Oil steadied as investors weighed the prospect for softening demand after Saudi Arabia cut pricing for most of its grades.
West Texas Intermediate traded above $62 a barrel after climbing 0.6% in the previous session. Brent closed near $66. State producer Saudi Aramco will trim the price for all its crude for buyers in Asia next month, following a decision by OPEC+ to continue adding idled barrels to the market in October.
Aramco reduced the price for its flagship Arab Light crude to Asia more than expected, potentially sending a bearish signal, according to traders dealing oil in the region. The market is facing an oversupply toward the end of the year and into 2026, which will likely put downward pressure on prices.
The Organization of the Petroleum Exporting Countries and its partners decided to return 137,000 barrels a day in October, a smaller increment than scheduled for the previous two months, highlighting some caution in the outlook.
Source: Bloomberg
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease ...
Oil prices rose on Tuesday, supported by a combination of supply disruptions from Kazakhstan, improved global economic growth projections, and a weakening US dollar, making dollar-denominated oil chea...
Oil traded in a tight range on Thursday after two straight sessions of losses, as markets digested a sharper US push to shape Venezuela's crude flows—alongside fresh tanker seizures tied to sanctions....
Oil prices edged higher as the market digested the United States' latest moves regarding Venezuela. WTI held steady at US$56/barrel after a sharp drop, while Brent remained below US$60/barrel. This s...
Brent crude prices sank in volatile trading on Wednesday after U.S. President Donald Trump said Venezuela will supply tens of millions of barrels of oil to Washington. Oil prices were nursing losses ...
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer...
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease geopolitical tensions and improve market...
The Nikkei 225 Index climbed 1.73% to close at 53,689, while the broader Topix Index rose 0.74% to 3,616 on Thursday, snapping a five-day losing streak as Japanese shares were lifted by a strong rally in chip and artificial intelligence related...