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Oil climbs, fuelled by tighter supplies, China stimulus

Saturday, 22 July 2023 01:48 WIB | Oil

Oil prices rose on Friday, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China. Brent futures were up $1.02 at $80.66 a barrel by 1134 GMT, while U.S. West Texas Intermediate (WTI) crude climbed $1 to $76.65 a barrel. "The supply deficit that had been looming...

Oil steady on lower U.S. crude stocks, cautious demand outlook

Thursday, 20 July 2023 21:42 WIB | Oil

Oil prices were little changed on Thursday as a lower-than-expected drop in U.S. crude inventories and a potentially weaker demand outlook kept investors cautious. September Brent futures climbed 6 cents, or 0.1%, at $79.52 a barrel by 0645 GMT, while August U.S. West Texas Intermediate (WTI)...

Oil prices up on China economic support pledge, tighter supply

Thursday, 20 July 2023 00:29 WIB | Oil

Global oil prices rose on Wednesday, boosted by Chinaâ€™s pledge to support economic growth, tighter supply from Russia and on lower weekly U.S. crude oil inventories. Brent futures rose 40 cents, or 0.5%, to $80.06 a barrel, while U.S. West Texas Intermediate crude was up 23 cents, or 0.3%, to...

Oil Steadies as US Inflation Eases and IEA Sees Record Demand

Friday, 14 July 2023 02:42 WIB | Oil

Oil steadied near the highest since April as softening US inflation prompted optimism the Federal Reserveâ€™s rate-hiking cycle may be nearing an end, improving the demand outlook. Global benchmark Brent held near $80 a barrel after trading above that level on Wednesday for the first...

Oil prices hold their ground ahead of inflation, supply data

Thursday, 13 July 2023 01:52 WIB | Oil

Crude oil prices were treading water early Wednesday after an overnight bump faded ahead of an update on U.S. inventories, as well as the U.S. June inflation report that could impact markets more broadly. West Texas Intermediate crude for August delivery gained 11 cents, or 0.1%, to $74.95 per...

Oil edges up on supply cuts, demand hopes

Tuesday, 11 July 2023 22:32 WIB | Oil

Oil prices edged higher on Tuesday supported by supply cuts by the world's biggest oil exporters and continued hopes for higher demand in the developing world in the second half of 2023. Brent crude futures were up 46 cents, or 0.6%, to $78.15 a barrel by 0802 GMT, and U.S. West Texas...

Oil Set for Second Weekly Gain After OPEC+ Leaders Pledge Cuts

Friday, 7 July 2023 15:19 WIB | Oil

Oil headed for a second weekly gain after OPEC+ leaders Saudi Arabia and Russia tightened supplies and US crude stockpiles fell. West Texas Intermediate was steady below $72 a barrel, on course for a weekly advance of nearly 2%. The US crude benchmark is set for the first back-to-back...

Oil Holds Gain as Traders Turn Focus to Decline in Inventories

Thursday, 6 July 2023 19:11 WIB | Oil

Oil steadied as traders assessed the impact of the latest round of supply cuts from OPEC+ and a US industry report that pointed to another drawdown in nationwide commercial inventories. West Texas Intermediate traded just below $72 a barrel, after rising by almost 3% over the previous...

Oil Edges Higher as Traders Turn Focus to Decline in Inventories

Thursday, 6 July 2023 14:14 WIB | Energy

Oil edged higher as traders assessed the impact of the latest round of supply cuts from OPEC+ and a US industry report that pointed to another drawdown in nationwide commercial inventories. West Texas Intermediate climbed toward $72 a barrel, after rising by almost 3% over the previous...

Oil Edges Higher After Saudi Arabia and Russia Curb Supplies

Tuesday, 4 July 2023 14:20 WIB | Oil

Oil rose modestly as traders assessed the latest salvo from OPEC+ kingpins Saudi Arabia and Russia to prop up prices by curbing supply. West Texas Intermediate edged above $70 a barrel, clawing back some of the 1.2% loss in the previous session even as the cuts were announced. Saudi...

