AMERICAN PETROLEUM INSTITUTE
Oil climbs over 1% after slide as US inventory drop, storm support
Oil prices rose over 1% on Wednesday, recovering some losses from the previous day. A drop in U.S. crude inventories and concerns about Hurricane Francine affecting U.S. output countered worries about weak global demand. Brent crude futures increased to $70.29 a barrel, while U.S. crude futures reached $66.86.
Oil prices recover, driven by supply disruption fear from hurricane
Oil prices rose on Wednesday, recovering some losses from the previous day, as Hurricane Francine threatened U.S. output. Brent crude increased by 0.5% to $69.53 a barrel, while U.S. crude futures climbed to $66.10 a barrel. Concerns about weak global demand persist, particularly due to economic slowdowns in China and the United States.
Oil steadies below $70 after demand concerns intensify rout
Oil prices steadied after a sharp selloff drove Brent crude below $70 a barrel for the first time in over two years. Concerns about slowing growth in the US and China, along with robust supplies, have led to a nearly 20% drop this quarter. OPEC+ postponed an output hike amid fears of surplus in 2025.
Oil steady as investors weigh weak demand, potential delay to OPEC+ output hike
Oil prices attempted to stabilize in early trade on Thursday after a sell-off, with Brent crude futures rising slightly. OPEC+ is considering delaying its planned output increase due to weak demand and an end to a dispute halting Libyan exports. U.S. crude oil inventories fell last week, according to API figures.
Oil extends losses on signs of end to Libyan dispute, demand concerns
Oil prices dropped further on Wednesday amid hopes of resolving Libya's political dispute that halted exports and concerns over global demand. Brent crude for November fell to $73.47, while U.S. West Texas Intermediate for October declined to $70.03. Weak economic indicators from China and the U.S. also pressured the market.
Oil prices down on swelling US crude stocks, easing Middle East tensions
Oil prices declined on Wednesday owing to rising U.S. crude inventories and lessened Middle East tensions following mediation efforts. Brent crude fell to $77.11 per barrel, and U.S. West Texas Intermediate to $73.07. Crude stocks increased by 347,000 barrels, while gasoline and distillate stocks saw reductions. Economic issues in China also influenced the market.
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Oil strengthens as fall estimated in US crude inventories
Oil prices increased on Wednesday as U.S. crude and gasoline inventories fell, reflecting higher demand. Brent crude reached $80.99 per barrel, while U.S. West Texas Intermediate climbed to $78.73. API data highlighted shrinking stocks. The situation was further influenced by potential conflicts in the Middle East, which could disrupt global oil supplies.
Oil prices near multi-month lows, edge higher on Mideast tensions
"Whether the reversal in risk asset prices will prove to be a mere bottom-picking before the sell-off continues or investors have taken the time to thoroughly assess the medium-term implications of the US job data is open for debate," said Tamas Varga of oil broker PVM.
Oil edges lower on surprise build in US crude and gasoline stocks
Oil prices decreased in early Asian trading following a short-lived rebound due to unexpected increases in U.S. crude and gasoline inventories. Brent crude futures dropped to $76.27 a barrel, and WTI crude declined to $72.95 a barrel. Tensions in the Middle East and lower production at Libya’s Sharara oilfield have added to global supply concerns.
Oil prices rise as US crude and fuel inventories seen shrinking
U.S. crude inventories fell for four weeks ending July 19, pushing Brent to $81.47 and WTI to $77.38. API confirmed declines; official data pending. Prices previously hit a six-week low due to Israel-Hamas ceasefire talks. Economic concerns in China also persist, marking the first four-week crude decrease since September 2023.
Oil prices fall on predictions of swelling crude inventories, weak demand
Oil prices dropped for the third day in a row due to concerns about increasing supplies and low demand. Market analysts predict a potential surplus next year, affecting Brent prices. Updates on oil inventories are awaited for further clarity.
Oil prices rise on bigger-than-expected drop in US crude stocks
Oil prices rose Thursday with Brent at $85.21 and WTI at $83.16 following a 4.9 million-barrel drop in U.S. crude stocks, exceeding both U.S. Energy Information Administration and American Petroleum Institute data. Rate cuts could come in September as Federal Reserve officials note improved interest rates, modest U.S. economic growth, and a weaker dollar, pending China's policy news.
