Oil prices settled lower on Wednesday after U.S. crude and gasoline stocks rose by more than expected last week, but losses were capped by worries about the intensifying war between major oil producer Russia and Ukraine.
Brent crude futures for January settled down 50 cents, or 0.68%, at $72.81. U.S. West Texas Intermediate crude futures for December expired on Wednesday, and settled down 52 cents, or 0.75%, at $68.87, while the more active WTI contract for January settled down 49 cents, or 0.71% at $68.75.
U.S. crude and gasoline stocks rose by more than expected last week, according to data from the Energy Information Administration, which weighed on prices.
Further boosting supply, Norway's Equinor said it had restored full output capacity at the Johan Sverdrup oilfield in the North Sea following a power outage.
Weak demand in the world's largest crude importer continued, with Chinese stimulus announcements failing to boost oil demand growth in the near-term, Macquarie energy strategists said in a note.
The conflict between Russia and Ukraine and concern around future oil supply disruptions helped keep a floor under prices.
Source : Reuters
Oil prices rose again after OPEC+ confirmed plans to temporarily halt production increases during the first quarter. This Saudi Arabia-led decision is considered a response to seasonally weaker market...
Crude oil futures fell slightly on Friday (November 28th) as investors weighed the geopolitical risk premium on oil amid protracted Russia-Ukraine peace talks, while keeping an eye on Sunday's OPEC+ m...
Brent crude oil futures were flat on Friday (November 28th), while U.S. crude prices edged higher as protracted Russia-Ukraine peace talks kept geopolitical risks high, and traders continued to monito...
Brent crude oil futures inched up on Friday as drawn-out Russia-Ukraine peace talks kept geopolitical risks elevated, while traders kept one eye on the outcome of an OPEC+ meeting on Sunday for clues ...
Global oil prices are still trending lower and are now heading for their longest monthly decline in more than two years. West Texas Intermediate (WTI) is hovering around $59 per barrel, slightly above...
Japanese stocks closed lower on Monday (December 1), led by the chip and real estate sectors, as expectations of an interest rate hike by the Bank of Japan (BOJ) grew stronger. Kioxia Holdings fell 5.6% and Mitsui Fudosan fell 3.7%, while the...
Gold prices climbed again, hitting a six-week high on Monday, December 1, driven by a weakening US dollar and growing investor appetite for safe-haven assets. Spot gold hit $4,240 per ounce, while December gold futures reached $4,276. Silver was...
The Japanese yen (JPY) continued to strengthen throughout the Asian session on Monday (December 1st) after Bank of Japan Governor Kazuo Ueda again signaled that an interest rate hike could be imminent. These hawkish comments sent Japanese...
Trading on the Chicago Mercantile Exchange (CME) was halted on Friday (November 28th) following a cooling issue at one of its data centers.
"Due to...
Conflicting signals from the Federal Reserve on the timing and magnitude of U.S. interest rate cuts have accelerated hedging flows into swaptions...
European stocks ended Friday in positive territory as investors digested the end of a choppy month.
The pan-European Stoxx 600 closed the session...
Both the STOXX 50 and the STOXX 600 hovered around the flatline on the final trading day of a volatile November, as the recent rally in global...