Fundamental Development: Oil prices were flat to weaker on Wednesday ahead of a meeting of OPEC+ producers, stabilizing after a drop of 1% in early trade amid fears that a slowdown in global growth would hit fuel demand. Brent crude futures were last down 3 cents, or 0.03%, at $100.51 a barrel. West Texas Intermediate (WTI) crude futures were flat at $94.42 a...
Fundamental Development: Oil prices edged lower on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as major crude producers meet this week to determine whether to increase supply. Brent crude futures dropped 24 cents, or 0.2%, to $99.82 a barrel, while WTI crude futures eased 10 cents, or...
Fundamental Development: Oil prices dropped on Monday, as weak manufacturing data from China and Japan for July weighed on the outlook for demand, while investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments. Brent crude futures were down 82 cents, or 0.8%, at $103.15 a barrel. U.S. West Texas Intermediate...
Fundamental Development: Oil up was on Friday morning in Asia. Investors now focus on the Organization of the Petroleum Exporting Countries and allies (OPEC+)’s meeting next week, where the bloc will decide the oil output. Brent oil futures inched up 0.03% to $101.86 and crude oil WTI futures jumped 0.28% to $96.69. Brent is set to climb nearly 5% for the week in...
Fundamental Development: Oil gained more than $1 a barrel on Thursday, extending gains from the previous session, buoyed by improved risk appetite among investors while lower crude inventories and a rebound in gasoline demand in the United States supported prices. Brent crude futures for September rose $1.20, or 1.1%, to $107.82 a barrel, after gaining $2.22 on...
Fundamental Development: Oil prices held steady on Wednesday as concerns about weaker demand offset industry data that showed a larger-than-expected draw down in U.S. crude stockpiles. Brent crude futures were at $104.35 a barrel, down 5 cents, or 0.05%. U.S. West Texas Intermediate (WTI) crude rose 9 cents, or 0.1%, to $95.07 a barrel. WTI had climbed nearly $1...
EURUSD remains pressured around a one-week low as traders prepared for the Fed’s verdict, likely a 0.75% rate hike and Powell’s aggression. That said, the pair’s clear downside break of the 50-SMA directs the quote toward the multi-year low marked earlier in the month around 0.9950. Given the RSI approaches the oversold territory, the pair’s declines past 0.9950...
Fundamental Development: Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline. Brent crude futures for September settlement rose $1.66, or 1.6%, to $106.81 a barrel, extending a 1.9% gain in the previous day. U.S....
Fundamental Development: Oil prices dropped on Monday, extending a recent losing streak on concerns that an expected rise in U.S. interest rates would weaken fuel demand. Brent crude futures for September settlement had fallen 67 cents, or 0.7%, to $102.53 a barrel, down for a fourth day. U.S. West Texas Intermediate (WTI) crude futures for September delivery slid...
Fundamental Development: Oil prices climbed in Asia trading on Friday, rebounding from previous declines amid supply tightness and geopolitical tensions, even though weakened demand in the United States has cast a shadow on the market this week. Brent crude futures raised $1.61, or 1.6%, to $105.47 a barrel, while U.S. West Texas Intermediate (WTI) crude futures...
Fundamental Development: Oil prices fell on Thursday for a second straight session, as demand concerns outweighed tight global supply after U.S. government data showed tepid gasoline demand during the peak summer driving season. Brent crude futures dropped 77 cents, or 0.7%, to $106.15 a barrel by 0427 GMT after slipping 0.4% in the previous session. U.S. West...
Fundamental Development: Oil prices edged down on Wednesday, pressured by global central bank efforts to tame inflation and ahead of expected builds in U.S. crude inventories as product, demand weakens. Brent crude prices for September fell 37 cents, or 0.3%, to $106.98 a barrel, while U.S. West Texas Intermediate (WTI) crude for August slipped 69 cents, or 0.7%,...
Fundamental Development Oil prices ran out of steam on Tuesday after gaining more than $5 a barrel in the previous session with concerns that surging crude will feed into a demand-killing recession slightly outpacing continued worries about tight supply. Brent crude futures for September settlement fell 43 cents to $105.84 a barrel. The contract rose 5.1% on...
Fundamental Development Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread COVID-19 lockdowns in China again reducing fuel demand. Brent crude futures for September settlement rose 69 cents, or 0.7%, to $101.85 a barrel, after a 2.1% gain on Friday. U.S. West...
Fundamental Development: Oil was down on Wednesday morning in Asia while investors looked toward U.S. inflation data that could weaken the market. Brent oil futures inched down 0.01% to $99.47 and crude oil WTI futures edged down 0.13% to $95.72. Investors now await U.S. Consumer price index (CPI) for more clues on the U.S. Federal Reserve’s monetary policy path,...
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Fundamental Development: Oil was down on Tuesday morning in Asia as demand concerns spurred as China discovered cases of highly infectious BA.5 omicron sub-variant. Brent oil futures retreated 1.56% to $105.43 and crude oil WTI futures fell 1.67% to $102.34. “Growing fears of a recession and continued sluggish demand in China is pulling oil prices lower, though...
Fundamental Development: Oil prices fell on Monday in volatile trade, reversing some gains from the previous session as markets braced for new mass COVID testing in China potentially hitting demand, a worry that outweighed ongoing concerns about tight supply. Brent crude futures fell $1.02, or 1%, to $106.00, after climbing 2.3% on Friday. U.S. West Texas...