WTI crude futures traded around $66 per barrel on Friday, heading for its worst week since October and the longest weekly losing streak since December 2023. Prices came under pressure from the potential fallout of global trade shifts.
While President Donald Trump eased some tariffs on Mexico and Canada until April 2, Canada's retaliatory tariffs remain, and China's measures take effect next week.
Adding to bearish sentiment, OPEC+ plans to revive output in April, coinciding with prospects of a restart of the Kirkuk-Ceyhan pipeline and increased production at Kazakhstan's Tengiz field, fueling oversupply concerns.
Furthermore, Russian President Vladimir Putin signaled interest in a Ukraine peace deal, raising the prospect of sanctions relief and higher Russian oil exports.
Source: Trading Economics
Oil prices continued their rally amid growing concerns that Ukrainian drone attacks could disrupt oil flows through Russia's two most important crude export hubs on the Baltic coast. Brent crude rose...
Oil prices held steady on Friday (September 12th) as concerns about oversupply and weakening U.S. demand offset the risk of supply disruptions stemming from conflicts in the Middle East and Ukraine. ...
Oil held a decline after the International Energy Agency projected an even bigger surplus next year, with the bearish outlook offsetting concerns about geopolitical tensions from the Middle East ...
Oil prices slid about 2% on Thursday on concerns over softening U.S. demand and broad oversupply that offset threats to output from the conflict in the Middle East and the war in Ukraine. Brent crude...
Oil prices fell on Thursday (September 11), pressured by concerns over weakening US demand and a widespread oversupply, offsetting the threat to production from conflicts in the Middle East and Russia...
The Federal Reserve is expected to deliver its first interest-rate cut this year at its September 16-17 meeting, as it moves to counter a cooling labor market even as inflation remains above target. The anticipated quarter-point reduction may not...
The U.S. dollar rose on Friday, a day after falling on a surge in U.S. jobless claims and modest inflation, as investors expected the Federal Reserve to cut interest rates next week after a roughly nine-month hiatus. The greenback rose 0.3% to...
European stocks closed flat on Friday, after data showed the U.K. economic growth stalled in July. The pan-European Stoxx 600 was flat at 0.09% with no broad consensus movement among sectors and major bourses.Data released on Friday morning showed...
The International Monetary Fund on Thursday said the Federal Reserve has scope to lower interest rates because of the weakening U.S. labor market,...
The Federal Reserve is likely to start a series of interest-rate cuts next week and keep going through the end of the year, traders bet on Wednesday...
Producer inflation in the United States, as measured by the change in the Producer Price Index (PPI), fell to 2.6% annually in August from 3.3% in...
Annual inflation in the United States (US), as measured by changes in the Consumer Price Index (CPI), rose to 2.9% in August from 2.7% in July, the...