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Oil Ticks Higher as China Takes Steps to Revive Ailing Economy

Tuesday, 11 July 2023 17:52 WIB | Oil

Oil edged higher as investors weighed the outlook for demand following some measures by China to support its ailing property market. West Texas Intermediate traded above $73 a barrel after closing 1.2% lower in the previous session, the most in a week. Authorities stepped up pressure on...

Oil Steadies as China Takes Measures to Revive Ailing Economy

Tuesday, 11 July 2023 14:04 WIB | Oil

Oil steadied after falling the most in a week on Monday as Chinese measures to aid its property market improved the demand outlook. West Texas Intermediate traded above $73 a barrel after closing 1.2% lower in the previous session. Chinese regulators stepped up pressure on financial...

Oil Edges Lower After Capping Best Weekly Gain Since Early April

Monday, 10 July 2023 18:06 WIB | Oil

Oil dipped after the biggest weekly gain since early April as investors juggled signs of tightening supply and persistent demand concerns. Brent futures traded near $78 a barrel after closing 4.8% higher last week following a pledge by Saudi Arabia and Russia to reduce supply. The market is...

Oil Eases Ahead of China, US Data, but OPEC+ Cuts Support Market

Monday, 10 July 2023 15:08 WIB | Oil

Oil prices dipped in early Asian trade on Monday as investors tread cautiously ahead of fresh economic data from top consumers the United States and China this week, while expected crude supply cuts from Saudi Arabia and Russia supported the market. Brent crude futures fell 22 cents, or 0.3%, to...

U.S. Oil Ends Higher for the Session, Tallies a Nearly 5% Weekly Gain

Saturday, 8 July 2023 08:41 WIB | Oil

U.S. oil futures finished higher on Friday, buoyed by a third straight weekly decline in U.S. crude inventories. Prices posted a second successive weekly gain, but "when you consider the tightness of the market, and the announcement of further output cuts this week, it's somewhat surprising" they...

U.S. Oil Futures Shake off Early Loss to Finish Nearly Flat

Friday, 7 July 2023 08:50 WIB | Oil

U.S. oil futures gave up their early Thursday losses to settle almost unchanged for the session. Prices found some support following a report from the Energy Information Administration showing a third straight weekly fall in U.S. crude inventories, along with larger-than-expected weekly declines...

Oil Futures Settle Higher as Saudi Arabia Pledges to do What's Necessary to Support the Market

Thursday, 6 July 2023 08:45 WIB | Oil

Oil futures settle higher on Wednesday, as reported comments from Saudi Arabia at an Organization of the Petroleum Exporting Countries seminar raised the potential for tighter crude supplies. Saudi Energy Minister Prince Abdulaziz bin Salman said that OPEC and its allies would do "whatever...

Oil Falls in Thin Trading Despite Saudi Pledge to Extend Cuts

Tuesday, 4 July 2023 08:54 WIB | Oil

Oil edged lower, erasing short-lived gains stemming from Saudi Arabiaâ€™s pledge to extend its voluntary output cuts by another month. West Texas Intermediate settled below $70 a barrel in a low-volume session, slipping after data showed US factory activity shrunk by the most in...

Oil Resumes Slide on Demand Worries after Latest Rate Hikes

Saturday, 24 June 2023 01:07 WIB | Oil

Oil dropped for a second day on Friday and was heading for a weekly decline, as a UK interest rate hike added to concern over economic growth that outweighed lower U.S. crude stocks and other signs of tighter supplies. Both crude benchmarks had dropped about $3 on Thursday after the Bank of...

Oil Prices Slide as Investors Weigh Interest Rate Hikes, Inventory Data

Friday, 23 June 2023 00:59 WIB | Oil

Oil futures pulled back Thursday, with traders unable to shake worries about global economic growth as central banks tighten monetary policy. Industry data on U.S. petroleum inventories, meanwhile, showed a big drop in crude supplies but a rise in gasoline stockpiles. West Texas Intermediate...

