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Oil Rebounds as US Attacks on Houthis Ratchet Tensions Higher

Monday, 5 February 2024 14:17 WIB | Oil

Oil rose, following its biggest weekly drop since October, as the US vowed more strikes against Iran’s forces and its proxies in the Middle East and Houthis in Yemen promised to retaliate against bombardments over the weekend. Brent crude climbed to near $78 a...

Oil Heads for Weekly Gain as Middle East Tensions Support

Saturday, 20 January 2024 01:59 WIB | Oil

Oil was little changed on Friday and heading for a weekly gain, as Middle East tensions and oil output disruptions caused by cold weather in the U.S., the world's biggest producer, balanced concerns about the health of the Chinese and global economies. Pakistan launched strikes on separatist...

Oil Prices Tick Up as Markets Weigh Middle East Tensions, Supply Forecasts

Friday, 19 January 2024 22:00 WIB | Oil

Oil prices rose on Friday as geopolitical tensions and oil output disruptions in the U.S., the world's biggest producer, caused by cold weather overshadowed concerns about slow Chinese demand growth and forecasts for ample supply. Brent crude futures rose 2 cents to $79.12 a barrel by 0715 GMT,...

Oil Falls as China's Economic Recovery Disappoints, Dollar Strengthens

Wednesday, 17 January 2024 21:53 WIB | Oil

Oil fell on Wednesday as economic growth in China, the world's second-largest crude user, slightly missed expectations, raising concerns about future demand increases, while U.S. dollar strength dented investor's risk appetite. Global benchmark Brent crude futures fell 58 cents, or 0.7%, to...

Oil Jumps 4% as Tankers Avoid Red Sea after Strikes

Saturday, 13 January 2024 02:11 WIB | Oil

Oil prices leaped 4% on Friday, as oil tankers diverted course from the Red Sea following overnight air and sea strikes by the United States and Britain on Houthi targets in Yemen after attacks on shipping by the Iran-backed group. Witnesses in Yemen confirmed explosions throughout the...

Oil Prices Firm as Middle East Tensions Heat Up

Friday, 12 January 2024 01:58 WIB | Oil

Oil prices rose on Thursday after an oil tanker was boarded by an armed group in Oman, raising the prospect of escalating conflict in the Middle East. Brent crude futures gained $1.33, or 1.7%, to $78.13 a barrel and U.S. West Texas Intermediate crude futures rose $1.30, or 1.8%, to $72.66,...

Oil Climbs a Second Day after US Crude Inventories Draw Down

Wednesday, 10 January 2024 21:58 WIB | Oil

Oil rose for a second day on Wednesday after an industry report showed a bigger-than-expected drawdown of crude inventories in the United States, the world's biggest oil consumer, that bolstered demand sentiment. Brent crude futures rose 26 cents, or 0.3%, to $77.85 a barrel at 0724 GMT, while...

Oil Down more than 1% as Saudi Price Cuts Offset Mid-East Worries

Monday, 8 January 2024 22:10 WIB | Oil

Oil prices fell by more than 1% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting worries about escalating geopolitical tension in the Middle East. Brent crude slipped 0.93%, or 73 cents, to $78.03 a barrel by 0753 GMT after falling more than 1%...

Oil Prices Higher on Fed Comments on Inflation, Middle East Tensions

Friday, 5 January 2024 17:09 WIB | Oil

Oil prices edged higher on Friday after minutes from a Federal Reserve meeting suggested inflation was under control and as U.S. Secretary of State Antony Blinken prepared to visit the Middle East to prevent escalation in the Israel-Gaza conflict. Brent crude futures were up 37 cents, or 0.5%, to...

Oil Set for Modest Weekly Gain as US Data Offsets Supply Risks

Friday, 5 January 2024 15:06 WIB | Oil

Oil was steady Friday but headed for a modest weekly gain as the market weighed signs of weakening US demand against tensions in the Middle East and North Africa. West Texas Intermediate traded above $72 a barrel after declining 0.7% Thursday, when Brent crude closed below $78....

