Oil headed for a third weekly loss after a slew of signs pointing to an oversupply, including a forecast from the International Energy Agency for a record surplus next year.
West Texas Intermediate steadied below $59 a barrel, down by more than 1% this week, while Brent closed near $63. On Thursday, the IEA again raised its estimates for a glut as OPEC+ continues to revive supplies and demand growth remains subdued. The day before, the producer group said that global crude output had topped demand in the third quarter, revising its view from a shortfall.
Offsetting some of the market's headwinds is the risk to supplies from US sanctions against Russian producers Rosneft PJSC and Lukoil PJSC. With days to go until the curbs fully kick in, the trading business of Lukoil has began shedding staff, and Reuters reported that Carlyle Group Inc. was in the early stages of exploring options to buy its overseas assets.
To get Bloomberg's Energy Daily newsletter in your inbox, click here.
Prices:
WTI for December delivery added 0.3% to $58.87 a barrel at 7:23 a.m. in Singapore.
Brent for January settlement closed 0.5% higher at $63.01 a barrel on Thursday
Source: Bloomberg
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one ...
Oil prices rose on Wednesday (February 11th), supported by a combination of geopolitical risk premiums from US-Iran tensions and more solid Asian demand signals particularly from India which helped ea...
Oil remained in the green zone on Tuesday (February 10th), as the market refused to abandon the Middle East risk premium. As of 13:07 GMT (20:07 WIB), Brent rose +0.4% to $69.32/barrel, while WTI rose...
Oil prices fell about 1% on Monday as concerns about conflict in the Middle East eased slightly. The market calmed after the US and Iran agreed to resume talks on Tehran's nuclear program, reducing fe...
Oil prices moved slightly higher in a volatile session on Friday, as investors assessed the direction of nuclear negotiations between the United States and Iran. Price movements appeared sensitive to ...
Oil prices stabilized on Thursday (February 12th), as the market reassigned a risk premium to US-Iran tensions despite US inventory data showing swelling domestic supplies. This movement confirms one thing: geopolitical headlines are still more...
Gold prices weakened slightly on Thursday (February 12th), as more solid US employment data reduced market confidence in an imminent Federal Reserve interest rate cut. The strong employment data prompted market participants to shift expectations of...
The Hang Seng Index reversed its downward trend in Hong Kong on Thursday (February 12th), weakening by around 0.9% to around 27,000 after a strong session earlier. This decline halted the momentum of the short term rally, as investors began to...