Oil prices rose Tuesday as traders digested the latest monthly IEA report while ongoing tensions in the Middle East provided support.
At 06:15 ET (10:15 GMT), Brent oil futures for August rose 1.7% to $74.48 a barrel, while West Texas Intermediate crude futures gained 1.7% to $71.44 a barrel.
Both contracts have seen volatile trading Tuesday, rising more than 2% earlier in the trading session but also notching declines.
Global oil demand will keep growing until around the end of this decade despite peaking in top importer China in 2027, as cheaper gasoline and slower electric vehicle adoption in the United States support consumption, the International Energy Agency said on Tuesday.
Oil demand will peak at 105.6 million barrels per day (bpd) by 2029 and then fall slightly in 2030, a table in the Paris-based IEA's annual report shows. At the same time, global production capacity is forecast to rise by more than 5 million bpd to 114.7 million bpd by 2030.
"Based on the fundamentals, oil markets look set to be well-supplied in the years ahead," said IEA Executive Director Fatih Birol in a statement. "But recent events sharply highlight the significant geopolitical risks to oil supply security," Birol said.
Source : Investing.com
Oil steadied after posting two weekly declines, as traders weighed concerns about a looming global glut and the fallout from US sanctions against Russian producers at the start of a data-heavy we...
Crude prices recovered from a midday dip on Friday on hopes Hungary can use Russian crude oil as U.S. President Donald Trump met Hungary's Prime Minister Viktor Orban at the White House. Brent crude ...
Oil prices rose on Friday (November 7th), but remained on track for a second straight weekly loss after three days of declines on oversupply concerns and slowing US demand. Brent crude rose 60 cents,...
Oil prices edged higher but remained on track for a second weekly decline. West Texas Intermediate (WTI) briefly approached $60 per barrel, while Brent held steady around $63 on Thursday. However, bot...
Oil prices declined on Thursday as investors considered a potential supply glut, as well as weakened demand in the United States, the world's largest oil consumer. Brent crude futures settled down 14...
Japanese stocks are higher thanks to a weaker yen and hopes for domestic earnings growth. Tech and energy stocks are leading gains. NEC is up 2.7% and Inpex is 2.3% higher. Meanwhile, Honda Motor is down 3.8% after it cuts its fiscal-year earnings...
China has begun designing a new rare earth licensing regime that could speed up shipments, but it is unlikely to amount to a complete rollback of restrictions as hoped by Washington, industry insiders said. The Ministry of Commerce told some rare...
Gold edges higher in early Asian trade amid signs of U.S. economic weakness which typically enhance the safe-haven allure of the precious metal. The University of Michigan survey's headline index fell to 50.3 in November, from 53.6 last month,...
European stocks fell on Friday as investors digested more quarterly earnings, but weekly losses were inevitable, with concerns regarding overheated...
Two weeks before the US Federal Reserve's final meeting, with the federal government's data taps closed, Atlanta Fed staff bolstered their economic...
US stocks rebounded from early losses to close mostly higher on Friday amid hopes that Congress members were making progress toward ending the...
European markets opened higher on Friday (November 7th), recovering some of the previous session's losses amid concerns about an AI bubble. The...