Oil falls as demand concerns offset supply cuts

Saturday, 17 June 2023 00:13 WIB | Energy

Oil slipped on Friday as a weaker economic outlook and the prospect of further interest rate hikes dogged sentiment, outweighing a tighter market in the second half of the year owing to higher Chinese demand and OPEC+ supply cuts. The Bank of England is set to raise interest rates by a quarter of...

Brent Oil Extends Drop Below $75 as Demand Concerns Escalate

Wednesday, 3 May 2023 22:03 WIB | Energy

Oil fell below $75 a barrel for the first time since March, extending a 5% drop on Tuesday as the prospect of a US recession weighed on the outlook for demand and investors shunned riskier assets. Brent declined as much as 1.3% after closing at the lowest in more than five weeks. Crude fell along...

Oil Ends Higher at End of Volatile Trading Week

Saturday, 29 April 2023 08:38 WIB | Energy

Oil prices took a roller coaster ride this week, with WTI crude finishing the day 2.7% higher at $76.78, the largest one-day gain in nearly four weeks. This comes after prices fell by 3.6% Wednesday, the largest one-day decline in six weeks. The reason for the volatility may have been technical...

Oil prices ease as investors weigh China demand, rate hikes

Tuesday, 25 April 2023 14:39 WIB | Energy

Oil prices slipped in early trade on Tuesday, paring gains from the previous session, as investors weighed strong holiday travel in China that could boost fuel demand with the prospect of rising interest rates elsewhere slowing economic growth. Brent crude fell 7 cents to $82.66 a barrel at 0013...

Oil prices stable as economic fears balance OPEC+ cuts, U.S. stock draw

Wednesday, 5 April 2023 21:56 WIB | Energy

Oil prices were stable on Wednesday, as the market weighed gloomy economic prospects against expectations of U.S. crude inventory declines and OPEC's voluntary output cuts announcement. Brent crude futures gained 22 cents, or 0.26%, to $85.16 a barrel by 0747 GMT. West Texas Intermediate U.S....

Oil prices rise on Fed liquidity support, Credit Suisse deal

Monday, 20 March 2023 16:04 WIB | Energy

Oil prices rose on Monday, recouping some recent losses as the Federal Reserve and other major central banks announced new liquidity measures to stabilize financial markets, while a takeover of beleaguered Swiss lender Credit Suisse helped ease fears of a banking crisis. Crude markets were still...

Oil up on possible Russia cuts; inventories remain high

Friday, 24 February 2023 21:59 WIB | Energy

Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States. Brent crude futures rose 66 cents, or 0.8%, to $82.87 per barrel by 0715 GMT. West Texas Intermediate crude futures (WTI) rose 62 cents, or 0.8%,...

Oil edges up as market weighs economy, awaits inventory data

Thursday, 23 February 2023 22:20 WIB | Energy

Oil prices edged up on Thursday, after Brent crude posted its biggest single-day loss in seven weeks the day before, as market players reassessed prospects for supply and demand. Investors in energy markets are weighing the prospects for China's reviving demand against tepid consumption in the...

Crude oil rises on heighten political tensions, supply concerns

Monday, 20 February 2023 23:48 WIB | Energy

Oil prices traded higher Monday, recouping some of last weekâ€™s heavy losses on heightened geopolitical tensions and concerns over the future supply outlook. By 04:30 ET (09:30 GMT), U.S. crude futures traded 0.9% higher at $77.23 a barrel, while the Brent contract rose 1% to $83.81 a...

Oil prices drop as U.S. inventories jump fuels demand worries

Wednesday, 15 February 2023 18:40 WIB | Energy

Oil prices extends losses on Wednesday as a much bigger-than-expected surge in the U.S. crude inventories and expectations of further interest rate hikes sparked concerns over the prospect of weaker fuel demand and economic recession. Brent crude futures slid 72 cents, or 0.8%, to $84.86 per...

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