Source: Lucy Nicholson, CNBC Oil prices jumped 2.4% this week after a drone attack by Yemeni Houthi forces on a Saudi oil facility. The attack caused a fire at a gas plant. Meanwhile, OPEC cut its forecast for global oil demand growth by 40,000 barrels per day. The group also predicted that the market …
Source: Nick Cunningham, OilPrice.com Oil prices fell sharply last week. However, rumors that Saudi Arabia will take action to stop prices from falling further was enough to stabilize prices in the short-term. Saudi Arabian energy officials provided no details, but commented that the kingdom is considering “all options” to help bolster oil prices. …
Source: CNBC Escalating trade tensions between the U.S. and China continue to weigh heavily on oil markets. Brent crude prices have lost more than 9% in the past week, and the index currently sits at a 7-month low of around $60 per barrel. However, a Reuters poll shows that U.S. crude inventories are expected …
Source: CNBC Expectations that the U.S. Federal Reserve will soon cut interest rates have bolstered oil prices. Central bankers will begin their two-day meeting today and are expected to cut interest rates for the first time in more than 10 years. Such a move would lower borrowing costs, which would support fuel consumption across …
Source: CNBC Oil companies shut down 74% of U.S. oil production in the Gulf of Mexico and evacuated workers from 280 production platforms ahead of Hurricane Barry. But oil producers began to restore operations as of Monday, July 15. The storm made landfall in Louisiana on Saturday, July 13 and traveled north, eventually reaching …
Source: CNBC OPEC supply cuts outweighed downward pressures on the global economy last week, leading to a rise in oil prices. Oil prices were also helped by reports that are expected to show a drop in U.S. crude inventories. Petroleum Prices Diesel and Gasoline (U.S. Averages) Units Current Price 1 …
Source: Sam Meredith, CNBC Russia and other non-OPEC oil-producing countries announced oil supply cuts today. The move, which will last nine months, is designed to strengthen oil prices as the global economy weakens. OPEC has also agreed to extend production cuts. On Monday, the group announced it will cut oil production through March 2020. …
Source: Sam Meredith, CNBC A rise in tensions between the U.S. and Iran caused a climb in crude prices. The prospect of a military conflict caused Brent crude to jump 5% last week, and West Texas Intermediate benchmark to rise by 10%. Petroleum Prices Diesel and Gasoline (U.S. Averages) Units …
Source: Sam Meredith, CNBC The International Energy Agency has lowered its estimate for global oil demand growth. The agency cited the trade war between the U.S. and China as well as fears of a global recession. Crude futures have fallen more than 15% since the start of April. Petroleum Prices Diesel …
Sam Meredith, CNBC Fears of an economic downturn have started to impact oil consumption. As a result, Brent and U.S. West Texas Intermediate crude futures have fallen almost 20% after reaching their 2019 peaks this spring. “Uncertainty and volatility are set to prevail, and the immediate price outlook remains anything but clear,” said Tamas …
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