Oil Dips with Interest Rates and Inventories in Focus

Thursday, 22 June 2023 22:40 WIB | Oil

Oil futures dipped slightly on Thursday, with trader expectations of further interest rate hikes countered by potentially bullish U.S. oil inventory data after preliminary figures showed a fall in stocks. Brent futures eased by 47 cents, or 0.6%, to $76.65 a barrel at 0840 GMT and U.S. West Texas...

Oil Holds Loss on Fedâ€™s Signal of Higher Interest Rates to Come

Thursday, 15 June 2023 22:47 WIB | Oil

Oil held losses driven by a big jump in US crude stockpiles and as the Federal Reserve signaled itâ€™s not finished with rate hikes. West Texas Intermediate futures traded near $68 a barrel on Thursday after falling 1.7% in the previous session. Fed officials paused in their run of...

Oil Climbs as Chinaâ€™s New Import Quotas Stem Demand Concerns

Thursday, 15 June 2023 02:22 WIB | Oil

Oil rose for a second session as Chinaâ€™s new crude import quotas helped cut recent pessimism over demand. Brent crude topped $75 a barrel, while West Texas Intermediate hit $70. The large batch of Chinese quotas added to an improved outlook for consumption in the...

Oil Prices Bounce after China Central Bank Cuts Key Rate

Wednesday, 14 June 2023 01:48 WIB | Oil

Oil futures bounced early Tuesday, finding support after Chinaâ€™s central bank on Tuesday cut a key policy interest rate. Crude prices recovered a portion of the ground lost in a Monday rout that sent the global crude benchmark to its lowest close since December 2021. West Texas Intermediate...

Oil Prices Tick Up on Bargain Hunting as Demand Worries Weigh

Tuesday, 13 June 2023 22:34 WIB | Oil

Oil prices ticked up on Tuesday on apparent bargain hunting, recovering some ground from the previous day's plunge. But gains were limited as investors remained cautious ahead of key policy decisions by central banks and on weak economic data from China. Brent crude futures climbed 80 cents, or...

Oil Slumps on Demand Woes as Goldman Cuts Outlook Again

Monday, 12 June 2023 22:51 WIB | Oil

Oil extended losses amid persistent concerns around the demand outlook as Goldman Sachs Group Inc. cut its price forecast again. Brent futures traded below $73 a barrel after capping the biggest weekly drop since early May last week. Goldman made its third downward price revision...

Oil Prices Headed for Second Straight Weekly Loss on Demand Fears

Friday, 9 June 2023 17:27 WIB | Oil

Oil prices looked set to post their second straight weekly loss as prices continued to fall on Friday over demand concerns and scepticism that the United States and Iran could strike a nuclear deal. Brent crude futures dropped 35 cents, or 0.5%, to $75.61 a barrel by 0304 GMT, while the U.S. West...

Oil Set for Second Weekly Drop as Demand Concerns Return to Fore

Friday, 9 June 2023 14:00 WIB | Oil

Oil headed for a second weekly drop as demand concerns returned to the fore, snuffing out gains driven by Saudi Arabiaâ€™s unilateral pledge to cut production. West Texas Intermediate fell to near $71 a barrel and is down more than 1% this week. Optimism that Riyadhâ€™s move to reduce...

Oil Steady as Investors Weigh Supply and Demand Drivers

Thursday, 8 June 2023 17:24 WIB | Oil

Oil prices were little changed in early Asia trade on Thursday as investors weighed demand concerns over a global economic slowdown against an expected fall in supply from Saudi output cuts. Brent crude futures dipped 1 cent at $76.94 a barrel at 0110 GMT, while the U.S. West Texas Intermediate...

Oil Steady After Mixed Stockpile Data as Demand Concerns Linger

Thursday, 8 June 2023 14:02 WIB | Oil

Oil steadied as investors weighed mixed US data on crude and petroleum stockpiles amid persistent concerns over the demand outlook. West Texas Intermediate futures traded near $72 a barrel after gaining 1.1% Wednesday. US crude inventories at the key Cushing storage hub rose for a...

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