much...

September 16, 2022 No Responses

Oil Dips On Weak Demand Fear, Strong Dollar

Oil prices drifted lower on Thursday as weak demand concerns over a large build in the crude inventory in the United States plus a strong dollar overtook potential supply disruption as the centre of focus, Reuters reported. The main Brent...

August 31, 2022 No Responses

Oil Slides More Than $7 On Inflation, Iraq Exports

Oil prices fell more than $7 a barrel on Tuesday, the steepest decline in about a month, on fears that an inflation-induced weakening of global economies would soften fuel demand and as unrest in Iraq has failed to put a dent...

August 25, 2022 No Responses

Oil Prices Rise On Possible OPEC Supply Cuts

Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery. Brent crude rose 59 cents, or 0.6%, to $101.81...

August 16, 2022 No Responses

Oil Prices Tumble As China Economy Stutters

Oil prices slumped nearly five percent Monday on data showing China’s economic recovery stuttering under Covid-19 restrictions and a slumping property sector. Stock markets mostly steadied and the dollar traded mixed as investors welcome signs of cooling US ...