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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 Set for Weekly Gain With Global Supply Risks Mounting

Saturday, 6 January 2024 00:24 WIB | Oil

Oil rose, cementing a weekly advance, aided by supply risks in the Middle East and Libya. Brent crude climbed to trade near $78 a barrel as tensions in the Middle East and North Africa ratcheted higher this week. US Secretary of State Antony Blinken heading to the region for...

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 23:10 WIB | Oil

Oil rose more than 1% on Thursday, adding to gains in the previous session on concerns over Middle Eastern supply following disruptions at an oilfield in Libya and heightened tensions regarding the Israel-Hamas war. On Wednesday, local protests forced a production shutdown at Libya's Sharara...

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 edge lower with investors cautious ahead of U.S. data

Thursday, 4 January 2024 01:20 WIB | Oil

Oil prices dipped slightly on Wednesday after sharp moves earlier in the week, with investors cautious about the U.S. economy amid supply disruptions from persistent tensions in the Red Sea. Brent crude fell 39 cents to $75.50 a barrel by 1056 GMT, while U.S. West Texas Intermediate crude futures...

Oil Prices Steady as Economic Concerns Offset Red Sea Supply Worries

Wednesday, 3 January 2024 21:56 WIB | Oil

Oil prices were little changed in Asian trade on Wednesday after sharp moves earlier in the week, as markets weighed concerns about the U.S. economy against potential supply disruptions from ongoing tensions in the Red Sea. Brent crude fell 1 cent, or 0.01%, to $75.88 a barrel by 0733 GMT, while...

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 Prices Jump on Disruption Fears After Latest Red Sea Attack

Wednesday, 3 January 2024 02:01 WIB | Oil

Oil prices rose more than 2% in the first session of the New Year, boosted by potential disruption to Middle East supply after the latest attack on a container ship in the Red Sea and by Chinese demand hopes. Brent crude rose $1.72, or 2.2%, to $78.76 a barrel by 1115 GMT. U.S. West Texas...

Oil prices jump after U.S. forces repel Houthis in Red Sea

Tuesday, 2 January 2024 21:57 WIB | Oil

Oil prices jumped in the first session of the New Year, boosted by the chances of Middle East supply disruptions after a naval clash in the Red Sea, as well as hopes of strong holiday demand and an economic stimulus in China, the top importer of crude. Brent crude rose $1.28, or 1.7%, to $78.32 a...

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...

Oil Limps Into 2024 as OPEC+ and War Fail to Prevent Annual Drop

Saturday, 30 December 2023 03:08 WIB | Oil

Oil headed for the biggest annual drop since 2020 as war and OPEC+ production cuts failed to propel prices higher in a year dominated by supply growth outside of the grouping. Brent crude edged higher toward $78 a barrel Friday, but is set to close 2023 about $8 below where it started the...

Oil Prices to End Year 10% Lower as Demand Concerns Snap Winning Streak

Friday, 29 December 2023 22:03 WIB | Oil

Oil prices are set to end 2023 about 10% lower, the first annual decline in two years, after geopolitical concerns, production cuts and global measures to rein in inflation triggered wild fluctuations in prices. Brent crude futures were up 33 cents, or 0.4%, at $77.48 a barrel at 0756 GMT on...

Oil prices to end year 10% down, traders expect a better 2024

Friday, 29 December 2023 20:26 WIB | Oil

Oil prices are set to end 2023 about 10% lower, the first annual decline in two years, after geopolitical concerns, production cuts and global measures to rein in inflation triggered wild fluctuations in prices. Brent crude futures were up 48 cents, or 0.6%, at $77.63 a barrel at 0523 GMT on...

Oil Set for Annual Loss as OPEC+ and War Fail to Support Prices

Friday, 29 December 2023 14:24 WIB | Oil

Oil headed for the biggest annual drop since 2020 as war and OPEC+ production cuts failed to lift prices, with traders concerned that global crude supplies may still eclipse demand in the quarters to come. West Texas Intermediate held above $72 a barrel, on course for weekly, monthly and...

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