Oil Extends Gains on Middle East Supply Worries

Thursday, 4 January 2024 19:00 WIB | Oil

Oil prices rose on Thursday, adding to solid gains in the previous session on persisting concerns over Middle Eastern supply following disruptions at a field in Libya and heightened tension around the Israel-Gaza war. Brent crude rose 38 cents, or 0.5%, to $78.63 a barrel by 0440 GMT, while U.S....

Oil Rises for Second Day on Libyan Outages, Red Sea Tensions

Thursday, 4 January 2024 13:53 WIB | Oil

Oil rose for a second day following supply disruptions in Libya, while another attack on a container ship in the Red Sea and blasts in Iran increased tensions in the Middle East. West Texas Intermediate climbed to around $73 a barrel after jumping by more than 3% on Wednesday, when...

Oil Prices Hold Steady Amid Economic Concerns Despite Red Sea Worries

Wednesday, 3 January 2024 17:28 WIB | Oil

Oil prices stabilised in early Asian trade on Wednesday after sharp moves earlier in the week, as markets weighed concerns about the U.S. economy and potential supply disruptions from ongoing tensions in the Red Sea. Brent crude slipped 1 cent, or 0.01%, to $75.88 a barrel by 0300 GMT, while U.S....

Oil Holds Decline With Risk-Off Tone Countering Red Sea Flare-Up

Wednesday, 3 January 2024 14:03 WIB | Oil

Oil held a drop as broad risk-off sentiment undercut concerns about escalating conflict in the Red Sea. West Texas Intermediate traded above $70 a barrel after dropping 1.8% on Tuesday, with global benchmark Brent closing below $76. Traders are paring back bets on the scale...

Oil Jumps 1% in New Year after U.S. Forces Repel Houthis in Red Sea

Tuesday, 2 January 2024 17:01 WIB | Oil

Oil prices jumped 1% on Tuesday, starting the New Year higher as a Red Sea naval clash focused attention on potential Middle East supply disruptions and expectations of Chinese economic stimulus boosted the demand outlook in the world's top crude importer. Brent crude rose $1.03, or 1.3%, to...

Oil Rises as Iran Warship Enters Red Sea Following Boat Attacks

Tuesday, 2 January 2024 14:09 WIB | Oil

Oil advanced after Iran sent a warship to the Red Sea in response to the destruction of three Houthi boats by the US Navy over the weekend. West Texas Intermediate traded near $72 a barrel after declining by 5.2% over the prior three sessions, while Brent closed around $77 on Friday....

U.S. Crude Oil Sheds more than 10% for the Year in First Annual Decline Since 2020

Saturday, 30 December 2023 09:59 WIB | Oil

U.S. crude oil closed out the year more than 10% lower as bearish sentiment has taken over due to worries that the market is oversupplied from record production outside OPEC. The West Texas Intermediate contract for February shed 12 cents, or 0.17%, to settle at $71.65 a barrel on Friday. The...

Crude Futures Fall After Mixed Inventories Report

Friday, 29 December 2023 10:05 WIB | Oil

Crude oil futures get little help from a bigger-than-expected reduction in U.S. crude inventories for last week as stocks at the Nymex delivery hub at Cushing, Okla. rose. Oil prices were weaker on easing concerns about shipping disruptions in the Red Sea, and extended losses after the EIA...

Oil Drops Almost 2% as Investors Watch Red Sea Developments

Thursday, 28 December 2023 09:55 WIB | Oil

Oil prices dropped nearly 2% on Wednesday, eating into the previous day's gains as investors monitored developments in the Red Sea, where shippers are returning despite further attacks on Tuesday. Brent crude futures settled down $1.42, or 1.8%, at $79.65 a barrel. U.S. West Texas Intermediate...

Oil Nudges Higher as Investors Eye Middle East Tensions, US Rate Cut

Tuesday, 26 December 2023 21:59 WIB | Oil

Oil prices nudged higher on Tuesday as investors focused on geopolitical tensions in the Middle East and optimism the U.S. Federal Reserve would soon start cutting interest rates, lifting global economic growth and fuel demand. Brent crude futures rose 26 cents, or 0.3%, to $79.33 a barrel by...

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