All articles tagged with #brent
Oil prices edged higher mid-day as traders priced in Middle East risk from renewed Iran unrest and policy uncertainty in Washington, including tariff talk and Fed remarks. WTI hovered around $61.10 per barrel and Brent near $65.41, up about 2–3% on the day, with no confirmed supply disruptions and the move driven by risk premia rather than a single shock.
Oil prices rebounded from four-month lows, rising over 1% after a selloff triggered by OPEC+'s decision to increase production. Despite the selloff, analysts suggest the market is oversold and could rally before potentially declining again. U.S. crude and Brent prices closed higher, with OPEC+ production increases not set to begin until October. Rising U.S. oil inventories also impacted prices.
Crude oil futures rebounded from three-month lows on Friday but still ended the week with losses, as U.S. crude and Brent settled down 2.9% and 2.2% respectively. Despite the summer driving season starting, macroeconomic factors and overproduction by Russia have pressured prices. OPEC+ will review production policy in a virtual meeting on June 2, with expectations to maintain the current production ceiling.
Oil prices surged after reports of explosions in Iran, Syria, and Iraq, following a strike by Israel against Iran, raising concerns about a potential wider regional conflict that could threaten crude supplies. Global benchmark Brent briefly topped $90 a barrel before paring gains, while nuclear facilities in the targeted city of Isfahan were reported to be safe.
Oil prices continue to rise, with Brent nearing $91 a barrel, driven by escalating tensions in the Middle East following a strike on an Iranian diplomatic compound in Syria and fears of wider regional conflict. Geopolitical tensions in the Middle East and Ukraine, OPEC+ supply restrictions, and healthy demand have contributed to a 18% surge in crude prices this year. Cease-fire talks between Israel and Hamas remain deadlocked, while OPEC+ has chosen to maintain supply cuts, further tightening global markets and bolstering the case for higher prices. Some market analysts predict the potential for Brent to rally to $100 a barrel this year.
Oil prices experienced a decline, ending a nine-day winning streak of daily gains.
WTI crude oil rises by $2.36 to $87.88, while Brent surpasses $91 for the first time since November 2022. The market is experiencing fundamental buying due to a higher consumption of oil than production. Goldman Sachs suggests that OPEC+ may maintain cuts for longer, leading to lower supply. The backwardation in the market indicates buyers pulling crude from inventories, signaling a bullish market.
Crude oil markets, including WTI and Brent, have experienced significant falls, with WTI heading towards the $82 level and Brent threatening to reach $85. However, both markets have strong support from the 200-Day EMA, suggesting potential buying opportunities. The possibility of OPEC members cutting back on production continues to be a bullish factor for crude oil, and if the US dollar weakens, it could further strengthen crude oil prices.
Oil traders and analysts are anticipating a rise in energy prices due to the conflict in Russia, which could potentially hamper oil supply to global markets. Traders are planning to increase bets on the price of oil going up, with the most actively traded contact for global crude benchmark Brent settling at $74.01 a barrel on Friday after a volatile week of price swings.
Goldman Sachs has lowered its year-end price target on Brent and West Texas Intermediate (WTI) due to significant supply beats from Iran and Russia, which have driven speculative positioning to near record-lows. The firm now predicts Brent will cost $86 per barrel, down from a prior forecast of $95, while WTI is predicted to cost $81 per barrel, compared to the previous prediction of $89. However, the analysts are more bullish on crude going into next year, with a forecast that rising emerging market demand, slowing US supply, and OPEC cuts will lift Brent to $93/bbl by May 2024.
Oil markets have seen a sharp decline in prices with both Brent and WTI crude sliding over $3 per barrel after Goldman Sachs lowered its Brent forecast for December to $86 a barrel. The markets remain on edge ahead of a crucial Fed decision on interest rates on Wednesday, which has led to a stronger dollar, making dollar-denominated commodities more expensive and weighing on oil and commodity prices. The bearishness in the oil market is due to increasing supply from Russia, Iran, and Venezuela, growing recession fears, and persistent headwinds to higher prices from higher interest rates.
Oil prices have fallen due to concerns that the U.S. debt-ceiling deal may not hold. The prices have dropped by 10% since the beginning of the year.
Oil prices are set for their longest weekly losing streak since November 2021, with both WTI and Brent down early on Friday morning. Another build in US inventories, fears of a debt default, and China's patchy economic recovery continue to drive bearish sentiment. Despite signals that the US could begin buying crude soon to fill the Strategic Petroleum Reserve, concerns about oil demand in the near future outweighed any positive news.
Crude oil inventories in the US rose by 377,000 barrels, while SPR inventory dropped for the second week in a row, losing 1.6 million barrels. US crude oil production remained unchanged at 12.2 million bpd. The price of WTI and Brent crude traded up on the day, with WTI trading at $81.48 per barrel and Brent crude trading at $85.55 per barrel. Gasoline inventories rose by 450,000 barrels, while distillate inventories fell by 1.98 million barrels.