All articles tagged with #crude stockpiles
Oil prices rose slightly as investors awaited the outcome of an OPEC+ meeting, where the group is expected to extend production cuts to support the market. The decision comes amid Middle East tensions and a larger-than-expected draw in U.S. crude stockpiles. Analysts suggest the market may rise by year-end due to expectations of a U.S. economic recovery and ongoing geopolitical issues.
Oil prices held steady as investors awaited news on Gaza ceasefire talks and monitored U.S. diplomat Antony Blinken's Middle East trip, with concerns about supply disruptions from the region. Expectations of higher interest rates and China's struggling economy limited price gains, while concerns about layoffs and declining long-term demand also weighed on the market. Additionally, industry data on U.S. crude stockpiles is awaited, with analysts estimating a rise in inventories.
Oil prices rose by $2 as the US tightened sanctions on Russian crude exports, raising concerns about supply in an already tight market. The Organization of the Petroleum Exporting Countries (OPEC) also forecasted a decline in global crude stockpiles this quarter. Despite fluctuations throughout the week, both Brent and WTI crude were set for weekly gains. The market remains concerned about potential supply constraints from the Middle East and Russia.