Oil prices gain 1% on big US storage withdrawal, weaker US dollar
By 10:34 a.m. EDT (1434 GMT), Brent futures increased by 96 cents, or 1.2%, reaching $84.69 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by $1.36, or 1.7%, to $82.12 per barrel. On Tuesday, Brent closed at its lowest level since June 14, and WTI at its lowest since June 21.
Oil prices steady amid falling US inventories, weak dollar
Oil prices rise on Wednesday, a day after benchmark Brent hit a one-month low, as a decline in U.S. oil stockpiles and a weaker dollar overshadowed signs of weakening demand in China.
Oil prices steady as declining US inventories offset slowing China demand
Oil prices steady; Brent at $83.69, WTI at $80.72. China's demand vs. U.S. stockpile drawdown. U.S. crude fell 4.4 million barrels (API), steady retail data, and geopolitical risks limiting declines. Yemen's Houthis attacked a Liberia-flagged tanker (JMIC). Analysts projected stocks to drop by 33,000 barrels. U.S. retail data, stronger dollar, solid economy. China's slowest growth since Q1 2023.
Oil edges lower after industry group reports jump in US stockpiles
Oil prices fell on surprise U.S. stockpile increase, with concerns over weak demand. The U.S. summer driving season and consumer confidence decline contributed to market worries, along with a stronger dollar. Brent crude dropped to $84.82 a barrel.
Oil inches up as war jitters outweigh surprise build in U.S. crude stocks
Oil prices rose on conflict fears in Europe and the Middle East, with unexpected U.S. crude inventory build. Concerns over escalating conflict and supply disruptions led to price increases in the oil market.
Oil prices extend rally on potential U.S. crude purchase for reserve
Oil prices rose on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, supported by expectations of rising fuel demand this summer. Market focus is on the Fed's policy meeting and upcoming reports from OPEC and the International Energy Agency. Analysts expect Brent to rise to $86 a barrel in the third quarter.
Oil slips for sixth consecutive day on big builds in US oil, fuel stocks
Oil prices decline as U.S. stockpiles rise, OPEC+ plans supply boost. EIA's upcoming report on stockpiles awaited for market impact.
Oil prices down on demand woes as markets await U.S crude stockpiles data
Oil prices down on Thursday as markets await U.S. crude oil stockpiles data. Brent futures at $83.52 a barrel, U.S. WIT crude at $79.19. API figures show inventory changes.
Oil rises as major producers expected to keep output cuts in place
Oil prices rose on expectations of production cuts by major producers at a meeting this Sunday as fuel consumption is set to increase with the start of the peak summer demand season.
Oil slips for third day on prospect of US rates staying high
Brent crude futures were down 87 cents, or 1.1%, at $82.01 a barrel, while U.S. West Texas Intermediate crude (WTI) was down 81 cents, or 1%, to $77.85 at 1255 GMT. Both benchmarks settled about 1% lower on Tuesday.
Oil slips for third session on likely 'higher for longer' US rates
U.S. crude oil and gasoline inventories rose last week, while distillates fell, according to market sources citing American Petroleum Institute (API) figures on Tuesday.
Oil prices slide 1% to 11-week low on weaker IEA 2024 demand forecast
Crude prices slid about 1% to an 11-week low on Wednesday after data from the International Energy Agency (IEA) showed oil demand in developed countries likely would flag this year.
Oil prices up on wildfires in Canada, US inventories drawdown expectations
A large wildfire was approaching Fort McMurray, the hub for Canada's oil sands industry with production of around 3.3 million barrels per day, or two-thirds of the country's total output, and thousands in suburbs were told to evacuate.
Asia stocks drift, dollar firm as Fed rate path pondered
MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.19%, weighed down partly by declines from mainland Chinese blue chips. However, Hong Kong's Hang Seng rose 0.52%.
Oil prices edge lower on rising US stockpiles
Brent crude oil futures fell 21 cents, or 0.3%, to $82.95 a barrel by 0020 GMT. U.S. West Texas Intermediate crude futures fell 13 cents, or 0.2%, to $78.25 a barrel.
Oil steady as U.S. crude stock build offsets Middle East uncertainty
Brent crude futures were flat at $89.42 per barrel at 0010 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 2 cents to $85.25.
US lays out plan at COP 28 to slash climate 'super pollutant' from oil and gas
The rules, two years in the making, were announced by U.S. officials at the United Nations COP28 climate change conference in Dubai. The United States and other nations attending the summit were expected to detail how they will achieve a 150-country pledge made two years ago to slash methane emissions by 30% from 2020 levels by 2030.
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