Oil futures fell on Monday, with WTI hitting an 11-month low, as protests in top importer China over strict COVID-19 curbs fuelled demand concerns. U.S. West Texas Intermediate (WTI) crude slid $1.80, or 2.35%, to $74.71 a barrel. It fell as far as $73.82 earlier -- its lowest since Dec. 27, 2021. Brent crude dropped $1.90, or 2.27%, to trade at $81.85 a barrel, after diving to $81.16 earlier in the session -- its lowest since Jan. 11. Both benchmarks, which hit 10-month lows last week, [Read more]
Global oil market signals short-term weakness ahead of EU ban on Russian oil
The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. After months of strength, crude futures are flirting with lows not seen all year as top oil consumer China enters additional COVID-19 lockdowns while central banks hike interest rates to combat inflation. Front-month global oil prices in the last week have traded weaker than future-dated contracts, while prices for physical crude [Read more]
U.S. natural gas price drop trims weekly gains as milder weather predicted
U.S. natural gas futures fell nearly 4% on Friday on the upcoming expiration of the front-month contract and forecasts for less cold weather over the next two weeks, while solid gains earlier in the week still led the market to its biggest weekly gain in three. Front-month gas futures for December delivery fell 28.4 cents, or 3.9%, to settle at $7.024 per million British thermal units, after prices dropped nearly 7% to a session low of $6.80. "The forecast seems to suggest that even though [Read more]
Oil prices fall 2% as Chinese demand worries linger
NEW YORK (Reuters) -Oil prices fell 2% on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures settled down $1.71, or 2%, to trade at $83.63 a barrel, having retraced some earlier gains. U.S. West Texas Intermediate (WTI) crude futures were down $1.66, or 2.1%, at $76.28 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday and trading volumes [Read more]
U.S. natgas drops on milder forecasts; still set for best week in four
U.S. natural gas futures slipped nearly 2% on Friday on the coming expiration of the front-month contract and forecasts for less cold weather over the next two weeks than previously expected, while solid gains earlier in the week still set the market on course for its biggest weekly gain in four. Front-month gas futures for December delivery on the NYMEX were down 13.4 cents, or 1.8%, to $7.174 per million British thermal units (mmBtu) at 10:23 a.m. EST (1523 GMT). "The forecast seems to [Read more]
Oil up amid wrangling over Russian oil price cap
Oil prices rose in Asia on Friday, despite thin market liquidity, after a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. U.S. West Texas Intermediate (WTI) crude futures climbed 39 cents, or 0.50%, from Wednesday's close to $78.35 a barrel. There was no WTI settlement on Thursday due to the U.S. Thanksgiving holiday. Brent crude futures rose by 46 cents, or 0.54%, to trade at $85.48 a barrel. Both contracts were still headed for their [Read more]
Alberta forecasts $12.3 billion budget surplus
Canada's main oil-producing province Alberta on Thursday forecast a $12.3 billion budget surplus for the 2022/23 fiscal year, but warned economic risks are increasing as high inflation, rising interest rates and geopolitical unrest slow global activity. The estimated surplus is less than the $13.2 billion surplus forecast in August, due to weakening global oil prices, but still marks a dramatic turnaround from recent years when Alberta posted sustained deficits. Alberta's financial health [Read more]
Oil muted as price cap proposal eases supply concerns
Nov 24 (Reuters) - 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 it would limit supply. A bigger-than-expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Brent crude futures were down 29 cents, or 0.3%, to $85.12 a barrel by 15.15 p.m. [Read more]
Biden says Russian oil price cap in play
U.S. President Joe Biden said on Thursday that price caps on Russian oil being proposed under the Group of Seven nations (G7) scheme were in play, adding that he had spoken to Treasury Secretary Janet Yellen on the issue. "Yes, it's in play," Biden told reporters during a Thanksgiving holiday visit to a fire station on Nantucket Island. European Union governments were set to resume talks on Thursday evening or Friday after failing to reach a deal on Wednesday on the level to cap prices for [Read more]
Oil steady while Russian price cap proposal eases tight supply fears
Oil prices were steady on Thursday, hovering around two-month lows, as the proposed price cap on Russian oil from Group of Seven (G7) nations was considered higher than the current trading levels, alleviating concerns over tight supply. A greater-than-expected build in U.S. gasoline inventories and widening COVID controls in China added to downward pressure. U.S. West Texas Intermediate (WTI) crude futures rose slightly by 28 cents, or 0.36%, to $77.69 a barrel. Brent crude futures rose [Read more]
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